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Friday, May 16, 2014

Top 5 things you MUST know before you file an insurance claim!

1. Is my loss covered?

You should be very familiar with your policy. Too many people make the mistake of assuming they have proper coverage when in fact, they do not. Take time to go over the details of your insurance plan with your insurance agent. They are there to help you! With this important knowledge you will decrease the chance of surprises in the event of a claim.
2. What is an insurance deductible?

When you have a covered loss, the insurance company pays for all of the cost minus the deductible. You are responsible to pay the deductible portion of the repairs. In most cases, your insurance deductible will be paid to the restoration company providing the service on your home. Typical home insurance deductibles range from $500 - $2,000 depending on your insurance policy. It's best to think of your deductible like the insurance co-pay you would give your medical professional before a doctor's visit. However, if you have a claim that is below the dollar amount of your deductible, you are responsible for the entire cost.

3. How do I know if I should file a claim?

Deciding whether or not to file a claim can be a tough decision. You should consider the amount of your deductible against the cost of the job. If there is a small difference in the two numbers, it may be smarter to pay the entire cost for the repairs instead filing a claim through your insurance. Insurance claims can increase your premium over a 3-5 year period and in many cases, cost you more money in the long run.

Advanced Restoration offers a free-opinion service to aid you in your decision. Our knowledgeable estimators will come out to your home for free and give you their expert opinion based on the damage.

4. Do I have to use the Restoration company recommended to me?

You have the right to choose the company that restores your property damage. Insurance companies may recommend some restoration companies to you in the event of a loss. Keep in mind that this may not guarantee quality work. It is against the law for any insurance company to force you to work with someone you don't agree with. Some good questions to ask before deciding on a company are:

  • Do they hold the title of "Certified Restorer"?

  • Do they use trades-professionals?

  • How long have they been in business?

In our opinion, value should come before price. Remember, this is your home and you should feel comfortable with the chosen contractors.

5. Who do I call when I have questions about my claim?

Your insurance agent can help with claim advice and possibly tell you if your loss is covered. Your insurance adjuster is the person who will oversee the cost and repairs of the claim. The estimator from the assigned restoration company can answer questions about your scheduled repairs. Communication is key, don't hesitate to pick up the phone and get your questions answered.

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