Essential things to know about home insurance claim payouts.
If you’ve never filed a home insurance claim, then you probably do not know how the process works. However, you should understand certain details about claim payment, so you know what to expect if you ever do file a claim. Here’s what you need to know about claim payment from your homeowners insurance provider.
- Your Insurer Can Make Claim Payments to Various Parties
An insurance check can be made out to the owner of the home or a named insured on the insurance policy. In some cases, your insurer will write a check to your mortgage company. If this happens, you will need to work with your mortgage lender in order to cash the check. Your insurer can also write a check directly the contractor you have hired to take care of home repairs. Finally, if the claim was for third-party property damage or injuries, then your insurer might pay the affected party directly.
- Claim Payments Don’t Always Come All at Once
If you file a claim, then there are some instances in which your insurance payout will come as multiple checks. This will depend on your insurer’s claim policies, the type of claim filed, and the information that you provided while filing the claim. Because every insurer will have their own rules, make sure you speak to your agent, so you know what to expect.
- You Can Speed Up the Claim Payment Process
The best way to get the full payment for your claim quickly is by handling things on your end. This is because your insurer can only issue payment once you have provided the necessary information and filled out the necessary paperwork. So, once you file a claim, make sure you understand the procedure clearly and follow-up with your claim status frequently to ensure that your claims adjuster has everything that they need to move forward. This is the best way to cut down on your claim payout time.
This is what you need to know about home insurance claim payments. Do you have further questions about your homeowners insurance? If so, then contact the experts at Pierce Insurance Group for assistance today.