You should always carefully review the details of your insurance policy to make sure you’re fully protected. Understand the limits and deductibles to ensure that you’re not paying more than you should. Fill out a proof-of-loss form that details the damage and compensation you’d like to receive from your insurer. You may need to supply pictures or dollar amounts to prove that the damage occurred. You should also understand what is covered under your insurance policy. Checkout Phillips & Associates, Inc. for more info.
Insurance claims are important to protect people from financial ruin after a natural disaster. They can help pay for medical bills and act as a lifeline for family members. A claim involves filling out a claim form, providing evidence, and submitting supporting documents. If the insurance provider determines the claim is valid, you’ll receive a check from your insurer. You’ll be reimbursed for your expenses as soon as possible. You can also get money through your insurance company’s app if you have an accident.
Another type of insurance claim that is highly expensive and frequent is fire and lightning damage. Fire and lightning damage can cause significant damage, and the average claim for this type of damage is $78,785 – more than twice as much as the premiums for homeowner’s insurance. Water damage can result from a burst pipe or a leaking appliance. Approximately one out of every five homeowners’ insurance claims involves water damage. Whether you have water damage in the roof or a pipe, your policy should cover it.
When filing an insurance claim, it’s important to know the types of coverage you have. Homeowners’ insurance policies typically have special limits and types of coverage for extra structures. These factors will affect the amount of payout you receive if a loss occurs on your property. Generally, the amount of money you receive will be based on the actual cash value of your home versus the cost to replace it. Insurance adjusters also have a special training in dealing with claims and will handle every aspect of the claim from start to finish.
Fire and lightning damage are second in terms of frequency and cost. The average claim for fire and lightning damage is $79,785, so fire and lightning are expensive. Other types of water damage can also cause extensive damage, including broken pipes, snowmelt, and interior problems. Travelers Insurance analyzed eight years’ worth of insurance claims coverage data and found that water damage accounted for nearly a third of all claims. These factors make fire and lightning the top insurance claims, and if you’re in a position to take steps to mitigate the risks, you’ll be able to avoid a potential disaster in the future.
Contact Info
Phillips & Associates, Inc.
1300 Hwy 15
Madison, MS 39110
Phone No. : 601-956-5650
