Be Prepared Before Filing a Homeowners Insurance Claim
Make sure your homeowners policy pays when you need it.
If something disastrous happens to your home, such as a fire or home invasion, and you have to submit a claim, you'll want to be prepared. Follow these tips to help ensure you'll get reimbursed for any property damage or loss:
Use Our Tool: Is Your Home Fully Protected?
Take inventory. It's a good idea to record what you've got in your house so you won't have to rely on memory in case of theft, fire or some other catastrophe. Better yet, walk through the house with a camera or a video camera, carefully scanning each room, plus the garage and outside of the house and yard. Take out the silver and other valuables and photograph them separately. Keep the photos, video and inventory in a safe place outside of your house. The Insurance Information Institute's www.knowyourstuff.org is a great way to get started with your inventory.
Making a claim. Notify your agent or broker of damages as soon as possible. If your losses are covered, he or she will probably arrange to have an adjuster inspect the damages and estimate the repair cost. You will not be charged a fee if you use your insurance company's adjuster.
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If damage from a fire, windstorm or other natural disaster is extensive, you may want to have a public adjuster represent you in filing your claim. Public insurance adjusters are listed in the telephone book. They usually charge a fee of up to 15% of the total value of your settlement.
If you're considering using a public adjuster, ask your agent, a lawyer or friends or associates for recommendations and check his or her qualifications with your state insurance department. Don't use individuals who go door-to-door after a major disaster unless you can check qualifications.
Don't make any permanent repairs before the insurance adjuster arrives. The company can legally refuse to reimburse you for repairs made prior to inspection.
You don't necessarily have to defer to the insurance company if your claim is refused; policies often allow for varying interpretations. One insurance company adjuster might consider your request for expenses to have someone thaw out frozen pipes an uninsured maintenance cost; another would consider it an insurable peril. Ask for a second opinion, and be persistent.
Don't sign a final settlement agreement if you're dissatisfied with the terms. Accept partial payment to make necessary repairs, as long as the insurer formally acknowledges that it is only a partial payment. If you can't negotiate a settlement, file a written complaint with the company. If that yields no results, you could either enter into arbitration with the company or contact your state's insurance department, which often acts as a referee in such disputes.
You can locate your state's insurance regulator by going to the National Association of Insurance Commissioners (NAIC) Web site, where you will find a map of the country with links to each state's insurance department. Only after you've exhausted those avenues should you consider filing a suit against the company.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Try the 6 to 1 Grocery Shopping Method to Save Time and Money
The 6 to 1 Grocery Method can help you save money, reduce waste and eat healthier.
By Erin Bendig Published
-
Ford Stock Plunges on Earnings Miss: What to Know
Ford stock is down big Thursday after the automaker fell short of earnings expectations for its second quarter. Here's what you need to know.
By Joey Solitro Published
-
Car Prices Are Finally Coming Down
The Kiplinger Letter For the first time in years, it may be possible to snag a good deal on a new car.
By David Payne Published
-
When's the Best Time to Buy a Domestic Flight? The Kiplinger Letter
The Kiplinger Letter A new study by CheapAir.com has crunched the numbers.
By Sean Lengell Published
-
Woes Continue for Banking Sector: The Kiplinger Letter
The Kiplinger Letter Regional bank stocks were hammered recently after news of New York Community Bank’s big fourth-quarter loss.
By Rodrigo Sermeño Published
-
Anxious Flyers Take Note: The Kiplinger Letter
The Kiplinger Letter Whether it's the routes to avoid that have the most turbulence or the safest airline, we've got you covered.
By Sean Lengell Published
-
The Auto Industry Outlook for 2024
The Kiplinger Letter Here's what to expect in the auto industry this year. If you’re in the market for a car it won’t be quite as daunting as it was during the pandemic and after.
By David Payne Published
-
Two More Travel Trends for 2024: The Kiplinger Letter
The Kiplinger Letter As the world gets moving again, two more travel trends to consider: Solo cruising and airline passengers with loaded guns.
By Sean Lengell Published
-
Three Travel Trends Will Drive the Industry This Year: The Kiplinger Letter
The Kiplinger Letter New travel trends like set-jetting, destination “dupes” and tour traveling will propel the travel industry in 2024.
By Sean Lengell Published
-
State Economics — Spotlight on New England: The Kiplinger Letter
The Kiplinger Letter After a better-than-expected 2023, New England states will see only modest employment growth in 2024.
By David Payne Published