Be Prepared

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Be Prepared
Preparation is essential for every aspect of
life. One thing that is perpetually in the
depths of peoples minds is the idea of insurance
claims. Hopefully, an insurance claim never
occurs. However, you have bought a policy for
this very reason just in case something
happens. Unfortunately, an insurance claim is
almost inevitable, especially in high-risk
regions such as the Midwest and along the
coasts. When, not if, the time to file an
insurance claim comes, having a policy is not
enough.
The most common types of insurance claims are
wind and hail. These are objectively easier to
navigate and do not require as much preparation.
Fire claims, although less frequent, are
exponentially more devastating. According to the
Insurance Information Institute, about one in
350 insured homes has a property damage claim
related to fire and lightning. Putting these
odds into perspective legitimizes the need to
take extra time and energy to be prepared if a
claim were to occur. Here are some pre-loss
preparations you can participate in to give you a
jumpstart if a claim happens Make sure you have
your current Full Certified Policy. This is
important for many reasons that many people do
not think about when a claim occurs. You may be
in possession of a Declaration Sheet already,
given or emailed to you by your agent when you
purchased your policy. This is only a summary of
your coverage. The Full Certified Policy
explains, in detail, how your property is
covered, why it is covered, what is excluded, how
it is excluded, and so on. This
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becomes more important when a claim does happen.
For example, if you are unaware of the limits
for Additional Living Expenses and what is
covered, you could exhaust this limit and leave
yourself paying out of pocket until your claim
is complete. Prepare some sort of a pre-loss
inventory of your personal property. This
documentation can be done by recording every area
of your house, whether this is with a video,
pictures, etc. Make sure every nook, cranny,
cabinet, drawer, closet, chest, and bag is
accounted for. The spices in your spice cabinet,
the extra phone charges in your junk drawer, and
the makeup in your bathroom all add up. These
items oftentimes make up over 40 of your
personal property. This process will save you
months worth of time if a claim does occur.
Technically, you, as the policyholder, are
responsible for proving the damages. Some
insurance companies may do the inventory for you,
however, you having a full list for your
personal property is imperative so that your
compensation is full and accurate. Have a plan
for the companies you will use in the event of an
insurance claim. You will run in to many
different and competing companies after you file
a claim. These companies include restoration
companies, contractors, public adjusters like
us, even attorneys. Understanding what each
company does, how they operate, how they are
compensated, and whether not they will be
beneficial for you is important in saving you
time and heartache. Do your research on any
companies you are interested in using and any you
come in contact with. Reviews and testimonials
are almost always the best place to start. For
more information on how to prepare for a loss,
you can read other articles from this blog. You
can also visit our friends at United Policy
Holders. They give free, unbiased advice on how
to navigate and prepare yourself for your
insurance claim. We, at Brown OHaver, are
professionals at navigating preparing,
and documenting losses. However, taking these
steps will speed up your insurance claim
exponentially, even with assistance from a public
adjusters.