What Are Insurance Claims?
If you’ve ever suffered an accident or had a fire, you likely filed insurance claims. This claim is the formal request that you sent in to the insurance company requesting a payment on your loss.
The requirements of each insurance company will be slightly different. There are also variances on your insurance policies that will be considered before you’re paid for your claim.
When you send in your request for your claim, the Claims Department will get your request. They will review what you’re asking for and review the coverages on your specific policy before determining the payout amount.
If the Claims Department believe that you’re owed money, they will then get a check to you very quickly. Sometimes, this may take awhile as they have to validate parts of your claim.
If they request more detailed information, be sure that you supply it to them. This will help them to determine what your payout will be.
Many times homeowners and car owners think that something is covered when in fact, it is not covered. Always know your policy well. Read the fine print.
Many policies have exclusions and when people have certain situations they won’t be paid for those incidents.
This may include comprehensive and collision (comp and collision)coverages on a vehicle. If you’re in a wreck the company may not pay for vehicle repairs for you unless you have this specific coverage.
In your home, you may have a flood exclusion. If you’re living in a flood plain you may have to pay more for flood insurance. Again, read the fine print and be sure to ask your insurance agent about such coverages.
When you file your claim, the insurance company will read over the details and compare the specific details to the details and coverages in your policy.
They may note how long you’ve had the policy, any previous claims and how frequent, if at all, you’ve made claims.
If they ever feel that you’re making a fraudulent claim, they may also deny your claim. If they deny your claim you may have to hire an attorney to get them to pay if you feel that you’ve been unjustly denied.
Such claims may also be life insurance. If you die your beneficiaries will be the ones to claim your life insurance. There are a wide variety of types of life insurance that are available on the market today.
If you’re unsure of which type of policy is best for you and your specific needs, always talk with your insurance agent and find out the specifics and details.
You want to make sure that you have plenty of coverage should something happen. Never assume you have a coverage, instead, read the fine print on your policy.
Ask your agent questions and make sure that you understand the language in your policy before you sign the bottom line and make your premium payment. Your insurance claims are important and if you don’t make your payments you may be denied.