Do you know how to make a claim on your home insurance policy?
Hopefully, you will never have to make a claim on your insurance, but it is good to know how to move through the process if you need it.
Take an inventory
Before you call your broker to get the claim process started, take a look around and gather the facts.
- What was damaged, destroyed or stolen? Make a comprehensive list.
- Gather the proof that you owned the items you are claiming. Receipts, manuals, and warranties are good place to start.
- If the loss is because of a theft or vandalism, make sure you report it to the police.
- If your claim is for property damage, take pictures of the damage.
- Do not throw any items away unless it is dangerous not to.
Do not wait for a loss to make a list of your home’s valuables. Take an inventory by taking photos in every room of your home to record your property. Be sure to take pictures and document any items of value that may be stored away, like jewellery, watches, antiques.
Contact your broker
Your broker will guide you through the process and help make sure you do not miss any of the important points. They will want to know the details of what happened and what was damaged or lost.
Your insurance company will assign a claims specialist or adjuster who will need to investigate your claim and will ask for proof of ownership and other documents that will be needed through the claim process.
How does your deductible affect your claim?
Your deductible is the part of the claim you pay out of pocket. You may choose a higher deductible to save on your insurance premiums. That means that you will have to pay a higher amount yourself.
For example, if your deductible is $1,000, and your claim is valued over that, you will pay $1,000 and your insurance will pay out the remaining balance.
Deciding whether or not to make a claim
Depending on the size of your deductible, you may decide not to make a claim on your home insurance policy. Talk to your broker to determine how it could impact your coverage and your premiums. Some insurance companies offer an endorsement for a Disappearing Deductible and a discount for being claims free over a period of time. These endorsements provide peace of mind in the event you have to make a claim.
If the day comes when you need to make a claim on your home insurance, your AGR Insurance Broker will be there. From answering questions to taking you through the claims process, we are here to help. To get a quote, review your current policy, or see what features and benefits are available to you, call 1-800-668-0250.