Today it has become a legal requirement to have insurance for several of your assets. Your home, your car, and even your health are most likely covered by some kind of insurance. Even though you have insurance cover, this doesn’t necessarily mean you will be compensated for the loss or damage of that asset.
Insurance companies have very strict procedures when it comes to issuing clients their claims, they will be meticulous in their examination of the asset and they will have a long list of requirements that you will need to fulfill as the claimant. Even though this can be a difficult process to go through especially during a time when you have already experienced a stressful situation, keeping these things in mind will help you make the most of that insurance you have been paying religiously year after year.
1. Get The Right Claim
Insurance can be a tricky thing to purchase, with so many technicalities and such a long list of terms and conditions, sometimes the insurance doesn’t cover what you expect it to cover because its name is misleading. This is why it really helps to work with an expert when purchasing your insurance so you can get something that meets your needs. If you are looking for home insurance, for example, there are so many that you can choose from, try to get the one that has the widest coverage options, and is within your budget. You never know what could happen, so being insured for a wide variety of things is always helpful.
If you have more than one kind of insurance for your home then you should pay extra attention when submitting an insurance claim to make sure you are using the right coverage policy.
2. Paperwork
When you submit that insurance you can be sure that the company will get back to you with a request for more paperwork. Especially if it is a claim that involves another party, rather than you just asking the insurance provider to reimburse you for expenses, there will be even more paperwork involved. If you are pursuing a problem that you had at work for example, then you could work with specialized workers’ compensation attorneys to make sure you get things right and that the documents meet legal requirements. You don’t want to waste time submitting documents again and again because the insurance company will be very picky and will try their hardest to pick out something in your application that makes you ineligible.
3. Documentation
When you are pursuing an insurance claim, think of it as a legal process, like a case in court. Everything that you say and do can be used against or in favor of your insurance claim. Likewise, everything that the insurance company says or does, you can use in favor or against them. This is why it is very important that you document all the communication that takes place, whether it is written, verbal, physical, or digital, make sure you have a record of it. Similarly, the insurance company will most likely also have a document about all the communication you had with them, so it’s a good idea to have this resource to back up what you say, and what they claim you said.
4. Be Critical
If the insurance company denies your claim, don’t be shy to ask them for an explanation, in fact, ask them to put it in writing for you. You want them to have a concrete stance, and you to have a proper document detailing that stance before you tackle a problematic insurance claim from your end. Many times insurance companies will try to get off the hook by under-compensating you and hoping that you won’t notice that they owe you more. It’s not a bad idea to consult the matter with a third party so that you are confident that you are getting your money’s worth.
Usually, when we are claiming insurance it is an emergency situation and insurance companies know this. They exploit the fact that you are in a hurry and this is a case in which delay tactics work very well. Moreover, things such as underpaying are also effective because the claimant is in a hurry to get some money and get the problem resolved. However, if you don’t go through the process thoroughly you could be losing a lot of money and agreeing to settle for an amount worth far less than your case really is. Investing in a seasoned legal expert can help you choose the best policy for your particular situation and also get the most out of an insurance claim in a time of need.
