Most of the business owners and homeowners out there are not properly familiar with how exactly insurance works in the case of property damage. It is highly likely that you will not have filed a claim before in your entire life. Even on the off chance that you did deal with insurance before, just know that these types of insurance claims have the potential to drastically vary.
So how exactly does inspection for insurance claims work? What should be prepared for when the insurance company people come to inspect your home? These are all valid questions and they are exactly the things that we will talk about in this article.
How Do These Types of Insurance Claims Work
There are several ways in which these insurance claims work. There are different types and sizes of these policies. They do, however, normally proceed in a fashion that is very similar.
You Make the Claim: You happen to befall some type of misfortune and suffer a loss and then you will generally file a claim for the damages that have accrued. You are required to contact your insurance provider. They will then assign an agent to your claim, who will be responsible for dealing with you. You will also be assigned a claims number.
They Evaluate the Claim: After the first step has been completed, the insurer will make an evaluation of the claim. The insurance company will send an adjuster on their behalf and make a detailed analysis of the claim that you have submitted.
Your Claim Either Gets Approved or Rejected: This is the 3rd step of the process and will only begin after the first two have been completed. They will make a decision and will either approve or reject the claim that you have submitted. They can potentially send you a check as compensation. They can even get a local contractor in order to repair the damages incurred.
You Choose to Close The Claim: After all the repairs have been completed and you receive the claim amount, the claim you made will officially be closed. The insurance company has fulfilled its obligations towards you.
How exactly do these types of inspections work?
If we take a look at the above list, we can see that the inspection step is number 2 on the list. Whether or not the insurance provider will approve or deny your claim, will depend completely on the inspection that occurs after the incident.
If the claims happen to be relatively small, then the company might not even do a proper inspection. Claims that are under the 1000 USD threshold will be able to be processed with just simple photos, videos, and/or other types of evidence that have been documented.
In the majority of cases, though, the insurer will like to inspect the property before they come to a decision as to whether or not to approve the claim.
The insurance provider will do this by assigning an adjuster to your particular case in order to properly analyze the claim that has been submitted. The goal of the adjuster here is quite simple. They need to assess the damage that has occurred so that they can pay you the amount for the damages that they are legally required to pay. This will completely depend on the type of insurance policy that you have.
It will do you a good deal of good to realize that insurance companies are also business and not non-profits. Their main aim when conducting business is to ensure the highest possible generation of revenue. They will always try to find the absolute minimum amount that they are required to pay and then they will pay that amount. They try to pay the bare minimum required legally, not a single penny more.
The adjuster assigned to your case by your particular insurance provider will inspect the property in order to make sure that the claim you have made is appropriate. The adjuster will try to see if there were previous signs of wear and tear on the property. They will also make sure that there was not any case of fraud or intentional damage to the property. The insurer will also likely check for other kinds of damage in the area that is close in proximity to the damaged property.
The amount of damage coverage you will get will depend on the assessment that the adjuster makes and it will also depend on the limits of your particular policy.
What Can You Expect During An Inspection
Inspections for this kind of claim are normally of three different types. They are as follows:
- Insurance Adjuster Inspections
- Contractor Inspections
- Public Adjuster Inspections
How does a public adjuster inspect your property?
A public adjuster is very similar in terms of the roles played during a claims process to an adjuster appointed by the insurance company. The major difference here is that these adjusters work on behalf of people who make the claim, they do not work on behalf of the insurance provider.
This is a very important distinction.
Adjusters assigned by the insurance companies are employees of that company and therefore their goals are aligned with that of the insurance provider. And their goal is to give you the smallest possible claims coverage that they can legally get away with.
Many of these Public Adjusters are people who used to work for insurance companies. That is before they decided to serve the public by representing the holders of the policy.
Public adjusters are therefore ideally placed to give the policyholder a fair inspection of their damaged property and that analysis and inspection will not depend at all on the bottom line of the insurance company.
These people can then help the holder of the policy by making sure that they are getting the fair amount that they are legally entitled to for their damaged property.