The Insurance Claims Handling Process
Insurance coverage is something that nearly everyone has to purchase to provide financial protection from catastrophes. When you actually experience a catastrophe, the process of getting money from your insurance company can be confusing. Filing a claim and then going through the process requires a certain amount of patience and knowledge on your part.
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Filing the Claim
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Every insurance company is a little different when it comes to how it handles claims that are filed. Some insurance companies have a call center that you have to get in touch with to file a claim. Other companies would prefer that you call your insurance agent to get the process started. Regardless of who you have to talk to, you will have to provide information about the property that is damaged as well as what type of loss occurred. You have to be as detailed as possible during this process.
Small Claims
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If you have a small claim, the adjuster could have the authority to settle almost immediately. For example, if you file a homeowners insurance claim for damage to your flooring, the adjuster will come out from the insurance company and take a look at it. If the damage is only a few hundred dollars, the adjuster might offer to simply give you a check. You can take the check and use it any way that you please at that point. While this is the quickest way to resolve the issue, you might get less money than you are entitled.
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Large Claims
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If you have a large claim, the process will typically take a little bit longer. The insurance company will send the adjuster to look at the damage and it might also want to get some professional opinions on how much it will cost to repair. For example, if you have damage to your car, you may have to get estimates from several mechanics to give to the insurance company. Some insurance companies also employ experts that can look at the damage to a house and determine how much it would cost to fix.
Time Frame
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Once your claim is initiated, it could take some time to resolve. Adjusters like to get claims resolved quickly because they reflect positively on them. At the same time, they have to go through the appropriate processes to make sure that you are taken care of fairly. If you do not like the settlement that you are offered, you can hold off on accepting it. If you prolong the process and dispute the amount of the settlement, you may be able to negotiate a higher amount.
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