Property Insurance Claims
Negotiating Unfamiliar Terrain
Following disaster damage to your property, just having insurance in place does not guarantee that the property insurance claim and business interruption claim will be fully reimbursed. The final settlement can be affected by the policyholder's actions from the moment the damage occurs. The policyholder needs to be prepared, organized and proactive. Without prudent action, the claims process can be more unnerving than the disaster itself. Knowing and understanding the key steps in filing a claim will save time, trouble and money.
This issue of Adjusting Today provides the do’s and don’ts of responding to a property insurance claim and it offers sound advice on the claim process from the first steps to the final settlement negotiations.
Some of the key points about property insurance claims that are discussed include:
- Your insurance policy is a contract between you and the insurance carrier and as an insured, you have certain duties and responsibilities.
- Once the preliminaries are over, it is imperative that you assume the responsibility of measuring your own loss using experts who work for you.
- Concentrate on maintaining your operations and not on preparing the claim-leave that to the experts.
- Do not rely solely on your historical records for values, but seek out current replacement costs.
- Remember that claims for business interruptions are built on a foundation of subjectivity.
- Never lose sight of the fact than an insurance claim is a cooperative and adversarial process at the same time.
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft. Wikipedia
Adjusters International advocates for you on Property Insurance Claims. We assist in preparing, negotiating, and settling your Homeowners Insurance Claim. Our public adjusters work only for you. How do I get what I'm entitled to from my property insurance claim? Call Adjusters International at 888-382-2468 for help with the recovery of property losses from fire and smoke damage. We help appraise, document and negotiate property insurance claims.
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Adjusting Today is provided free of charge as a public service by Adjusters International, Inc., disaster recovery consultants. It is provided for general information and is not intended to replace professional insurance, legal and/or financial advice for specific cases.
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Experience, professionalism, and a deep-seated commitment to customer service are the hallmarks of our industry leadership. Adjusters International boasts more senior and certified public adjusting professionals than any other organization of its kind. Our FEMA recovery team is staffed by top-notch specialists with proven, on-the-ground expertise, whose sights are focused on making sure clients receive every dollar of funding for which they are eligible. Together, the Adjusters International team represents some of the best and most experienced minds in their fields.
