Keep Your Eyes Wide Open
During each step of the claim process, you must proceed with extreme care and a high level of awareness.
The employees representing the insurance company are well versed in handling loss claims, forcing homeowners into low settlements on a daily basis. They are given targets to reduce corporate losses from claims and increase profit for the company. They also deal with “Preferred Partners” who assist the insurance provider with keeping the claimed loss to a minimum.
Keep reading and researching the claim process. It’s your job to ensure that you get a fair settlement.
Read Your Insurance Policy
Whether you have insured your home or a commercial building, you must make it a point to read and understand the terms, rights, and duties according to the policy. What are your duties, as the owner?
Your duties include reporting the damage and ensuring each timeline is adhered to. No two insurance policies are the same, most often insurance policies are written specifically to your requirements and risks. If you wish to make a full reimbursement of the damages, you must make sure that you know your:
- Rights and deliverables under your policy agreement with the insurer.
- Timelines and standardized procedures to abide by.
- Elaborate provisions of the policy and limitations of the coverage, along with the exclusions.
- Dispute resolution process and the options in applying for or modifying the scope of work.
Remember, you must read your policy very carefully and understand all the key points and exclusions. You can employ the help of a professional or scour the internet to understand the nitty gritty of the policy’s technical language. Most importantly, in the end, what matters most is the extent of your damage and negotiating for a fair reimbursement.
Meet All Your Obligations During The Claims Process
Under your insurance policy, you are entitled to the claims but at the same time, your insurer mentions verbiage with specific duties of the insurer and insured, following the loss. You must follow stipulated timelines and ensure that all your obligations are met within those constraints. Failing to fulfil your obligations will give your insurance company a chance to delay or possibly deny your claim.