Tips On Making A Renters Insurance Claim

All the effort you put into purchasing the right kind of renters insurance coverage comes into play when you have to make a claim on your policy. As a policy holder, instead of sitting back and waiting for disaster to happen, you should familiarize yourself with the steps that go into making a renters insurance claim to avoid costly and time consuming mistakes.

Billions of dollars are paid out each year to renters insurance policy holders for claims resulting from losses suffered during fires, hurricanes, tornadoes, robberies, auto accidents, dog bites, etc. It is important to remember that filing a claim is a process, and knowing your rights throughout this process can be pivotal to getting your claim paid.

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Your renters insurance company at any time and for any reason has the right to investigate any claim that you make. But if you present your circumstances effectively, your insurance company should allow your claim, which will save you a crucial amount in expenses. The process of making a claim and getting it paid is the adjustment process. To make this process work for you, it is important to know what your duties are when a loss occurs. If you have an insurable loss, it is helpful to know the duties requires of you as a policy holder. Here are some general requirements.

• Provide the insurance company with immediate notice of a loss.
• Cooperate in the investigation, settlement or defense of any claim or suit.
• Notify law enforcement in case of a loss by theft, and a credit card fund transfer company in case of loss to credit card or fund transfer card.
• Protect your property from any further damage or make necessary repairs to protect the property.
• Submit a complete and detailed inventory of all damaged and undamaged property, quantities, cost, ACV and the amount of loss claimed.
• Forward any legal papers received (such as a summons) to the company immediately.
• Submit a signed proof of loss (within sixty days of the loss) stating the time and origin of loss, interest of all parties involved, other insurance, value of each item and any other information which the policy requires.

Your insurance company may also request that you submit appropriate records, exhibit the remains of the damaged property, or submit to examinations under oath. If you don't comply with your duties after a loss occurs, your insurance company will not be obligated to pay your loss. You have twenty days to provide notice of a claim to your insurer or agent. If you can't comply with this time frame after an accidental injury, you must send notice of a claim as soon as reasonably possible.

Don't throw anything out after a loss has occurred, an adjuster may want to see all the damaged items before approving your claim. If a loss covered under your policy causes damage in such a way as to expose your property to any further damage, you have an obligation to make reasonable repairs or to take another step to protect the property. For example, if a windstorm blows away a portion of your roof, the policy would pay for and actually require temporary repairs to the roof to avoid further damage to the interior of the stricture. If you don't make the reasonable repairs, the policy won't cover any further damage.

A standard policy allows you to move your property from a premises threatened by a covered peril to a safe place for a period of thirty days. Coverage would apply to the property during the move and while at the other location for loss from any cause – which expands your coverage considerably. However, if you don't take the necessary precautions, your renters insurance company may interpret that as a failure to reasonably protect your property from damage. If your insurer is looking for a way to get out of paying a claim, it may try to expand a dispute over prevention into a dispute over policy owner neglect, a specifically excluded coverage. Don't let this happen to you!