Life Happens: What to Do in Case of a Claim

The old saying, “an ounce of preparation is worth a pound of cure” certainly applies to insurance. Life will eventually throw you a curve ball, and you will want to make sure you are insured correctly. If you have any doubts, call your insurance agency. Meanwhile, here are our top priority tips by category of insurance:

• Home:  Make a video walk-through of your home once a year.  Items in basement storage do not change often but it is always good to update after the holidays or if a new item is purchased.

• Businesses: Do not forget to make a detailed list of equipment and update it regularly. Thinking of buying a new truck or tractor? Talk to your insurance agency about it and be sure it is included on your policy.

• Car Insurance: Be sure your deductible is at the right level for your family. New car? Due to sensors embedded in the windshield of more modern models, be sure your deductible is at a level to handle the replacement of today’s pricier windshields.

• Life: Be sure to review your beneficiaries every 3 to 5 years.

6 Smart Tips for Handling a Claim Situation

New to insurance lingo? Let’s start here: a claim is when you as the policyholder, ask your insurance company for compensation for a loss that occurs (and that you are insured for). This could involve an incident with a home, business, or car (or a combination of the three).

1. Stop (collaborate and listen) and check to make sure you and your family are ok.  Whether it is a home, auto, or worker's compensation claim, your first concern should be medical attention and getting to a hospital as fast as possible.

2. Document the situation. Due to the stress of a situation, your memory of events will change as time goes on.  Take pictures and videos and get all names/numbers/info of witnesses and parties involved.

3. Contact your insurance company the same day.  If the police are involved, you will want to get the name and information of the police officer who arrived on the scene.  The typical turnaround time for a police report is 7-10 days, depending on where you are.  Be aware that some cities, like New York City, do not provide police reports for car accidents.

4. Keep all relevant documents that you receive throughout the claim process in a folder.

5. Start a log of when the company has contacted you and when you have contacted the company.  Look out for all appropriate emails and answer your phone even if you do not know the number, as it could be the adjuster calling you.

6. If unhappy with the settlement, hire a public adjustor.

We are always available to help answer your questions. Give us a call at 908.751.5922.