Knowing how fast you need to file your property damage claim is one of the best ways of getting compensated after suffering losses in an accident. Insuring your property is a way of managing risk against unforeseen losses. You will buy an insurance policy, paying a month premium, and should an incident occur, you will be able to make an insurance claim, but what most people do not know is that it involves initial processes which can be arduous and long, as the insurer will ask for certain things from you, and will also ask its own expert to look at the claims and make adjustment if necessary.
Property Damage Claim
A claim for property damage may involve a lot of things, based on what is classified or defined as “Property”. After an automobile accident, a property damage claim can include the total loss of or damage to a vehicle, and if all elements of your claim have been met, the owner of the car is entitled to receive payment for damage done to his vehicle. A property damage claim from smoke, fire or water damage can be expensive. Claims involving water, fire, wind or mold damage are complicated, and that is why you need to act very fast in hiring an expert and submitting your claim.
How fast you need to file your property damage claim?
It is your responsibility to file your property damage claim immediately after the accident. You should not wait for the next day before reporting the accident in which your property was damaged. The police authorities and insurance company should be notified immediately. You also need to have a copy of the investigation report issued by the police, making the insurer know of your plans to file a property damage claim.
When filing a property damage claim, the insurer will provide some forms that must be filled by you, providing all information truthfully as you could remember. After that, the insurer will handle the claim and make payment within 30 days. Filing claims for damages requires you to show proof of ownership of the damaged property, in addition to giving an estimate of the damage done, and the loss can be measured in any of the following ways:
- Replacement value
- Cost to repair the property
- Market value
- Actual cash value, that is the property cost less accumulated depreciation
Every property damaged should be documented by taking photographs. Good evidence is the use of video footage, and if there are witnesses, ensure that the police report contains their statements. All these proofs need to be submitted to the insurance company when making a property damage claim.
Documents needed to file Property Insurance Claims
Property Insurance is a broad category and includes a number of different subtypes. The insurance provides relief in case of damage to property due to a number of different reasons. The two ways of insuring the property are Named Perils and Open Perils.
The Named Perils include a list of causes that can damage the property and are included in the policy. A few of these can be fire, theft, explosion, and lightning. The Open Perils, on the other hand, cover the causes that are not specifically excluded from the policy including flood, war, earthquake, and an act of terrorism – to name a few.
Types of Property Insurance
A few subtypes of Property Insurance include
- Aviation Insurance
- Builder’s Risk Insurance
- Earthquake Insurance
- Crop Insurance
- Boiler Insurance
- Flood Insurance
- Home Insurance
- Marine Insurance
- Landlord Insurance
- Terrorism Insurance
- Volcano Insurance
Documents needed to file Property Insurance Claims
In case of any kind of damage to property, the first thing that comes to the mind is the documents that you must have in order to file for a claim.
The fist in the list of Documents needed to file Property Insurance Claims is the Claim Form. A claim form is a standard application form that you must complete and sign. Ensure to go through all the terms and fill the correct details. Any error might hamper the chances of you getting the relief.
Another in the list of Documents needed to file Property Insurance Claims is the letter. You need to write and send it along with the claim form. It should contain a list of damaged items. The letter must also state that you are the owner of the items listed in it.
The documents needed to file Property Insurance Claims also include reports that are generally known as the evidence report. This acts as proof of the occurrence of event and the nature of the event. Also based on the nature of damage, this report would be drafted by different official departments. A few of these include
- Fire Brigade Report: The fire department would issue the report.
- Seismological Report: A Seismological Report is issued by the Metrological Department in case of an earthquake.
- Flood Report: A flood report is also issued by the Metrological department in case of a flood.
Estimate of Damage
Another of the important documents needed to file Property Insurance Claims include the report citing the extent of damage done. This should have a list of items that were damaged along with the amount that should be reimbursed against the same by the insurance company.
Documents are very important while you file for any insurance claim including the property insurance. Care should be taken that you are submitting the complete and correct documents as any mistake might result in delay in receiving the money. Consulting an expert in the field can surely help in preparation of the correct documents.