Protecting Your Finances During an Insurance Claim is Essential

People buy home insurance for the peace of mind it provides, knowing that even if something terribly wrong happens to their home, they’ll be covered. However, when disaster strikes, insurance companies aren’t always automatically forthcoming with the settlement you think you deserve, putting you in a tough spot — your home is your largest investment and the roof over your family’s head.

Keeping your home safe and protected is a must. That’s why you bought the insurance, after all. Let’s check a few things to remember during an insurance claim that will keep your finances safe.

Hire Professionals

If your home faces major damage, like a flood or fire, you should hire professionals to maximize your settlement because the stakes are so high. In the period after a house fire, you will probably need to live somewhere else until your home is repaired or rebuilt and the property damage and its price tag will be substantial.

Hiring the services of a professional will help you with every phase of the journey, improving outcomes and making what can be a long, gruelling process smooth. Don’t worry if you haven’t hired them from the outset. If you’re unsatisfied with the amount in your settlement, it’s not too late, and they can work to get it adjusted later.

Keep Full Records of the Damage

You and your insurer may not see eye to eye about the extent of the damage. If they offer you too little money, it helps to have pictures and notes that support your case. You may also have to hire your own experts who can speak to the damage.

As soon as it’s safe to enter your home after the fire department gives you the green light, take photos and videos of the damage. Take pictures of the structural damage, as that’s what’s most important and expensive to repair. Try to photograph everything where it lies, including all your damaged belongings.

If you think you can recover some property, take pictures before moving it from where it lay during the fire. If it turns out to be more damaged than you first thought, you’ll be glad to have a record of what it looked like immediately after the fire.

What Exactly is Covered?

Sometimes, people buy less coverage than they think but don’t realize what their coverage limits are and mean until it’s too late. The details may contain some surprising information. For example, don’t think your home insurance automatically covers all water damage, as water that rises from a flooded body of water is treated differently than a burst pipe.

Reviewing your coverage in detail helps prevent harsh surprises down the road and can also dictate whether your present settlement is sufficient. Many people understandably struggle to read the fine print closely when struggling with a disaster’s emotional and financial fallout. Hiring an insurance lawyer experienced in these matters can really improve your settlement and make your life easier so that you can focus more on your well-being and recovery.

Losing your home to a fire or flood is devastating, but it’s even worse to find out afterwards that your insurance doesn’t cover all you thought it would. Remember the above tips to ensure your finances are safe, and don’t take the possibility that your coverage has gaps for granted. Review your policy before a loss occurs.