On day 30 of #30daysofthreads I’m giving away some free game on renters insurance and how you can properly adjust your own insurance claim. This thread is for renters insurance policies.
If you don’t already hav renters insurance I urge you to get some ASAP! Some companies are better than others but some coverage is better than none at all. Some companies offer policies for as low as $5 a month.
1. Before you ever have to file a claim it’s good to keep some sort of inventory of everything you have in your home this could be a running list you keep as a note in your phone or photographing each room of your home. Also keep all your receipts for any high priced or high end
items that you have, easiest way to do this is to keep them in a folder in your email account. 2. When something happens that requires you to file a claim (water, fire , hurricane etc.) File the claim as soon as you can, don’t throw anything away and if you absolutely have to
make sure you take pictures of the items before you throw them away. If you are unable to stay in your home, keep track of all your expenses you incur while out of your home. Most renters policies have Loss of Use/Additional Living Expense Coverage on the policy.
The LOU/ALE coverage is not subject to your deductible. This coverage will lay for any increase in your living expenses I.e hotel/temp home, increase transportation cost , temp clothing needed if you vacated in a hurry.
Meet with the adjuster on date they schedule, some claims don’t require and adjuster to come out and inspect The ins. company will rely on you to provided them with the necessary documentation needed to settle the claim This is why photos and list of dmgd items are so important
When you send the insurance company the list of damaged items be sure to indicate the brand and size model #. You don’t want them trying to replace Gucci with the Gap.
Once you provide the insurance company with the needed information they will then verify the facts of your loss
Once you provide the insurance company with the needed information they will then verify the facts of your loss
(what caused the damage) with either you landlord or property manager. They will use this as independent verification of not only confirming that it happened but that what happened is actually covered under your policy
Once the loss is determined to be covered the adjuster will then price out the items your are claiming as damaged and review and receipts for expenses you may have incurred while out of the home. The adjuster will reach out by phone or email advising of the amount.
Depending on the type of policy you have depreciation might be applied to the replacement cost of your item based off its age. Be sure that the depreciation applied was adequate. In the event that there is something working with the payment amount,
it’s okay to use the funds they given you and then continue to work to get a supplemental payment. An insurance claim never closes so you taking the funds they give you in the initial payment does not mean that’s all you’re entitled to receive.
I’ll end it here but feel free to reach out with any questions you might have about getting property insurance (renters, homeowners,condo) or assistance with a current insurance claim. Like many things it’s better to have it and not need it then to need and not have it.
