How to file a home insurance claim
Winter just officially arrived, and in Canada, that means an uptick in home insurance claims. Water damage is the most common reason people file claims, and frozen pipes, snow build up and frozen downspouts tend to exacerbate the problem.
If that warning concerns you because of the threat to your home, that’s normal. If it scared you because you have no idea how to file an insurance claim, that’s...actually pretty normal, too.
Filing a home insurance claim is an intimidating prospect if you are new to homeownership, or have never done it before, but it’s one of those things that isn’t as bad as it seems. A lot of insurance and finance stuff fits that bill, in fact.
What is a home insurance claim?
By insuring your home, you acquire financial protecting in the event your home suffers damage. By filing a claim, you are informing your insurance provider that damage, covered under their protection, has occurred. The purpose of the claim is to establish the compensation your insurer will provide.
When to file your claim
Your claim should be filed as quickly as possible. Once your claim is processed you will be matched with a claims adjuster who will be assigned to assess the nature of the damage and the compensation you are entitled to.
How to prepare for a claim
Be prepared to help the insurance adjuster do their job. Tell them how the damage occurred and the severity of the damage. Itemize the list of costs associated with the damage. This may include both damage to the structure of the home and the items within, depending on the nature of the damage.
When tallying the costs, be thorough and be transparent. Everything cost associated with the damage should be included, and you should do your best to provide as much information as possible. Which items were damaged? Are some damages covered by warranty? Did you have to hire someone to make emergency repairs, like for a broken pipe?
When you are able to accurately relate the cost of the event to your insurance provider, the remainder of the process is likely to go much smoother.
Have your claim assessed and put into action
Once you’ve filed your claim, it will be assessed. This is the process in which the insurance company determines whether or not the claim falls within the bounds of your coverage, and the level of compensation you are entitled to.
It is good to understand how your policy works so you won’t be unpleasantly surprised by certain outcomes. Make sure that the type of damage suffered is covered before you file your claim. If you are not sure, call and ask.