Did your home get damaged by a powerful storm? What do you do now? Here at Your Insurance Attorney, our team of professionals is here to make sure you know how this process works. It is best to understand the insurance claim payment process, so you know who you get paid and when you get paid. Our insurance claims adjuster is located in Miami.
Get Some Understanding
After a disaster, you want to get back to normal as soon as possible, and your insurance company wants that too! You may get multiple checks from your insurer as you make temporary repairs, permanent repairs, and replace damaged belongings. Here’s what you need to know about claims payments.
Insurance Claim Payment
Remember, the payment is not final. In most instances, an adjuster will inspect the damage to your home and offer you a certain sum of money for repairs, based on the terms and limits of your homeowner’s policy. The first check you get from your insurance company is often an advance against the total settlement amount, not the final payment.
If you’re offered an on-the-spot settlement, you can accept the check right away. Later, 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 insurance department for the laws that apply to your area.
Also, you may get multiple checks. When both the structure of your home and your personal belongings are damaged, you generally receive two separate checks from your insurance company, one for each category of damage. If your home is uninhabitable, you’ll also receive a check for the additional living expenses (ALE) you incur if you can’t live in your home while it is being repaired. If you have flood insurance and experienced flood damage, that means a separate check as well.
Keep in mind that your lender or management company might have control over your payment. If you have a mortgage on your house, the check for repairs will generally be made out to both you and the mortgage lender. As a condition of granting a mortgage, lenders usually require that they are named in the homeowner’s policy and that they are a party to any insurance payments related to the structure. Similarly, if you live in a coop or condominium, your management company may have required that the building’s financial entity be named as a co-insured.
Insurance Claims Adjuster
Make sure you are fully informed when it comes to dealing with your insurance claim payment. You never know when you may need one. If your home has been damaged through some type of water damage, you have likely filed a claim with your insurance company.
This can often take quite a bit of time, and some insurance claims even get denied or paid insufficiently, which is unsatisfying and can seem unfair. As an insurance lawyer locals trust, we don’t sit around waiting to see how your insurance company is going to help you, we talk directly with them and let them know what exactly you are entitled to. Best of all you incur no fees unless you win! Call our property damage lawyer today for more information. We are located in Miami-Dade County.