Breaking Down the Homeowners Insurance Claims Process

There are one in 15 insured homes filing claims in the United States each year, according to the Insurance Information Institute (iii). Think about how many people in your neighborhood probably have filed a claim. Chances are, quite a few people have. About 5.3 percent of insured homes have filed a claim in 2016, according to ISO. While that number might seem small, it’s still a number worth taking a look at.

You can never guarantee that something isn’t going to happen to your home. Storms happen, floods happen, fires happen. Sometimes there’s damage to your home that you can’t deal with on your own. That’s when your Dublin homeowners insurance steps in. But how does the process work? If you’ve never filed a claim, it can feel daunting. Don’t worry, we’ve got you covered. This blog is going to break down the homeowners insurance claims process and answer any questions you may have.

Calling a Claims Adjuster

Just like with any insurance claim, you’re first going to have to call up a claims adjuster. You set up a time for them to come out, and then they’ll come and inspect the damage that’s been done to your home. The adjuster will offer you a sum of money for repairs. The first check you receive will most likely be an advance funding against the total settlement amount. It’s not the final payment. You might be offered an on-the-spot settlement, which means that you can accept funds right away and reopen your claim if you find more damage later. If both your home and personal assets are damaged, then you will most likely receive separate checks for them.

Dealing With Your Mortgage

Next, you have to deal with your mortgage. If you have a mortgage on your house, then the check for repairs will come to both you and the lender. Lenders have equal rights concerning the insurance checks, and can make sure that they are adequately used for repairs.

Selecting a Contractor

Hiring someone who knows exactly what they are doing is an extremely crucial part of the rebuilding process of your home. You can check with the Better Business Bureau, Home Builders Association, or Chamber of Commerce for recommendations of reputable contractors in your area. Whichever construction company you choose will bill your insurance company directly.

Dealing With Your Assets

After you’ve dealt with your home, it’s time to deal with everything inside it. Most companies will give back 50 to 70 percent for personal belongings, meaning that you’re not fully covered, but you’re covered enough. Make sure you check your policy for a more exact figure.

Additional Living Expenses

Good news: if you have to stay somewhere while your home is being rebuilt, that is covered underneath your homeowners insurance policy.

Rebuilding Options

If your home has been destroyed, your insurance company will give you the option to rebuild on the same site or somewhere new.

About Haughn & Associates

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.