How your home insurer handles claim payments.
If you have never filed a home insurance claim before, you might be worried about getting reimbursed for your lossses. To ensure that you are getting the full value of your claim in a timely manner, here are some of the essential things to know about home insurance claim payments.
Receiving Insurance Checks
- The homeowner- If you make a claim for your personal contents, you will receive the check that your insurance company issues.
- The mortgage company- If you have a home mortgage, your insurer might issue a check to your mortgage company. This usually happens when you make a claim for home damages. Your lender may put this money into an escrow account and pay for the home repairs as the work is being done.
- The contractor- In some cases, your insurer will issue a check to the contractor who is handling your home repairs.
- The third-party- If you filed a liability claim, your insurer might issue compensation payment directly to the party who suffered the property damages or injuries that you are responsible for.
Multiple Claim Payments
If you file a claim, there are some instances in which your insurance payout will come as multiple checks. This will depend on your insurer’s claim policies, the type of claim filed, and the information that you provided while filing the claim. Because every insurer will have their own rule, make sure to speak to your agent so you know what to expect.
Quick Claim Payment
The best way to get the full payment for your claim quickly is by handling things on your end. This is because your insurer can only process your claim once you have completed the necessary paperwork and jumped through various hoops. So, once you file a claim, make sure you understand the procedure clearly and follow-up with your claim status frequently to ensure that your claims adjuster has everything that they need to move forward. This is the best way to cut down on your claim payout time.
This is what you need to know about home insurance and claim payments. Interested in learning more about homeowners insurance claim processing? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.