For many people, their home is the biggest single investment they will ever make in their lives. Not only is their house a refuge from the world and a place to raise their families and make memories, but it is also a major financial commitment. You likely did everything you could to cut back and save for a down payment. You have likely struggled to build equity and pay off your mortgage. Now you want to protect your investment as best you can.
When something happens that damages your home or your belongings, it can feel devastating. A fire, flood, or natural disaster that affects your home will have both an emotional toll and a financial one. On top of your home itself, there are also all of your belongings to think of.
While you may not be able to prevent a flood or a wildfire, your home insurance policy is meant to protect your finances when a disaster of this kind happens. The insurance company should help you with the cost of rebuilding your home and getting your life back to normal, but it may not always be easy working with them to access adequate policy funds.
Making a home insurance claim can be challenging, and there are many cases where the insurance company tries to minimize the amount they have to pay or even reject the claim altogether. These steps will help you protect your finances by getting the most from your insurance claim when you need it.
Step 1: Hire Help
For major claims, you can benefit from hiring a personal property damage lawyer from the start. This is a professional who can help you with every step of your claim and avoid setbacks or disagreements with the assigned adjuster if they are involved early in the claims process.
You can also hire them later at any point in the process. If you receive an offer from the insurance company that is unsatisfactory or will leave you on the hook for a lot of damages, it is not too late to get help from an advocate in this space.
Step 2: Document the Damage
If you have a disagreement with the insurer somewhere down the line, it helps to have your own documentation of the damage. When the fire department clears your home as safe for re-entry, it is beneficial to go in and take your own photos or video of the damage.
Focus on the structural damage and damaged belongings. You will also want to make sure you capture evidence of everything in its place before it is removed if you intend to try to salvage it.
Step 3: Double Check Your Coverage
Once you receive an offer from the insurance company, it helps to double-check your coverage and compare it to the details in the offer. Is the insurance company living up to the agreement it made with you? A detailed review of your policy can help you determine whether or not you could get a better settlement. A property damage lawyer can help you with understanding the fine print of your policy and explain any additional clauses or exclusions which may affect your settlement offer.
When your home suffers a loss, your insurance can help protect your finances, but there may be extra steps you need to take to ensure that you get proper compensation.
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