If you sustain a loss, the first thing to do is to notify your insurance company or its agent. You can do this by telephone, although it is a good idea to follow up with written notification. Remember, if you give the notice to your broker rather than directly to the insurance company, you still have a responsibility to make sure that the insurance company receives notice of your claim.
It is also important to notify your insurance company promptly after any incident takes place that might result in a claim at some later date, even though no claim was made at the time the event occurred.
For example, if your dog bites a neighbor or a guest falls on your property, it should be reported to the insurance company even though you don’t know whether any claim is actually going to be made against you. Your failure to notify the company promptly might result in a denial of coverage in the event a claim is filed against you at a later date.
It is also important to protect your property against further damage. For example, if the windows are broken, have them boarded up to protect against further vandalism or burglary. The cost of this type of protection is covered in the policy and would be reimbursed by your insurance company.
However, no permanent repairs should be made until your company or its representative has inspected the property. The company has the right to inspect the property in its damaged condition, and can refuse to pay you for any damage that is repaired before inspection.
An adjuster will be sent by your insurance company to examine the damage and give you an estimate of the cost of repairs or replacement. You may also get an estimate from your own contractor to compare with the insurance company’s estimate.
If you need assistance, your agent, broker or insurance company sales representative should help you fill out the claim form and help gather the materials you need to substantiate your loss.
In the event you are unfortunate enough to experience a major loss such as a fire or severe windstorm which has badly damaged or destroyed your home, and you are not in a position to negotiate a settlement with your company, you may want to consult an attorney or hire a licensed public adjuster to act on your behalf with your insurance company. Public adjusters are licensed by the Insurance Department. They represent you, not the insurance company. They will help you in taking inventory of your loss, securing your home from vandalism, contacting your insurance company, advising you on the extent of your coverage and help you secure the services needed to repair or rebuild your home. They will negotiate on your behalf with the adjuster from the insurance company.
A public adjuster may not charge a fee higher than 12.5% of the recovery amount and must obtain a signed compensation agreement from you in which the amount of compensation is clearly stated. Such agreement may be cancelled up to midnight of the third business day after the date on which you have signed the compensation agreement. In addition, public adjusters may not solicit your business between the hours of 6 p.m. and 8 a.m.
If an agreement cannot be reached between you and your insurance company, your policy provides for an appraisal process. Every homeowner, tenant, cooperative apartment and condominium policy issued in New York contains a provision for you and your company to select a competent and disinterested appraiser. The two appraisers, in turn, select an umpire. Each appraiser must evaluate the loss and determine the value of each item. Any disagreements between the appraisers regarding the value of any items are submitted to, and settled by the umpire. The costs of this process are paid by the policyholder and the insurance company.
Published by Best Choice Public Adjusters, Inc. — licensed public insurance adjusters in the State of Florida. Let us maximize the monetary recovery on your insurance claim and get what you are entitled to receive. Visit www.InsuranceClaimsMiamiFlorida.com or call 786.343.5979 now to receive a FREE INSURANCE CLAIMS EVALUATION!