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Navigating The Insurance Process

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Determining the Right Time to Submit a Homeowners Insurance Claim

Before you start the claim process, it's important to ensure that your homeowner's insurance policy covers the specific loss you've encountered. Typically, standard homeowners insurance provides coverage for liability, protection against disasters or theft, and additional living expenses (ALE) in case you need to live elsewhere temporarily while your home is being repaired. In general, these policies offer protection for damages caused by fire, smoke, wind, hail, lightning, and specific types of water damage.
Once you've submitted a homeowners insurance claim, a claims adjuster will be assigned to evaluate the extent of the damage. During their visit, the adjuster might request supporting documentation, such as photos, videos, or a comprehensive home inventory list, to substantiate your claim.
Navigating the Path After Submitting Your Homeowners Insurance Claim
Based on their assessment, the adjuster may provide you with a settlement check for the total amount (minus your deductible) or an advance on that sum. Alternatively, you might receive the settlement check at a later date. Typically, separate checks are issued for each type of loss, such as structural damage and personal property.
If your home is under a mortgage, the check could be made out to both you and your lender, or it may be sent directly to your lender. If your lender is the recipient, it's important to communicate with them regarding the payment procedure for the repairs. Lenders may require approval for contractors, deposit the settlement into an escrow account designated for repairs, or inspect the completed repairs before issuing payment.
If the insurance adjuster concludes that your home is uninhabitable, typically, insurance coverage includes additional expenses that arise while you reside elsewhere. These expenses may encompass rent, dining out, pet boarding, utility installation fees, and additional transportation costs.

The Next Steps Once Your Homeowners Insurance Claim Reaches a Resolution

Once your claim has been resolved, it's important to carefully evaluate any deficiencies in your insurance coverage and take necessary steps to guarantee adequate protection in the future.

It's worth noting that filing a claim can potentially impact your insurance premiums, depending on your insurance company and claims history. Insurers typically assess the losses associated with a property over the previous five years when determining rates. If multiple claims are filed within that timeframe, insurers may perceive your home as being at a higher risk. Therefore, it is crucial to consider the potential repercussions before deciding to file multiple claims.

The Ready Nation Contractors are here with years of experience to help you navigate and answer any questions that you have with your home insurance claims.
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