Life is full of uncertainties, and we can never know when we are going to be financially crippled. That is where insurance comes in. Insurance entails buying of a policy which guarantees an individual against various events. After a risk has occurred, your insurance claim assists you in regaining your financial equilibrium. However, have you ever wondered through which stages your claim passes? In this article, we shall take you through the 9 steps in handling an insurance claim.
Identification of the Loss
The initial process which has to be completed in the case of an insurance claim is the loss or damage to be assessed. This can all be car accidents, break ins, or even disasters such as floods, earthquakes, or fires. You need proof of the incident, proof of the incident consists of photographs, video, police documentation.
Immediate Actions
There are also practical things that must be done within the first day or first week after an accident loss. Such as, calling police when a crime is committed, barring anyone else from the property and calling the insurer. This assures that carriers do not reject enhancement later on because they were not followed as per the insurance provider’s encouragements.
Filing the Claim
First of all you as a client will have to submit your insurance claim which will commence the process. It is available through the company’s website, the phone or through an agent. Make sure that they have all the particulars they require and papers required to support their application when engaging in the process.
Investigation
After such a claim has been entered, the insurance company will look into the claim to determine its authenticity. In this section, you may need to call to the other driver of an accident and request additional information from you.
Appraisal
Sometimes the insurance company has its appraiser who will assess the damage or loss on behalf of the company. An independent appraiser will give an actual value of the cost of repairs or even give a value of a new replacing item. This helps to come up with the proportion that you are going to receive for the claim that you are making.
Settlement Offer
After the investigation and the appraisal have been done the insurance company can get back to you with an offer on how much they would like to settle for. This offer tells you the number of dollars you will be paid out for the damages or the loss. Carefully scrutinise the offer prepared and relate it to the initial quote provided and in case of a mismatch one should not fail to protest against it.
Repair or Replacement
Taking the settlement offer is when you have agreed to take the offer and it’s time to start to begin the repair or replacement process. This may mean dealing with insurance company recommended contractors or going out and hiring your own contractors. The final result should meet your expectations before you can agree to accept the work done.
Post-Settlement Follow-Up
But after that the work is not completely over, even though the chances are that a settlement will be reached. When the carrier has paid for the services you will need to contact the insurance company to see if all claims are paid outstanding claims and do you have all of the required paperwork.
Claim Closure
The last one is the claim closure. When all the work in terms of repair, replacement, or any other action that need to be done to address the insuring agreement has been done, the insurer will then finally adjust and close the claim. You will also get a final settlement statement and paperwork to show that is closed.
Conclusion
It is often confusing as to how to deal with an insurance claimant, but breaking it down into the nine steps can simplify it. From defining the loss to reaching the claim closure this guide contains all the necessary information to get through the stressed procedure. Please do not forget to take some measures, write all actions done and report to your insurance company often. Thus, following the stated steps, it is possible to restore the quality of life rapidly within the short period of time after the loss.
