(Newswire.net — January 26, 2022) — So you’ve filed a claim with your insurance company, and they have sent out an adjuster to assess the damage. California Recovery Group of Glendale, CA, understands that this can be a very confusing time, and you probably have many questions. While the adjuster’s report is being processed, what do you do? What can you expect in terms of compensation for repairs?
When an owner files a claim, often some items are not fully disclosed by the homeowner at first.
There are many things to keep in mind when filing a claim, and California Recovery Group feels that it’s best if you are prepared for what might come next. Here is a quick guide to how the insurance claims settlement process works
What Is An Insurance Claim?
An insurance claim is a request for payment of the costs of repairing or replacing damaged property under your homeowner’s or renter’s insurance policy. These damages can be caused by fire, wind damage, and even accident liability.
When Can I File A Claim?
You should file a claim when any of your insured property has been lost, stolen, or damaged in some way that requires repair or replacement. That means if there is water damage from a burst pipe in your kitchen or smoke damage from a sudden electrical fire, you can file a claim for it – this happens more often than you think!
How Do I File A Claim?
Typically, contacting your insurance company is the first step to filing a claim. When you work with California Recovery Group, you can rely on us to handle the entire process. Once we reach out to your insurer on your behalf they will provide information on how to proceed. We will then work on filling out the required paperwork and following up on what else the insurer may require to provide estimates and invoices for repair and for the claims adjuster to come out and assess damages and give you a settlement appraisal. The adjuster’s report can take time depending on how many claims have been filed in the region they serve, but you can rest assured that your case is in good hands when it is handled by the catastrophic claims experts at California Recovery Group. In any instance where you are unsure how to proceed, California Recovery Group can contact your insurance provider and give you the clarity and peace of mind you need.
What is Claim Settlement?
The claim settlement process is the sequence of steps that occur after an insured person has filed a claim, and it culminates in the payment of money to resolve the loss. These steps involve assessing damages that were sustained, reaching an agreement on how much will be paid towards repairs or replacement, and finally settling on a final figure for what needs to be reimbursed. After this amount is agreed upon, another adjuster will meet with you to review the settlement so you can ask any questions you might have about it before signing off on it as a final agreement.
Here is a rough guideline of expecting the claims settlement process.
The Carrier Steps In
The first step in settling a claim is when the insurer notices what damages you sustained. They will send an inspector to your home, and they will provide an estimate on how much they feel should be paid out for repairs or replacements. If there are multiple claims, such as water and smoke damage done to your home in one accident, then it is possible that adjusters from both companies could come together to negotiate their parts at once.
The Claim is Filed
The insurer may or may not offer a settlement figure in the beginning stages of the investigation. If they do, it will be lower than what you might want, and there is likely to be a lot of negotiating involved before the parties can reach an agreement.
An Adjuster is Assigned
When a settlement figure is finally agreed upon, the insurance company will assign the claim to an adjuster for your insurer. An adjuster is someone who has been trained to assess damages and determine fair payment amounts based on their investigation of the property damage they have seen.
The Carriers Negotiate
If another insurance company or individual is responsible for your loss there might need to be some negotiations between the two companies involved before anything can move forward. At this point, California Recovery Group is ready and able to negotiate on behalf of their client to make sure they are maximizing the settlements to cover the homeowner’s loss. Once both parties have reached an agreement, it will be time to set up a meeting and review your policy information and all claims paperwork so that everything can be settled by one final agreement on terms and conditions.
Determining Fault and the Settlement
At this point, it will be time to review your policy information and all of the receipts and invoices you have for repairs done on your home. The adjuster will determine what was damaged, how much money should be paid out to cover it, and then they will discuss final numbers with you before an agreement is reached and the insurance company can finally write a check.
Final Thoughts
Settlement is not always an end to the process, though. If you are unhappy with how your claim was settled, then certain steps need to be taken for you to dispute the settlement agreement. As a public adjusting company, California Recovery Group can ensure you are supported throughout the claim process. This means they will do everything to ensure you get the fairest possible settlement, giving you peace of mind once the process is complete.