Important Things To Know About Fire Damage Insurance Claims

Most Important Things You Need To Know About Fire Damage Insurance Claims

Besides the damage itself a fire can have numerous negative effects on your business including loss of production and loss of revenue. Having a sufficient fire insurance policy – and understanding it – can help shield you and your business from financial difficulties due to fire damage. 

Here are some important things to know to help get a fire insurance claim settled…

Know your insurance coverage: 

It’s fundamental to know the terms and conditions of the property insurance you have purchased. Know the rundown of hazards, costs and kinds of properties that are included. You should be able to understand the fine print and be educated about any limitations of the policy. A large portion of fire insurance policy dismissals are a consequence of not being thorough with your policy coverage.

Report your case right away:

Promptly contact your insurer to advise them of the loss you have suffered. The vast majority of insurers have a finite time span for notice of claim/loss. Beginning on day one, keep records of all communications with the company– they’re likely going to be referenced in the strategy report. Track all dates, times and who was involved in meetings, calls, inspections, etc. 

Be prepared with detailed data:

It’s essential to give all the data requested to assist the claim procedure… things like: 

  • Date and time of the occasion/event
  • Nature of loss/harm 
  • Area of the incident 
  • Others included 
  • Property condition 
  • Full details of harmed content 
  • A list of losses
  • Fire and/or police report 

Keep your records organized: 

Whenever you’re given reports, estimates or receipts, keep them organized and accessible. This information helps investigators and claims professionals to understand the damages and determine the total amount of your loss/misfortune. As noted above, keep track of all communications regarding your claim.

Work with the insurer: 

The insurer has an obligation to act in a trustworthy manner. Have conviction, show restraint and collaborate throughout the examination and claim process. Give the insurer all the vital data and records they need to finish the claim procedure. 

Avoid bloating the claim:

The insured also has an obligation to act in a trustworthy manner. Give proof of only things you have genuinely lost in the fire-related accident/incident. Your claim could be denied if data provided is not truthful. 

A public adjuster can help with the claim:

Public insurance adjusters work for the insured, not the insurance company. Also known as insurance claims adjusters or property claims adjusters, public insurance adjusters are state licensed and certified to work exclusively for the policy holder’s benefit to assess damage to buildings, estimate renovation costs, and work with the insurance company to expedite the claim settlement process.

Gavnat has been a resource for businesses, property managers, HOAs and homeowners struggling with insurance claims. Contact us for a free consultation.