In the event of a theft, it’s important to know what to expect and to have a plan in place. Here are our tips to better prepare you if you ever need to file a theft claim!
First, it’s important to know and document what you own. Save your receipts and document your purchases. This will make it easier to prove the value and your ownership of your possessions. Take inventory of your personal property, grouping items by category, value, location in the home, etc. Note of all items under your personal property insurance, including jewelry, art, collectibles, computers, televisions, gaming systems, etc. Take pictures of your items for your inventory to document the value and quality of each item. Once you have created an inventory, store the documents in a safe place like a secure online repository or a fire-proof box.
NOTIFY THE APPROPRIATE AUTHORITIES AND FILE YOUR CLAIM
If you experience a burglary or theft, be sure to immediately document and report the damage or loss. Even if you don’t believe the item can be recovered, reporting the burglary to the police and filing a police report might help you with your claim. A thorough understanding of your policy will help you file your claim. Not sure if your policy covers your personal property? Review your policy and check out our article “Is Your Personal Property Covered by Your Insurance?“!
Once you have spoken with the police, call your insurance company to promptly report your claim. Your claims report should include the following information – where the property was purchased, when the property was purchased, what the item cost, the brand and model of your item. Be as specific as possible. Send your claims adjuster photos of the stolen or damaged items and be sure to keep any damaged property in case your adjuster needs to review it to complete your claim. It is important to cooperate with your insurance company during the investigation and/or inspection. Review your policy often and be prepared when you need to use it!
INVESTIGATION AND INSPECTION
Insurance companies do not always require inspections. However, they may want to investigate or inspect your claim before issuing payment. An investigation will help the insurance company verify your claim and identify any additional documentation that may be helpful, for example a copy of your police report. In an inspection, a field adjuster will come to your home to assess any physical damage.
When your claim is settled, you can expect to be reimbursed for your lost or damaged property as covered in your policy, minus your deductible and any applicable depreciation. Your insurance company will provide you documentation regarding all aspects of the outcome of your claim, so be sure to keep a copy of this documentation for your records.
Do you need help navigating the insurance claims process? Reach out to your agent today! At Avner Gat, Inc., we represent your interests in talks with the insurance company throughout the claims process. Give us a call to learn more about how we can assist you with your claim!