Key steps of the Insurance claim process

Having insurance can be a little like owning a weapon – you paid for it, you’re probably glad you have it, but you hope you never need to use it. The headaches of dealing with a car accident, damage to your home, health care bills, or a personal injury lawsuit (to name a few) can be overwhelming. So, when one of these unfortunate events does occur, you’ll need to be familiar with the insurance claim process in order to mitigate those headaches as much as possible. The following article discusses some key points to keep in mind as you embark on the insurance claim process.

  1. Communicate with Your Insurance Company

    The moment you’ve suffered a loss, regardless of whether or not you’re sure it’s covered under your policy, you should communicate the details to your insurance company. While you may not ultimately decide to file a claim, it’s extremely important to maintain constant contact with your insurance agent.

  2. Fill Out and Organize Your Paperwork

    After you’ve officially filed a claim with your insurance company, you may be required to fill out forms or give a statement regarding the accident or loss. These steps will help your insurance company determine the exact details surrounding the peril and decide to what extent your policy covers the damage or injuries.

  3. Have Your Damages Appraised

    This is the stage where most insurance companies deploy an adjuster or a third-party contractor to assess the full extent of the damages you’ve reported. Your adjuster may want to speak to relevant witnesses and parties, especially in a liability or auto claim, so they may ask you for that contact information.

  4. Payment is arranged

    After repairs have been completed and lost or damaged items have been replaced, your adjuster will contact you regarding settlement of your claim and payment. The amount of time it takes to receive payment will depend on the complexity and severity of your situation.