We work for you
Understanding the Home Claims Process
Here is some useful information about the claims process:
1. Role of the Broker
• Files the claim immediately with your insurance carrier.
• First point of contact for any conflict resolution.
• Will act as your advocate during the claim process
• Can help with sending documents to the adjuster if needed.
2. Role of the Adjuster
• Evaluates the damage and helps you recover your losses.
• After submitting your claim, a claims adjuster assigned by your insurance company will contact you. They will require you to complete a Proof of Loss form and may do a site visit to assess the full scope of damage, to help settle the loss.
• If you need to make temporary repairs to protect your home and items from further damage before your claims adjuster has been able to assess the damage, take photos and keep the receipts as proof. Any work completed before getting the approval from your insurance company may not necessarily be covered.
• Be prepared for the following assessments that the claims adjuster will review with you:
• Any additional Living Expense allowance that you need
• Your deductibles & whether you qualify for a waiver of deductibles
• Any debris removal requirements
• Any additional storage of recovered items
3. Proof of Loss report
• to compile an inventory of damaged/missing items, cost at time of purchase, receipts if available, whether the item was new or used and what it will cost to replace the item (if your policy includes Replacement Cost).
• Contractor’s costs have to be approved by your insurance company.
4. Understanding the claims payment settlement options
• With Actual Cash Value , you will not be allowed to replace any lost items, but you will get a depreciated value for damages incurred.
• If your items are not obsolete or impossible to replace, then the Replacement Cost settlement, will provide you with half the amount to replace the item and the remainder once you have replaced the item. If you prefer not to replace the lost item then you can opt for the Actual Cash Value.
• You may need to pay the policy deductible before any repairs on your home start, if your deductible isn’t waived.
• After successfully going through the claims process with your insurance provider and providing all the required documents to your claims adjuster, they will issue a final settlement and a Proof of Loss document, outlining all the costs that are being reimbursed. Once you sign this document, they will release the final claims payment that all parties have agreed on.
6. What will the impact be on future pricing
• Insurance rates are often hard to predict and this depends on many factors which your broker can discuss with you:
• Are you currently receiving a Claims Free Discount
• Have you already had a claim within the past 5 years
Through all of this, remember we work for you, so please don’t hesitate to contact your assigned broker from our Rhodes & Williams team.
After, your insurance company and the claims adjuster review all the documents provided, they will be able to issue a final claims settlement. You will be required to sign the proof of loss claims settlement document, which then allows the final claims payment to be made, at a time advised by your insurance company.
We can also review your policy and help you get more protection or make any necessary changes to keep you safer from any future adversities.
Remember, we at Rhodes and Williams work for you and are happy to assist you through each step.