Figley-Salz & Company Trusted Choice
Auto Insurance Real Estate

Image result for damaged house covered with tarp

It looks like we are going to have a busy storm season!  Know in advance what steps to take should you experience a windstorm/hail loss to your home or business.  And it pays to understand the adjustment/settlement process as well.  Here are a few tips:

*Secure your property!  No one wins if you leave your damaged home or business unprotected to the elements.  Put tarp over a damaged roof; put plywood over damaged windows.  When you purchase tarp or plywood keep your receipts to turn in to your adjuster.

*Direct reporting.  Several insurance companies are adamant:  They want the Insured to report the loss directly to them--not to the agent.  If your agent informs you your carrier requires direct reporting, then please call the number your agent gives you--or the number you see for reporting claims on your carrier's website.  The faster you report your loss, the quicker the adjustment process will begin.

*Cooperate!   If your adjuster informs you he needs three proposals to repair damages, then obtain three proposals.  Don't debate the bid process!  The longer you delay giving the adjuster the data he seeks, the longer before you receive your claim settlement.

*Understand the settlement process.  Let's say a hailstorm totals your roof, and you carried sufficient limits of insurance.  The adjuster informs you a new roof will cost $20,000 (minus your Deductible).  But then you receive a check for a lesser amount, say $13,000.  This is the first step of the settlement process, which is an actual cash value (ACV) settlement.  This allows you to hire a roofer and get the repair process underway.  Once a new roof is installed, and it meets the adjuster's satisfaction, a check for the remainder of the loss (minus your Deductible) will be sent.

Knowing what steps to take following a loss brings soothing peace of mind.  But at any time during the settlement process you feel your carrier isn't treating you fairly, contact your agent for assistance.  And we hope that agent is us!
Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version

Our Carriers



Figley-Salz & Company
Auto Insurance Homeowners Insurance Commercial Auto Workers Compensation Business Owners General Liability More Types of Insurance Like Us on Facebook Follow Us on Twitter Connect on LinkedIn Mobile Site Review Google Places IIAOK
Figley-Salz & Company | 1020 10th St | Woodward, OK 73801 | Phone: (580) 256-3391 Click to Search Powered by Insurance Website Builder