Being in the insurance industry for almost two decades, I have seen a lot of claims come across my desk. On the average, about 5% of home policyholders and 16% of vehicle policyholders will file a claim in a typical year. The most common claim is water damage amongst home claims.
A common question that occurs is, what steps do I take? I inform clients to mitigate the damage as soon as possible. This means fixing or stopping the event that is causing the loss, such as a busted pipe or an overflowing appliance. This can be done by the client or calling a repairman out. Typically, the repairs are not covered by the insurance policy, but this will stop further damage to the property. Once the situation is under control, start documenting everything. Any parts or pieces of the event that may have caused the damage needs to be saved so that the claims adjuster can inspect them to ensure that there will be coverage. The event needs to be a covered peril within the policy for coverage. Next, you will want to take photos of the damage that occurred. You could never take too many. If you must start repairs before a claims adjuster is able to inspect your property, save all materials such as carpet, drywall, furniture, and all receipts if items need to be replaced. Please do not forget that your deductible will come into play when the insurance carrier pays out your claim.
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