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Tips to Claim Home Insurance Settlement Easily

Tips to Claim Home Insurance Settlement Easily

In : Business By storytimes About :-5 months ago

Claim settlement comes when you've usually suffered some type of loss or your property has sustained damage that is caused by any natural or man-made disaster insured by your insurance policy. Claim Settlement process is viewed as a to some degree mind-boggling process wherein you need to make sure that all the reasons and extent of financial losses are reported fully and truly to get your dream home rebuilt appropriately.

Minimize the Losses

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  • First of all, try alternatives to save whatever is left of your property.
  • If your house building is on fire then call the fire brigade immediately.
  • If you found your house burgled then lodge an FIR ( First Information Report ) immediately at the police station.
  • If in case of your house property being damaged by a natural disaster like flood or landslide then you should call the disaster management personnel for help without wasting much time.

Revise Your Insurance Claim Policy

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A general revision of your insurance policy is a must before claiming on the property, as your insurance policy is the documentary evidence of the agreement between you and the insurance company containing all the risk-related information like the amount of sum insured and the types of risks covered in the policy.

Inform your Insurance Company Within a Week

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After completing all the formalities from your end, notify your insurance company within the time interval mentioned in the terms and conditions of your home insurance policy. You insurance claim attender would require some basic information about the misfortune and your policy terms to pass your claim appeal to the claim inspector.

Cooperate with the Claim Inspector

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Once all your documents are reviewed by the insurance company, they'll send a claim inspector to the spot, who will deeply research of what actually happened and file your claim settlement according to that.

You Need to Give the Following Documents to the Inspector to Move the Claim Settlement Process Further:

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  • Photographs of the Damaged spot showing the extent of damage &/or video recording of the loss.
  • Fire Brigade Report (in case of loss by fire)
  • First Information Report (FIR)
  • Signed Claim Form
  • Home Insurance Policy
  • Document showing the value of damaged insured property just before the loss.

Once the Claim Inspector is finished with his report, thoroughly check all the points covered including: 

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  • Details and value of salvage, and how it has been disposed of or proposed to be disposed of
  • Compliance with policy conditions and warranties.
  • Under-Insurance, if any
  • Details of expenses (e.g. fire brigade expenses).
  • Cause of loss.
  • Total loss

Point to Remember

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  1. The Claim Inspector has to submit the Survey Report within 30 days of the date of his appointment.
  2. Your insurer will provide you with an offer to settle the claim within 30 days from receipt of the report and all the other documents.
  3. If there is any delay on the part of your insurer in the disbursement of the claim amount, then you are entitled to an interest at the rate of 2% above the bank rate on the claim amount.

And if you face any issue with your insurance company regarding any dissatisfaction with the claim settlement, you have the right to appeal against it in the court.

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