When filing an insurance claim on your home, auto, life or health insurance, the process you follow makes a difference in how quickly processing time leads to resolution of the claim. An insurance claim is a step-by-step process that begins with a formal request and ends with a check in your hand for the amount of the claim.
Requirements
Understanding claim requirements is an important step, and one that should occur when you take out the insurance policy. The Maine Bureau of Insurance suggests reading your policy before something happens, paying particular attention to the types of losses your policy covers, claim limits and deductible amounts. Understanding claim requirements and getting questions answered before the need arises can prevent misunderstandings that occur when trying to decipher your policy during an already stressful time.
Time Frame
Follow your insurance company requirements for reporting incidents. Most require that you report an incident or accident as soon as possible, even before filing a claim. The insurance company may send an insurance adjuster to view the damage, take photographs and help you with the claims process, or may instruct you to fill out and send in a claim form along with supporting documentation. Timely claim filing and attention to detail will speed up processing time.
Considerations
You will need documentation, such as required paperwork and supporting, evidence to submit an insurance claim. Required paperwork includes the insurance claim form. Insurance companies sometimes include blank forms when issuing your policy. Alternatively, you can check the company website and download them or get claim forms from your insurance agent. In general, claim forms require personal information, policy information and details regarding your claim.
Supporting evidence will depend on the type of claim and insurance company requirements. Examples include a death certificate, police and/or accident reports, photographs, repair estimates, invoices and receipts for reimbursable expenses. AllInsuranceProfessionals.com recommends making copies of your claim form and all documentation and using certified mail when submitting claim forms. In addition, keep records of all correspondence regarding your claim. This includes the name and company position of people you speak with, as well as dates and times.
Misconceptions
You do not have to accept an insurance settlement if you feel it is not correct. You have the right to dispute an insurance claim settlement offer, except in the case of life insurance. If an insurance company denies payment on a claim you feel they should cover or offers a settlement lower than what you feel you deserve, you can appeal or attempt to negotiate. Appealing claim decisions is common with health insurance, while negotiating is common with home and auto insurance claims.
In the case of homeowners' insurance claims, the Rocky Mountain Insurance Information Association states that if you accept the settlement and later find damage you can tie directly to the incident or event, most policies will allow you to reopen the claim and add the additional damage.
Warning
Insurance companies verify all information before settling claims. Exaggerations, misrepresentations and lying can void insurance coverage as well as put you in a position where the insurance company can sue you for fraud.
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