A fire, hurricane, tornado, or other natural disaster can cause significant damage to your home. If this happens, you will need to file a large loss insurance claim. This process can seem daunting, but with the right information, you can help it run smoothly.
To ease the stress of this process, we’ve put together a guide for filing a large- loss claim with your insurance. We will cover everything from what to do immediately after the disaster occurs, to how to prepare for the insurance adjuster’s visit. Follow these tips, and you will be on your way to getting your home and life back together.
What is a large-loss claim and why would you need to file one?
A large-loss claim is an insurance claim filed for damage that exceeds your policy’s coverage limit. For example, if your home is seriously damaged in a fire and the cost to repair it is more than your policy limit, you would need to file a large loss claim.
How do you know if your damage is significant enough to warrant a large-loss claim filing?
There are a few things to keep in mind when deciding whether or not to file a large loss claim.
- The first is your policy limit. If the cost of repairs exceeds your policy limit, you will need to file a large loss claim.
- The second is your deductible. You will only need to file a claim if the cost of repairs exceeds your deductible.
- The third is whether or not filing a claim will cause your premiums to go up. If your rates will increase significantly, it may be worth paying for the repairs yourself.
If you are still unsure, you can always contact your insurance company and ask for their advice as well.
What are the steps involved in filing a large-loss claim with your insurance company?
The first step is contacting your insurance company to see what information they require when processing a claim. We recommend doing this whether or not you decide to actually file the claim so that you have as much information available as soon as possible. To get started, you’ll need the following:
- Your insurance policy number
- A list of damaged or destroyed items
- Photos or videos of the damage
- Estimates for repair or replacement costs
Once you send this information, an insurance adjuster will be assigned to your case. The adjuster’s job is to investigate the damage and determine how much the insurance company should pay.
The adjuster will use the information above and any other requested information to create a report and determine the amount of money you will receive.
Lastly, you will need to sign a release form authorizing the insurance company to pay for the repairs. Once this is done, your claim will be processed and you will receive a check for the repairs.
What are some of the most common mistakes homeowners make when filing a large-loss claim?
One of the most common mistakes homeowners make when filing a large loss claim is not providing enough documentation. Be sure to take plenty of pictures and videos of the damage, as well as gather estimates from repairmen. The more evidence you have, the better.
Another common mistake is not being honest with the insurance company. It is important to be upfront about the damage, as well as any repairs that have been made. If the insurance company finds out you were not honest, they may deny your claim.
The final major mistake often made in this process is not knowing your policy inside and out. You should know what is covered, as well as your policy limits and deductible. This will help you avoid any surprises down the road.
Filing a large loss insurance claim can be a daunting task, but by avoiding these common mistakes, you can make it through the process with ease.
Can you negotiate with your insurance company for a higher payout amount, or are you pretty much stuck with what they offer?”
You can always negotiate with your insurance company for a higher payout amount. However, it is important to remember that they will most likely low-ball you. It is important to be prepared with documentation and evidence of the damage. The more evidence you have, the better your chances are of getting a higher payout.
If you are not satisfied with the insurance company’s offer, you can always hire a public adjuster. A public adjuster is a professional who will negotiate on your behalf with the insurance company.
While you may not be able to get the exact amount you want, by following these tips, you will be able to increase your chances of getting a higher payout from your insurance company.
Let Tahoe Brothers Construction Help!
We know processing a large loss claim is stressful and can seem overwhelming. If you are in the Eastern Sierra or Northern Nevada areas, let us help. Our insurance claim management service includes:
- Insurance Claim Management
- Determining The Scope of Damage
- Preparing Estimates
- Negotiating Rates With Your Insurance Company
- Completing Restoration
Call us today at (775) 440-0737 to get started!