As soon as you have reviewed your insurance policy and documented the loss, you need to file an official claim. Provide all the relevant information and explain important details at length. It is important to keep a log that lists all your conversations with the insurance company. Keep copies of letters or other documents you have sent to the company or received from them. Get familiar with the specifics of the claims process in order to ensure a successful insurance claim.
Here is everything you need to know:
Your insurance company will contact you within a day or two after you have filed your water damage loss. They will explain the process in detail and will inform you of your responsibilities. The company has to start investigating your claim within 15 days after receiving a written notice from you.
Your insurer has 15 business days to accept or reject your claim. If the company agrees to pay your claim, you will receive the money within five business days. If the company rejects your claim, it must explain the reasons why in writing.
The company will send an adjuster to your home to inspect the damage. If you decide to hire a public adjuster, you have the greatest chance for success – the experienced professional handles all aspects of your claim (temporary housing, contents inventory, and estimates for the repair), as well as all negotiations with your insurance company to ensure a smooth and beneficial claims process. Just make sure you are working with a properly licensed adjuster.
Be home when the adjuster comes so that you can answer questions and discuss your options.
Settling The Claim
The company will tell you in writing if your policy covers the damage and will give you an initial estimate. You should receive a check from your insurers within five business days (if you don’t get the check on time, call the company to request it and file a complaint if necessary). If you have a replacement cost policy, you will be paid to rebuild or repair your home, based on the current construction costs.
You should receive a check for the estimated cost of repairs, minus depreciation and your deductible (the amount of the claim that you’re responsible for paying yourself), no later than five days after the adjuster has inspected the damage to your property. A second check will be issued after the company receives the final bill for the finished work of restoration.
It is important to know that the insurance company will only pay for household materials of the same kind and quality as the damaged ones. If you choose to upgrade the flooring, the insulation, or anything else in your property you will have to pay the extra costs yourself.