Homeowners Insurance Claim Settlement Process*
If you have suffered damage to your home or personal belongings as the result of a natural disaster you likely have many unanswered questions about how the insurance settlement process works. Keep in mind that it is a process that needs to be worked through step-by-step, but there is plenty of assistance available to you through your insurance company, financial service provider and C.H.I.C.
We at C.H.I.C. utilize the same software (Xactimate) and policies as your insurance carrier. We re examine the claim after the initial assessment/ adjustment has been made and provide an Adjustment if needed to have the damages of your property satisfied by a reputable Contractor with better replacement materials.
Start to Finish. Turn Key. C.H.I.C. gets more items covered, for more money and also provides the emergency and General / Roofing Contracting to get you back in your property, Fast.
Adjusting Your Claim
When you are allowed back into your home contact your insurance company to set up a meeting with a claims adjuster. An adjuster will inspect the damage to your home and offer you a certain sum of money for repairs. The first check you get from your insurance company is often an advance against the total settlement amount. It is not the final payment.
If you're offered an on-the-spot settlement, you can accept the check right away. Later on, if you find other damage, you can "reopen" the claim and file for an additional amount. Most policies require claims to be filed within one year from the date of disaster. Check with your state department of insurance.
When both the structure of your home and personal belongings are damaged, you generally receive two separate checks from your insurance company, one for each category of damage. You should also receive a separate check for additional living expenses that you incur while your home is being renovated.
How Do I Select a Contractor and Who Pays?
Hiring a reputable contractor to do repairs or construct a new home is critical. Word of mouth is still one of the best ways to choose a contractor. Also check with the area Home Builders Association or Chamber of Commerce. Make certain they are licensed and have adequate insurance coverage.
Don't become a victim of disaster fraud. After a natural disaster, professionals often go from door-to-door in damaged neighborhoods, offering clean up or repair services.
How Does the Contractor Get Paid?
Some construction firms require you to sign a form that allows your insurance company to pay the firm directly. Make certain that you're completely satisfied with the repair work and that the job has been completed before you let the insurance company make the final payment. Remember, you won't receive a check for the repair job. The construction firm will bill your insurance company directly and attach the "direction to pay" form you signed.
*Information is from the Rocky Mountain Insurance Information Associations Website.
Toll Free 833 4STORMHELP