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10 Common Mistakes An Insured Makes Following A Loss

  1. Packing Out Home or Business Without A Complete Inventory
  2. Pack-Out Your Home Without Knowing The Cost
  3. Letting the Insurance Company Contractor Start Repairs Without Knowing The Exact Price And Scope of Repairs (more information...)
  4. Listening To People Who Have Never Experienced A Major Loss (more information...)
  5. Not Knowing What Your Rights Are (more information...)
  6. Not Knowing What Your Insurance Policy Means And What Coverage You Have (more information...)
  7. Not Knowing The Complete Personal Property Inventory Process (more information...)
  8. Not Understanding That when The Adjuster Gives You Cash Advance This Amount is Coming Out of Your Final Contents (more information...)
  9. Making Decisions Too Quickly (more information...)
  10. Not Checking References (more information...)
1. How will this affect your claim? The loss of detail that occurs without a concise Inventory such as items in cabinets, drawers, shelves, refrigerator, closets, attic, basement or garage can result in thousands of lost dollars. The items under $100 in your home or business may add up to a considerable sum and should be included in your inventory.

2. How will this affect your claim? If you have $50,000 coverage for your contents, the pack-out bill will come out of the $50,000 allotted for contents. A great deal of unnecessary work will be done on items that are not cleanable or repairable, the cost for which you may be responsible, leaving you short of sufficient funds with which to replace personal property. Alternative Method: Only have the pack-out company test clean items that may be cleaned along with a few electronic items and leave the bad items on location. This may cut your pack-out bill in half and keep the money available for replacement of your lost items.
EXAMPLE:
Pack-out property
Dry Cleaning
Refinishing
Contents Cleaning
Contents Storage
Pack In
TOTAL:

Note: The Insurance Company will deduct:
Coverage
Pack Out
Advances
$4,000
$7,000
$3,500
$7,500
$2,200
$2,500
$26,700


$50,000
$26,700
$ 5,000

3. How will this affect your claim? Most insureds don't realize insurance companies have “preferred contractors” they work with on a constant basis. In most cases, the contractor's scope of repairs is going to be lacking in tear out and pricing based on use of same likeness and quality of material. This results in short-cutting your job thousands of lost dollars that should have gone into your property. You should call an outside expert contractor to make a comparison.
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4. How will this affect your claim? Most people are emotional and off-balance after a loss. You are going to be influenced by the people you talk to. Be on guard and talk to experts who are not associated with your insurance company.

5. How will this affect your claim? Most people assume the only way is the insurance company's way. You are entitled to use your own public adjuster, your own contractor, your own pack-out company, etc. You will recover more insurance money when you have your own experts protecting your interests.

6. How will this affect your claim? All policies are based on a standard 165-line policy, each line having a meaning. There are differences in interpretation. There are certain coverages which are hidden within your policy. Lack of knowledge can cost you thousands of dollars because it is your responsibility to prove your loss.

7. How will this affect your claim? Most people do not realize that if you take off of work to inventory your loss, which can take about two weeks, you are not going to get reimbursed for your lost work pay. Additionally, when you are emotional, you are not going to want to be in your home listing every detail, which is important. You can fill in the first four columns on your inventory sheets. The insurance company fills out the other four columns which determine how much depreciation is going to be taken. This results in potentially thousands of dollars which you may not receive based on the type of policy you have.
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8. How will this affect your claim? Proper bookkeeping is necessary. When you get a cash advance from your contents claim, you should immediately use this money for temporary living expenses. Keep receipts and then turn this amount in under Additional Living Expense coverage to be reimbursed. This minimizes confusion later on the claim.

9. How will this affect your claim? You will literally make hundreds of decisions during the claim process. You will make thousands of decisions during the construction process. Before you make these decisions, take a few weeks to get settled in. This time will allow you to explore your options and to ultimately do what is best for you.

10. How will this affect your claim? Most people don't check references. Take the time to talk with people about the company or companies you want to hire. Key questions to ask their references are:
Why did you hire them?
What was their fee?
Would you hire them again
Ask your insurance adjuster for a list of references of people he or she has assisted and call to see how the process went. Just remember that it is your responsibility to prove your loss and you should get the help you need in order to do so.
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