UNDERSTANDING THE INSURANCE CLAIMS PAYMENT PROCESS
How are you paid? Who gets the check? Do you need to replace items immediately?
After a disaster, you want to get back to normal as soon as possible. You may get multiple checks from your insurer as you make temporary repairs, permanent repairs, and replace damaged belongings.
In most instances, an adjuster will inspect the damage to your home and offer you a certain sum of money for repairs, based on the terms and limits of your homeowner policy. The first check you get from your insurance company is often an advance against the total settlement amount, not the final payment.
When both the structure of your home and your personal belongings are damaged, you generally receive two separate checks, one for each category of damage.
If you’re offered an on-the-spot settlement, you can accept the check right away. Later, if you find other damage, you can reopen the claim and file for an additional amount. Most policies require claims to be filed within one year from the date of the disaster.
Watch the whole episode and find out all the most important steps about the insurance claims payment process.