UNDERSTANDING THE PROPERTY INSURANCE CLAIMS PROCESS
COMMON INSURANCE CLAIM TERMS
Are you confused by some of the insurance claim terminologies you’ve heard from your adjuster or read in your policy? Here are some of the common terms used when discussing an insurance claim or policy. These definitions are basic interpretations that could help you understand the insurance claim terminology..
The insured is the individual who has the insurance policy on the property. If you are the one who is named on your home’s insurance policy, you are considered the insured
Basically, your deductible is the amount of money that you are responsible for when an insurance claim is filed.
This is the amount that your insurance claim payment may be reduced by due to age or wear and tear. For example, a roof claim may total $6,000.00 but may be reduced to $3,500.00 because of the roof’s age.
In some cases, a portion of the claim – possibly the depreciation – may be held back by the insurance company until it is confirmed that the repairs have been made. After repairs are complete, the amount held back is released to the insured
Supplement / Supplemental Estimate:
In many cases, the initial estimate written by the adjuster will be missing some important things such as code related items or damage that was not evident during their initial inspection. When this happens, a supplemental estimate is prepared by our estimator and sent to the adjuster for review. After approval, the insurance adjuster will typically issue the additional funds to you.
If you have a mortgage on your home, there is a chance that the mortgage company’s name will be on the check issued by your insurance company. This is not abnormal. Your mortgage company has an interest in your home and wants to be sure that repairs are made when storm damage or other events occur. If the mortgage company is listed on the check, it will be important to get them involved right away to find out what documentation they may need in order to process the payment.
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