How do I price out the amount of my homeowners insurance claim?
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Asked September 24, 2012
Filing a claim against your home insurance policy involves calculating the amount of the damages or losses. To price your home insurance claim, you will need to get estimates for the damages, produce receipts for personal property, and show the insurance company the costs of medical care performed as part of your homeowners liability coverage. Because the costs come from more than one field, there is no simple way to calculate the costs short of filing a claim for a total loss.
If damages were involved, you will need to have at least 2 estimates for the cost of repairs. To protect yourself, only accept estimates from companies which are properly licensed an insured. With 2 or more estimates to compare, you can get a good idea of what the cost of repairs will be.
If personal property was lost or stolen, you will need to show the insurance company some sort of proof of ownership of the missing items. The best proof for personal property are the original purchase receipts, but if you do not have receipts you can still claim the loss provided the items were listed in the home inventory you used when you bought the policy. Keep in mind that a personal property claim cannot exceed a percentage of the home value, usually around 10%.
If the claim includes liability coverage, you will need to acquire documentation on the damages or injuries sustained. For example, if a tree fell across your neighbor's fence, you would need to get estimates on removing the tree and repairing the fence. If someone was injured, you will need to know the extent of injuries and what the treatment cost.
Add the different individual claim amounts together to get an idea of what your total claim amount should be. Submit that value with your claim, and if the insurance company requires any additional information they will tell you what is needed. As long as you are able to produce receipts and proof of ownership, your home insurance claim can probably be resolved and settled in a short period of time.
Answered September 24, 2012 by Anonymous