WEDNESDAY, APRIL 22, 2015
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!
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