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This again depends on the outcome of the claim settlement process. If you have already accepted the settlement and provided a release to the insurance company, end of story - you pay the extra. If the claim has not been closed, contact the insurance company and try to resolve the difference. If a compromise figure cannot be reached, you will need to hire an independent insurance adjuster or retain an attorney to represent your interests with the insurance company.
What if I disagree with an adjuster's estimate of my loss?
You can either hire your own independent insurance appraiser to determine the value or contact an attorney to represent your interests in the claim process.
Do I need to be at my home during an inspection by an adjuster?
You don't have to be present, but it is a good idea to be there to keep an eye on the process.
What information should I give to the company representative?
Insurance company representatives need to be able to determine how the loss occurred, as well as the extent of the damage. Any information along these lines should be disclosed to the company and its representatives as part of the claim process. If you are uncomfortable dealing directly with the insurance company or its representatives, hire an attorney to look after your interests and have him/her deal with the company.
Can I make permanent repairs before the insurance company inspects the damage?
You should not make permanent repairs until after the insurance adjuster inspects the damage or loss. Only repairs that are required to protect the property from further loss or damage should be done before the damage/loss has been inspected for purposes of claim approval and valuation. If you are not sure whether your repair will be considered "permanent", ask the insurance company first.
Make all temporary repairs as are necessary to protect your property from further loss or damage. For example, securing the premises with a temporary fence may prevent further losses should uninvited third parties stroll into your damaged property. But in the event of a total loss, before the appraisal process is completed, it is usually not a good idea to remove damaged goods or other property. Consider taking photographs to show the way things looked before embarking on the clean-up and repairing.
You should have some evidence of ownership, such as photographs, appraisals, or statements under the penalty of perjury. Be aware that making a false statement to an insurance company as part of a claim is fraud and may be pursued as a crime (often a felony offense).
Does my lender have any say regarding settlement checks for home repairs?
Mortgage lenders will require that all the money paid by the insurance company be used for repairs on the home. To protect its financial interest, the mortgage lender will require the insurance proceeds to be paid into an escrow account from which contractors, materialmen, and labors will be paid. The lender cannot keep the proceeds of a settlement to cover your loan balance.
Depending on the nature and extent of the loss, as well as the individual practice of the insurance company, they may
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In most states, there are fair claim practices laws for insurance companies. A common standard is based upon what is "fair and reasonable." Be aware that there are many "bad faith" lawsuits filed against insurance companies for their failure to deal with their insureds in a "fair and reasonable" manner.
Don't accept the final check and don't sign a release in favor of the insurance company until you are completely satisfied with the settlement.
What if I do not like the settlement offered by the company?
When it comes time to settle with the insurance company, the insurer will ask you to sign a form that "releases" the insurance company from further responsibility for the claim. If you do not agree with the proposed settlement amount, do not accept it and do not sign the release. You will need to hire your own expert (such as an independent adjuster) or get an attorney involved to resolve the terms and amount of the dispute.
Does my policy pay me the "limit"?
No. There is a widespread misunderstanding of the meaning of a "limit". A "limit" is the most your insurance policy will pay for a loss. What this means is that after a claim adjuster has assessed the damage or loss, your loss may be less than the policy limits. In that case, your policy covers only the amount of your actual loss.
The value of a claim is based on many factors and requires special expertise to determine what is fair and reasonable.
What should I do if there is a loss?
n the event of a loss, the first thing you must do is protect the rest of your property from further loss. For example, if you are able to put sand bags around your property during a flood, you should do so. Another example may be to fence off damaged property, prohibiting "wanderers" from strolling onto the property and getting injured. Take photographs or videos of damaged areas, if possible.
This again depends on the outcome of the claim settlement process. If you have already accepted the settlement and provided a release to the insurance company, end of story - you pay the extra. If the claim has not been closed, contact the insurance company and try to resolve the difference. If a compromise figure cannot be reached, you will need to hire an independent insurance adjuster or retain an attorney to represent your interests with the insurance company.
What if I disagree with an adjuster's estimate of my loss?
You can either hire your own independent insurance appraiser to determine the value or contact an attorney to represent your interests in the claim process.