If you’ve ever had to file an insurance claim, then you know how frustrating it can be dealing with the adjuster assigned to your case. On top of that, some insurance companies aren’t always willing to pay out the full value of your claim in order to maximize their profits. With all these red tape and hoops to jump through, it’s easy to see why so many people give up on their homeowners insurance claims and don’t get all the money they deserve. If you want to be an effective homeowners insurance claim advocate, then follow these steps below.
Pick the Right Firm
With the right firm you can rest assured that your needs are being handled by experts.
A homeowner’s insurance claim advocate will make sure that the repairs are accurate and necessary for your property, resulting in a fair settlement for you and peace of mind. A common misconception about homeowner’s insurance claims is that the liability is with your insurer alone. The truth is, both parties have shared responsibility and it’s important that this be communicated from the get-go in order to protect against shoddy contractors or even unnecessary repairs. Taking steps such as having home inspections before purchasing a new home can also help protect homeowners from hidden costs down the line like extensive roofing or plumbing work needed after purchase but not revealed during inspection.
Communicate Effectively
When homeowners think about their home, they might not think of it as a financial investment. But if they have insurance on their property, it’s important for them to understand the basics of being a homeowner’s insurance claim advocate.
There are four basic steps to be a homeowner’s insurance claim advocate. They should research the claim process, identify what items are covered by the policy, determine the extent of any damage and get the best possible settlement for their losses. An effective claim advocate will help keep homeowners from getting trapped in coverage gaps or underpaying for damages. When taken seriously and executed effectively, there is no limit on how much money one can save as an effective homeowner’s insurance claim advocate!
Stay Objective
As a homeowner, you may find yourself in a situation where your insurance company is denying coverage for a claim. This often happens if the damaged was more than 50% caused by natural causes and there’s no clear evidence of negligence on the part of the homeowner. The first thing you want to do is look at your insurance policy and figure out which type of deductible applies to this situation. This can help determine what level of work you’re going to have to do. Your homeowners insurance only kicks in after your deductible has been met so it can be helpful to make sure you understand which type applies before deciding how much additional research you need for this step. If you have a $500 deductible, that means that before your insurance will cover anything, you’ll need to spend $500 repairing or replacing the damaged items. If you don’t feel comfortable tackling that kind of project yourself, then hiring someone else could cost even more money because now you’ve got labor costs as well as materials. It might not be worth doing all of that work if the damage isn’t very serious or important to the structure of your home. You’ll want to consider whether those expenses are worth saving or not since they’ll come out of your pocket either way.
Know What to Expect
One of the main objectives in your role as homeowners insurance claim advocate is informing your clients about what is going on throughout the claims process. As a consumer, you should be aware of this process in general and have a good understanding of what it entails. This will help you work more effectively with your clients and lessen their anxiety as they await news. What do you think? You might also consider outlining some possible scenarios to discuss with your client that can give them peace of mind while they wait for updates from their adjuster. For example, during storms or other natural disasters, it can take longer than usual for adjustments due to high volume. In these cases, there is no guarantee that deadlines will be met and appeals may need to happen if any disagreements arise between homeowner and insurer about what constitutes a covered loss.
Make A Move Quickly
Understand what a good resolution looks like. Whether it’s a large claim, or a small claim, everyone wants the same thing: They want their home repaired. There are many points in the claims process where an advocate can help with negotiations that may not be clear to homeowners. For example, underwriting is where you should always ensure your customer understands their options and give them the opportunity to make a decision about the work they will have done to restore their property and get it back into livable condition. Underwriters are very experienced in this area of the process and know what works best for most people. It is important to understand why this matters so much and how different choices can impact settlement. For example, some homeowners insurance claim advocate offer an All Loss settlement option which means the insurer will pay for every type of damage caused by the event (subject to policy limits). When negotiating on behalf of your customers at these times, try to learn as much as possible about their personal situation and then offer sound advice. If a client agrees with your advice, do not take no for an answer! As insurance claim advocates we must keep looking out for our clients even when they cannot see all of the risks involved themselves.
Know How to Negotiate
As an effective homeowners insurance claim advocate, it is your responsibility to make sure that you help the injured homeowner get a fair settlement. Negotiating a fair settlement can be done by doing three simple things: being knowledgeable about the law, maintaining healthy communication with your clients and making a reasonable offer.
To be well versed in laws relating to homeowners insurance claim advocate, start by becoming aware of what they are and why they exist. Knowing the details of their contents will allow you to know where and how to search for them in case there is any confusion during negotiations. In addition, knowing that they are there should lessen the likelihood of a disagreement arising in the first place.
Negotiating with an injured homeowner also involves keeping constant communication throughout the process.
