One of the first concerns our clients have after water damage is payment. When disaster strikes it can be a confusing and hard time for home and business owners. Financial burden makes the chaos even more unmanageable.
Insurance companies have seen their share of water damage losses and they’ve also issued their fair share of payments. The best way to deal with a water loss is to get familiar with your insurance policy. After calling restoration professionals to prevent secondary damage, get in contact with your insurance agent and file a claim immediately. You cannot begin to discuss payment without proper documentation.
Take pictures and videos of your property and save any broken parts that may have caused the water damage. Do not throw anything away and do not change the scene of the loss (as much as possible) until an adjuster comes to inspect the property. The experts at MBG Solutions, Inc takes photos and document your loss through scope sheets, moisture readings and content lists. Your insurance company will receive all of this information in an estimate. A professionally prepared and documented estimate may help you receive the payment you deserve.
Payment for valuable items
To get payment for your damaged items, make a detailed list stating the make and model number of every piece, its age and current condition, as well as the replacement cost and the actual cash value of individual items. Such a list is may be a difficult and time-consuming, but is critical if you want to be payment for water-damaged belongings. Working with a public adjuster and a restoration company can make this process much easier.
Have in mind, though, that the replacement cost is different from the market value of your items. The company will only pay for the estimated cost of repairs, minus depreciation (a decrease in value due to wear and tear or age).
Payment for reconstruction
Your insurance company inspects your property in order to make the best determination for what repairs are required and how much they are going to cost. If you start reconstructing before the insurance company has approved repairs, you may not receive proper payment. Be patient and wait until you are certain that the restoration costs are duly covered.
Insurance companies have a list of contractors and restoration vendors they work with. Insurance companies encourage you to choose one of their vendors, but remember you are not required to do so if you have found a more reliable restoration and cleaning company. Research your options, ask for estimates and talk with your local Better Business Bureau.
If you find it to be a more advantageous solution, you can even use the settlement to purchase another property in another location rather than make repairs to the old home. It’s up to you to decide.