Prep Work
Build your case to get major insurance claims.
If you were involved in a lawsuit, you wouldn't show up in
court unprepared. You'd have researched, gathered evidence and
anticipated what the other side might say and do. You should take
the same approach to a major insurance claim, says Brian C. Smith,
president of Wilmington, Ohio, insurance company Smith-Feike-Minton
Inc.
A key element of your major-claim strategy is having a
comprehensive disaster plan in place before you need it, Smith
says. That means being sure you have the right coverage and can
document values, and you have your records safely backed up in an
off-site location. Don't expect your insurance company to pay a
substantial claim if you can't prove the value of the loss.
"The adjuster is not going to write a check because
you're a nice person who has always paid your premiums and [the
claim amount] was the policy limit you had," says Smith.
Though there may be no question that your building burned to the
ground, your insurance company is still going to want evidence of
the value of the loss.
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Submit complete documentation with your claim. Smith says the
process will be smoother and faster if you itemize your property
losses, estimate repair or replacement costs, show appropriate
financial records to document income losses, and answer any other
questions the adjuster may have before they're asked.
Jacquelyn Lynn is a freelance business writer in Orlando,
Florida.