4 Things You Should Know About Property Damage Insurance Claims
As we know, accidents are unpredictable, and sometimes, they make people end up in miserable situations. Sometimes homes get damaged due to accidents, natural calamities, vandalism, or any natural calamities. During such times, homeowners suffer from overwhelming situations and go through different emotions. The situations become stressful by thinking about how to proceed with the loss. However, property damage insurance is one of the helpful options to cover the cost of damage that occurred to your house or property. Many people are unaware of some important things to consider while claiming property damage insurance. Here are the four most important things you should know about property damage insurance claims.
- Know your insurance policy coverage
If your home property faces damage, the first thing you should know before filing a property damage insurance claim is to understand what your insurance policy covers. It is important to thoroughly read and understand the policy to know what is covered and what is not in the insurance, as most of the policies cover damages that are caused due to natural calamities like cyclones, earthquakes, floods, etc. Whereas some policies don’t cover damages caused due to mold or termites. On the other hand, when looking for business interruption insurance, know what damages are included for insurance coverage like fire, theft, vandalism, natural disaster, or any other. In the case of property damage liability, one can recover losses caused due to destruction of property or a car accident because of another person.
2. Proper filling for property damage insurance claim
The process is simple and clear to understand; still, it is essential to follow the process accurately. The first step is to notify an insurance company about the damage at the earliest. You should prepare a document regarding the damage and include the list of damaged items. For proof, take photographs of the damage caused and keep the receipts of the repairs and replacements done. Later, the insurance company sends an adjuster to examine the damage and determine your compensation amount. Provide the necessary information to the adjuster by cooperating well with them.
3. File a claim within a time limit
Most insurance companies have a time limit for claiming the insurance. However, you should understand that every insurance company has a different time limit depending on the type of policy. Hence, you must inform your insurance company regarding the damage as soon as possible. If the claim process is delayed, it can result in a denial of compensation from the insurance company.
4. Understand The Amount of Settlement
Once the adjuster completes the damage assessment, the insurance company offers the settlement amount. The provided settlement amount is the compensation you will receive for covering the cost of repairs and replacement of damaged property. However, one should note that the compensation amount doesn’t cover all the amount, and hence you may need to pay for some repairs from your pocket. Hence, know what is covered in your insurance policy before filing an insurance claim.
Many insurance providers in India offer a variety of insurance. Global Insurance is one of the leading providers of risk management, reinsurance broking services, property damage, and business interruption insurance India. They deliver services related to insurance to individuals, large corporates, and communities. Experts from Global Insurance examine every situation and provide a reliable solution precisely.
