How are homeowner’s insurance claims paid?

Every year, damage to residential properties adds up to billions upon billions of dollars due to storms, vandalism, accidents, and other incidents. Not only can this put a severe financial strain on homeowners, but the stress and hassle of getting your home back to normal can be mentally and emotionally exhausting.

If it wasn’t for homeowner’s insurance, many people would be unable to make repairs without draining their savings accounts, retirement accounts, and more. Even that type of peace of mind comes with a variety of questions. A big one concerns how homeowner’s insurance claims are paid once they’ve been completed, so we’re going to look at a few different aspects of the claim process to help answer all of your questions.

Easy Steps to File a Homeowners Insurance Claim

Once your home is damaged, you’ll want to begin the claim process as soon as possible. Filing a claim can seem a bit daunting, but it’ll be a lot easier with a reputable insurance agency by your side.

Here are the steps involved with homeowner’s insurance claims:

• Fire a Police Report, If Needed — If the damage involved burglary or any other criminal activity, file a police report.
• Contact Your Insurance Agency — Call your insurance agency right away discuss your filing deadline, coverage, deductible, etc.
• File the Proper Claim Forms — Next, you’ll file your homeowner’s insurance claim through an online or mobile claims portal.
• Provide Proper Documentation — In order to justify reimbursement, you’ll need to provide documentation of all personal property damage, additional living expenses, etc.
• Make Temporary Home Repairs — Any damage that could lead to further damage, such as leaks or holes in your home, should be repaired or covered.
• Prepare for the Insurance Adjuster — For larger claims involving structure damage or other reasons, you’ll need to prepare for an in-home visit from the adjuster.
• Meet with the Insurance Adjuster — Once the adjuster arrives, you’ll provide all of your documentation and have a thorough interview.
• Obtain Estimates from Contractors — Obtaining information on repair and replacement costs will give you an idea of a fair claim amount.
• Receive the Insurance Payout — After you receive your claim payment, you’re free to finish any repairs or replacement.

Processing Time of Homeowners Insurance Claims

Waiting for a claim to be processed so that you can get your life back on track can seem like an eternity. Your insurance agency will do everything within their power to speed up the process, but there’s always a bit of time involved. Here are the primary factors that can influence the processing time of homeowner’s insurance claims:

• Expediency of Claims Forms — How quickly you file a claim and fill out all the necessary forms will be the initial factor.
• Speed of Acceptance or Denial — Florida insurance companies have 90 days to make a decision on acceptance or denial of your claim.
• Complexity of the Claim — The type and size of your claim will often be a determining factor in the completion timeframe.

Quick Facts About an Insurance Claim Payment

Since your life may be at somewhat of a standstill until you receive your insurance claim payment, it’s important to understand as much as possible. Your insurance agent will be able to answer any questions you may have, but we’d like to give you a bit of a head start. Here are a few additional facts about homeowner’s insurance claims:

• Timing of the Claim Payment(s) — Following an acceptance or denial decision, Florida insurance agencies have 20 days to remit your payment.
• Form of the Claim Payment(s) — Depending on your preference and what’s available at your particular carrier, the payment may be in the form of a check, direct deposit, or mobile e-payment.
• Person Who Receives Payment(s) — Subject to the details of your claim, payment may be sent to you, your contractor, or your mortgage lender.

Homeowners Insurance Claims During the Pandemic

The coronavirus pandemic really threw everyone for a loop, to say the least. Many businesses were shut down while others saw their processes grind nearly to a halt. The good news is that home insurance claims have rarely been affected because the majority of insurance companies are maintaining a full staff. In most cases, the claim processing time and expediency of your payment should be the same as in the past.

Contact Coleman Insurance Agency for Homeowners Insurance Claims

Homeowners insurance claims are so much easier when you have a Clearwater and Palm Harbor insurance agency by your side. Coleman Insurance Agency can help you file a home insurance claim and answer any additional questions that you may have. Please reach out to us at (727) 441-9911 to schedule a free consultation.