During our discussions, many of you asked us about the home insurance claim process. How much will be reimbursed? How long will it take? Where does the deductible fit into all this? Here are some guidelines to help you.
Each type of claim has its own process. Don’t panic! Each process works in much the same way. Here are the steps to follow:
What to do if you’ve suffered damage to your home
- Promptly advise your insurer or broker in order to be compensated quickly: Explain what happened, giving background details relating to the accident or event, and be as specific as possible.
- List all the goods that have been damaged or destroyed (furniture, appliances, etc.)
- Write out the details of all damaged or destroyed furniture or items. Keep in mind that this is something the claims adjuster assigned to your claim will ask you to do. Remember to include proofs of purchase, such as receipts, warranties, instruction manuals and packaging. You can even add photos and videos to your file.
What the claims adjuster does to help you
- Investigates: You’ve done your job; now let the experts do theirs. They will investigate the circumstances related to the incident or event, determine if the claim is eligible in whole or in part, analyze the documents you have provided and explain the procedure to you.
- Pays compensation: If applicable.
Good to know
Home insurance claim settlement period: 60 days following receipt of the relevant information and supporting documentation required by the insurer.
- Settlement of your damages: Will correspond to the value of the goods or their replacement cost, subject to the provisions and limitations of your policy.
- Example of a typical policy limitation: Coverage limits are stipulated in the event of theft only, notably for jewellery, furs, manuscripts, stamps, coins, gold or silver objects, bicycles, audio and video equipment, video games, art and sports cards, works of art and collections.
- For other types of loss: There may be limitations for boats, precious metals and banknotes, software, garden tractors, snowplows, securities, professional movable property, and wines and spirits.
And the deductible? ?
There’s only one equation to remember: the amount paid out by your insurer = the amount eligible for compensation (depending on the damages and specifics of your policy).
Useful reminder: : The deductible is the amount you agree to pay in the event of a loss. It is stated in your policy. Generally speaking, home insurance deductibles vary between $300 and $1,000. Finally, a waiver of deductible may even apply to your claim depending on the extent of your loss.
So, does that answer your questions about home insurance claims? If you think this article might interest your friends or family, feel free to share this information on your social networks!
The details provided in this post are for information purposes only, subject to the provisions of your policy.