3 Ways to Expedite Your Insurance Claim Settlement

When your property suffers loss or damage, one of the first steps you’ll take is to file a claim with your insurance company. For many, the process can become a burden, prolonging the effects of the damage and causing strain and anxiety for the insured. Insurance companies and claims vary drastically, and the variations extend to the quickness that the issue is resolved as well. While many may see their settlement paid within as little as a week, others are dragged on for weeks and months on end.

It’s probably obvious to most that the biggest hassles come with the biggest claims, as insurance companies are going to do everything they can to save a few bucks. Only when a tipping point between effort exerted and moneys saved will insurance companies typically let up a little, but property owners typically reach their breaking point much earlier and give up the fight for their owed moneys. Here are three big tips to getting your insurance claim paid quicker:
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1. Prepare to Fight Back. Even the most straightforward claims can run into a roadblock if the insurance company wants to fight. Plan to fight back right from the get-go, and prepare yourself when you file a claim as though you’ll receive pushback. Before disaster ever strikes, ask your insurance agent about the house value and the applicable “minimum” coverage required to get full protection in a total loss, review the “perils” listed in the policy, and fill “exclusion” gaps with separate insurance for flood, hurricane, or earthquake, based on the threats you face in your region. In this way, you’ve already prepared yourself for some of the issues that may arise when filing a claim, so you can further plan your method for countering their rebuttals.
2. Befriend a Contractor and Your Agent. It’s hard to develop a relationship after a disaster strikes and you’re in a vulnerable position. Take time today to befriend your insurance agent and a contractor as well. These friendly faces in a time of need can take steps to expediting the process as a whole, and having a friend in your insurance agent can also give you more soldiers on the insurance claim battlefield fighting on your side. Also, a trustworthy contractor can help get your repairwork done quicker than one who you have to scramble to find at the last second. Sometimes disaster strikes entire areas - not just your house - so you want to have a relationship with a contractor to help bump you to the top of the list.
3. Keep Your Mortgage Company on the Checks. Even if your insurance company pays the settlement quickly, you can get held up at the bank if your mortgage company is also not included on the checks. This safety feature prevents homeowners from blowing the claims checks in Vegas, but it can be a real boon for honest folks just looking to get their repairs done quickly. If you have a mortgage, then there will likely be many extra steps that need to be taken in the process. The bank will demand that forms be filled out before funds are released, often in stages as work is completed. After you file your claim, contact your mortgage company to find out how to get the settlement check endorsed and deposited to your or the lender’s escrow account.

Insurance claims and settlements can be a smooth process or a bumpy ride. Select your insurance company wisely, and take the time now - before disaster strikes - to prepare for the worst.