Maximizing Your Property Damage Insurance Claim Amount

Published On: June 15, 20180 Comments on Maximizing Your Property Damage Insurance Claim AmountTags: , Last Updated: February 13, 20242.8 min read

Dealing with any type of damage to your commercial property or residence is a stressful situation, whether it’s a result of weather events, water, or a fire. In order to get your home back in shape or re-open the doors to your business as quickly as possible, it’s important that you aim to get as much as possible from your insurance claim. The omission of important details can significantly affect how much money your insurer pays out, reducing your payout by hundreds or even thousands of dollars.
Property damage insurance claim form

Here are some key ways to ensure you get the most from your insurance claim.

Hire a Claims Adjuster

A property damage adjusting expert can help maximize your claim, even if the damage involves a motor vehicle, private plane, or RV. When you hire a claims adjuster, they try to make sure you get as much on your claim as possible. The most reputable adjusters don’t charge a fee until your claim is paid out, and there are adjusters who specialize in helping owners of all sorts of properties. If you have little knowledge about the damage claim process or have never made a claim before, it may be best to consider hiring a professional.

Keep all Receipts

Ideally, your insurance claim will pay out quickly and you’ll never have to come out of pocket to fix any damage to your home, property, or business. However, insurers aren’t always speedy and few people want to wait to get the recovery process going. If you decide to hire professionals to fix damage to your residence or commercial holdings, get the most back from your claim by keeping all receipts and records of the work done.

Don’t wait to File your Claim

If you decide to forgo hiring, an adjuster doesn’t hesitate to file a claim with your insurance company. When disaster strikes it can be easy to forget this one step as the circumstances are often chaotic. However, if you delay filing, your claim not only will prolong the time it takes to receive money from your insurer, you may also miss the opportunity to maximize your claim amount. This is especially true when it comes to damage and loss due to theft, weather and water damage, and fires.

Property damage insurance claim form - insurance claim

Don’t Overlook Loses

You’ll need to take inventory of what you’ve lost, so you should account for absolutely everything possible to get the maximum on your insurance claim. For instance, if your home went through a weather disaster, count the losses to your food supplies, toiletries, clothing and furniture along with damages to the houses’ structure itself. Interior and exterior damage, including landscaping, can typically be counted in a claim.

Account for Quality

Remember to note whether the materials damaged in your home or business were upgraded or were of a particularly fine quality. Failing to mention this can result in items and fixtures being assessed a much lower value than they should be, resulting in thousands of dollars being lost.

Handling a commercial or residential insurance claim may seem daunting, but the sooner you get started the better. Keep these tips in mind should you encounter damage to your home or business, and you’ll find the process much less overwhelming.

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