Before reaching out to your insurance company to file a claim:
- Make sure you have a pen and paper with you.
- Take note of all communications between you and relevant parties.
- Include the date, name of the other person, department, and contact information in your notes.
How to Make Insurance Claims
Filing for claims is pretty straightforward-- call your insurance company. You can ask them for your policy copy if you don't have it. Note that you can only file a claim within a year from the date of loss in most policies.
For disaster claims, insurance companies follow certain procedures. Upon filing a claim, they are required to act within 15 days, whether they will accept or reject. They should provide a written explanation if they reject or delay your claim. Once accepted, insurance companies must mail you the insurance check within five business days.
- Mortgage Lenders Receiving The Insurance Check
Mortgage lenders and you are co-insured since you borrowed money from them to buy your home. Your house and properties are collateral for the loan. Thus, the insurance check has to go through them first. This way, mortgage lenders won't be left with a damaged property if the borrower runs away with the check.
- Getting Insurance Money From the Mortgage Lender
You might be concerned about getting the insurance money from your mortgage company. Make sure to clarify with them the process to release the funds so you can rebuild the property. The lender will put the fund to an escrow account and release in progress payments as you repair or rebuild your home.
Filing for home insurance claims need not be as stressful as having a damaged property. Make sure you're all set before talking to your insurance company and mortgage lender.
At Honest Insurance Services LLC, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (215) 354-1600. Get your free quote today by CLICKING HERE.