Insurance Tips

How To File An Insurance Claim.

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How To File An Insurance Claim.

Filing an insurance claim is actually not very difficult, and the process can even be a smooth one if you prepare for the possibility of an accident happening and follow this steps once one does.

Filing an insurance claim is actually not very difficult, and the process can even be a smooth one if you prepare for the possibility of an accident happening and follow this steps once one does.

Give your insurance company a heads up. Under the stress of an accident or health scare, it's easy to forget to let your insurance company know that you will be filing a claim, but doing so can help you avoid getting stuck with the bill later.

1.Be proactive.

Not only will your insurance company provide the claim forms and instruct you on filling them out, but they may pre-certify pricey medical services like disaster expenses so you don't run into coverage issues later. They can also tell you what kind of reimbursement to expect and authorize treatment, hotel stays and other coverage.

2.Be informed.

In the case of a life insurance claim, the insurance company will tell you whether the deceased designated an assignment for the policy, meaning a business or other entity that will receive payment before the family. If a non-family member is claiming death benefits, the company can coordinate with the family's advisor.

3.Document and document again.

When there is damage, the more documentation the better. After an auto accident, take down names and phone numbers of witnesses as well as details about the other vehicles involved; experts say keeping a record of how many passengers you saw can help prevent insurance fraud later. If possible, photographs and even video can help illustrate the damage for the insurance company.

4. Prevent more damage.

Severe home damage is often traumatic, but experts say taking precautions to prevent further damage, like boarding up broken windows, can save additional expenses and trouble. Once the dust settles, take inventory of the losses, making lists of possessions and their corresponding values. For older purchases, ask credit card companies for old statements.

5. Keep receipts.

Save receipts for all repair and replacement costs, from hardware store supplies to living expenses. Keeping careful records will smooth out the claim payment process. Treat home and auto insurance policies as disaster safety nets, not maintenance accounts.Filing too many small claims can cause your insurance company to raise your insurance rates or, depending on state regulations, even refuse to renew your policy.

6.Go high.

Experts recommend plans with high deductibles, which discourage filing claims for less than that amount. Not only will sub-deductible claims require more cash, but filing too many can signal to the insurance company that you are high-risk, and therefore cost more to insure.

7.You or the disaster?

Insurance payouts for disaster-related damage are rarely an issue, but some companies will say claims resulting from chronic problems like leaky faucets are the responsibility of the homeowner, not the insurance. Moral of the story: repair minor damage early, and pay for it yourself while you can still afford to.

What not to do when filing an insurance claim:

1.Don't get caught in a fraud.

Con artists often prey on disaster victims while they wait for their insurance payments. Experts warn not to pay for services from seemingly concerned repairmen; seek out your own vendors once your claim is paid.

2.Don't spend too much on temporary repairs before the adjuster inspects the damage.

Wait until you know what your claim is worth before spending it.

3.Don't wait to file.

Some insurance companies have time limits on how long they will honor claims after the fact.

4.Don't fall behind on your insurance payments .

If you do, pay up as soon as you anticipate a claim; most companies have a grace period where they will honor claims as long as you pay by a certain date.

posted by Xplico Insurance Company Limited XIC LTD
09 Apr 2014


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