Insurance
101Facts You Need to Know About Property Insurance
Loss Assessment
Coverage - Pays for your share of expenses for a covered loss, up to your policy limits, when your association requires
an assessment on all unit owners for certain covered losses.
Personal Property Protection - Provides protection against covered loss to movable property
like a stereo, bicycle, furniture, or clothing. Most Homeowners, Condominium, Mobile Home, or Renters Insurance Policies set
aside special coverage limits for movable personal property, or categories of personal property, like jewelry, money, and
securities. You can increase the coverage limits for these and other possessions by selecting an Optional Coverage Endorsement
to your Homeowners, Condominium, Mobile Home, or Renters Insurance Policy.
Protection for Other Structures - Protects an insured's structures which are separated
from the dwelling by a clear space. Protects structures like a detached garage, storage unit, fence, or gazebo. (Exceptions:
Renters and Condominium Policy)
Replacement Cost Coverage - In the event of a covered loss, you may be reimbursed for the cost you incur to replace
many of your damaged contents with similar property, brand new. The total amount you'd be reimbursed is subject to the
terms and conditions of your particular policy, including applicable deductible and coverage limits.
Claims Process
Here are several steps to remember when you have a claim:
Investigate
the Facts - Gather the facts from everyone involved. Determine if coverage applies and the corresponding limits.
Determine Who’s Liable (in an Auto Claim) - Evaluate what was reported. Investigate and resolve
any discrepancies.
Inspect and Estimate Damages - Inspect the vehicle or property and identify
related injuries. Prepare an estimate. Discuss repair options. Determine value (if vehicle is a total loss).
Complete Claim Process - Finalize all necessary paperwork .
Time Required to Handle
the Claim - The amount of time required to handle each claim varies based on the severity of the damage, the number
of parties involved, and other factors. You benefit in the long run when we spend time up-front reviewing the facts concerning
your claim and determining the right type of investigation needed. Sure, some claims may be simple enough to handle in a single
phone call, but others are more complex and require additional research in order to help protect your interests.
In a Catastrophe - The length of the process depends on a variety of factors. Your claim representative
will also be able to provide you with a better time estimate as he or she begins to handle your claim. When talking with a
claim representative, you can speed up the process by providing him or her with as much information as possible about your
claim.
|
