When you experience damage to your property, whether it’s a result of a fire, flood, storm, or other sudden and accidental event, this can be an overwhelming and stressful experience. Once you file an insurance claim, you will need to handle your claim a certain way successfully in order to secure a fair and reasonable settlement. In this comprehensive guide, we will talk about what you can do to have the best chance at getting paid what you are entitled to.
Understanding the Role of a Property Insurance Adjuster
Before we dive into how to negotiate with your insurance adjuster, it would be helpful to understand what their role is in your insurance claim. During your claim, you will usually meet two types of adjusters: Field Adjusters and Desk Adjusters (sometimes, not always, they will be the same person). Both adjusters work for and on behalf of the insurance company to investigate and evaluate the extent of the damage, assess coverage, and determine the appropriate settlement amount. It is ultimately their job to manage the insurance company’s financial interests, particularly the desk adjusters. From a statutory standpoint, they are supposed to be impartial and handle your claim in good faith. At the end of the day though, business is business and so it is essential to remember that you, as the policyholder have the right to advocate for your own best interests.
Document the Damage Thoroughly
The foundation of successfully handling a property insurance claim negotiation is through detailed and accurate claim documentation. Immediately after the incident, you should document the damage by taking multiple and detailed photographs and videos. These will serve as your evidence during the negotiation process and provide a clear picture of the total scope of the damages at your property. You should also keep a record of all expenses related to the property damage, including repair estimates from licensed contractors, invoices, and receipts for any temporary repairs or living arrangements.
Understand Your Property Insurance Policy Coverages
Every insurance policy is different, even if the difference is slight. This is why it is hugely important for you to understand YOUR specific policy coverages and limits. It’s recommended that you have an expert such as a licensed Public Adjuster or property insurance attorney guide you through reviewing the coverage limits, deductibles, and any exclusions that may apply to your claim. This will help you navigate the negotiation process with confidence and purpose.
Evaluate the True Value of Your Claim
Determining the true value of your property damage claim is one of the most critical steps in handling your claim. To do this, you should obtain multiple repair estimates from licensed contractors. This will provide you a good average cost to repair your damaged property and also give your insurance company an objective overview of the total amount necessary to get your property back to pre-loss conditions.
Be Assertive and Persistent
When it’s time to negotiate with the property insurance adjuster, you should utilize the documentation you have collected to support your claims, which should provide clear evidence of the damages you are claiming. With the stress of dealing with damage to your most valuable asset, it can be difficult to do this – but it’s very important to stay calm and composed throughout the negotiation. Being polite and respectful can create a positive atmosphere for productive negotiations.
Highlight Special Circumstances
If there are unique or exceptional circumstances related to your claim, make sure to highlight them during your discussion with the insurance adjuster. Special or unique circumstances can add context to your claim and influence the adjuster’s perspective during their evaluation of the claim.
Consider Hiring a Public Adjuster
If this all seems like more than you are able or willing to handle, retaining a Public Adjuster. Public adjusters are licensed professionals who work exclusively on behalf of policyholders, acting as their advocates throughout the handling of the claims process. A public adjuster can provide valuable insights and support your claim’s reasonable and fair settlement.
By documenting your losses thoroughly, getting a clear understanding of your insurance policy, and presenting your claim correctly, you have a good chance of having success handling the claim. Consider enlisting the support of a public adjuster to maximize your claim’s potential and ensure you receive the compensation you deserve.
Need help with your property insurance claim?