Chances are, when you purchased your home you purchased homeowner’s insurance. While homeowner’s insurance is typically mandated by the lien holder, homeowner’s insurance is more than just another bill to pay – it’s a safety net.
However, many households don’t know exactly what their insurance covers, or how to file a home insurance claim.
Get the most out of your insurance! Read on as we walk you through the home insurance claim process.
The Home Insurance Claim Process
The home insurance claim process will vary from vendor to vendor and policy to policy. Contact your insurance provider for additional details about your specific policy.
How to File a Home Insurance Claim
Filing a home insurance claim itself is easy. To file a home insurance claim:
- Review Your Policy
Review your insurance policy to determine if the damage to your home is covered. Pay special attention to fine print and any additional riders purchased; for example an additional flood insurance policy may have been purchased when you insured your home if it is situated in a low-lying area or flood plain.
- Contact Your Agent
Your insurance agent will set up a time to inspect the damage in person. They will either send an insurance adjuster to inspect the home or will work with a reputable vendor, like Rainbow Restoration, to assess the damage and provide a quote for repair.
During the inspection, an agent, adjuster or insurance-approved vendor will determine the total value of the repair work to be completed and will also inspect any affected items within the home.
Typically, an insurance company will itemize a payout for each category of damage, such as:
- damage to the home
- damage to possessions
- living or relocation expenses
Depending on your policy, an upfront sum may be offered from your insurance company upon completion of the inspection. This is typically a percentage of the total expected payout. The remainder of the payout generally occurs when you provide proof the repairs have been completed.
- Payment
Insurance payouts typically come over time and in multiple installments. You may begin restoration and remediation work prior to receiving an insurance payout – just be sure to have the damage inspected and approved by your agent or adjuster prior to the beginning of the project.
If you’re still paying off your mortgage, an insurance payout may be made to both you and your lending company. The check may require an endorsement from your lender before it can be used. Remember, the initial payment may not be for the full amount.
- Choose Rainbow Restoration
Depending on your insurance carrier and coverage, it’s possible that you will be permitted to select your preferred restoration and remediation vendor. If your home has suffered fire, smoke or water damage as the result of a man-made or natural disaster, choose Rainbow Restoration. Our experienced IICRC-certified service professionals work with insurance providers throughout United States and Canada to provide fast, affordable and high-quality remediation services to property owners like you.
What Else Do I Need to Know About the Insurance Claim Process?
The insurance claim process is often tedious, but as a homeowner, you stand to gain if you follow through at each step.
When you file an insurance claim, remember:
- No two policies are created equal. Be sure to understand your policy at the time of signing and to reference it throughout the process.
- A home inventory will help you and your insurance company understand what has been damaged, destroyed or gone missing as the result of a disaster. Keep your home inventory up to date as you acquire new household items or make home renovations to ensure you’ll be able to replace those items using your insurance.
- Some policies are considered “replacement” policies. They will cover the full value of the replacement of any item covered under the policy. Some policies are “cash value” policies and will only cover the value of the item minus depreciation.
- Home insurance policies typically do not pay 100% of their value, especially as it pertains to personal belongings. Most homeowners can expect to see a 50% - 70% payout of the full-insured value on a total loss.
Choose Rainbow Restoration & Reconstruction Services You Can Trust
Rainbow Restoration service professionals are not only experts in their trade but are caring and compassionate. We understand that it’s not only our job to restore your home, but to make disasters disappear. Our local teams work with insured and uninsured clients and many insurance carriers to restore properties to like-new condition.
If your home or business has been impacted by a disaster, choose Rainbow Restoration. Call (855) 724-6269 or request an appointment online.
