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Homeowner
Insurance Claims - Things to
Do
- Secure your property: Temporary
repairs are also covered by
insurance to protect your property
from further loss or damage. (A
typical temporary roof repair
should not exceed $300).
- Call your insurance agent: Report
the possible loss; let the
professionals determine the
extent of the damage. (Even
if your damages are hidden,
you will be covered for 12
months).
- Select your contractor: Protect
your best interest by choosing
a contractor familiar with
the insurance claim process,
as soon as possible. (If
there are any discrepancies
you will be represented professionally).
- Adjuster meeting: To
insure the scope includes all
damages, and your needs are
met, at a "price agreeable" to
the insurance company and your
contractor, they should meet.
- Call your mortgage company: Advise
them of your claim and inquire
about their procedures for
draft endorsement and contractor's
affidavits, lien releases,
etc. Be proactive!
- Send check to mortgage company: Do
not endorse the check, send
the check to your mortgage
company and request their endorsement,
first. (This will help speed
things up).
- Review & schedule project: After
you and your contractor have
agreed on the scope and terms
of the claim, you should schedule
the work to begin immediately.
- Accept material delivery: Verify
the material mfg. & color
with your contractor. (Expect
to pay the first check at this
time, but not to exceed more
than 1/2 of the total amount
of the contract).
- Inspect your project: Once
the job is completed and your
are 100% satisfied with the
work, you should expect to
pay the balance of your first
proceeds, minus your deductible.
- File betterment claim: Upon
receipt of the invoice, showing
that the job is complete, and
you have spent the first proceeds,
you can file for the depreciation
amount.
- Final payment: Before
issuing the final payment be
sure you have all of your warranty
papers and waiver of lien affidavits. (This
will limit your liabilities
and keep you in control).
- Secure all documents: Keep
all documentation in a safe
place and treat it as you would
any warranty information. Enjoy
your newly restored home, and
peace of mind!
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