Home Insurance Claims Process Explained – When purchasing a home insurance policy, you are often faced with at least one legal jargon that can be difficult to fully understand. And while your insurance agent is there to help guide you through every step of the process, it’s also important to understand what you’re paying for yourself. That’s where the insurance declaration page, the first page of your insurance policy coverage, can come in handy.
Below, we cover the important things you need to know about your insurance declaration page. Read on to find out what is and isn’t included in this policy summary, and what to look out for when you receive your policy confirmation.
Home Insurance Claims Process Explained
The homeowners insurance statement page, or “dec page,” is a quick breakdown of the policy that the insurer provides when you update or purchase your home insurance policy. It includes important information such as your address, length of coverage, deductibles and any endorsements. This summary helps you determine what cover you have and what changes from year to year. It is important to keep the statement page in a safe place so you can refer to it when you need to file a claim or submit proof of insurance.
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Although your statement page is a summary for easy review, it’s still important to understand what you can expect to see on it and why. Whether you’re refinancing your home or applying for your first mortgage, understanding the ins and outs of your statement page can benefit you in the long run.
One of the sections of your statement page is the section called insured, which usually lists the primary owners who live in the home and are covered by the homeowners insurance policy.
This section includes the “named insured,” meaning the primary policyholder, as well as the “second insured,” which is usually a spouse or additional homeowner. “Additional insureds” or those living in the home who still need protection, such as unmarried partners or long-term roommates who are not blood relatives, must be added to the policy to be covered and to appear in December. page.
It’s a good idea to double-check this section if you have roommates or live with a long-term partner to make sure they’re listed in the policy.
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Probably the part you’ll refer to most often, the policy information section includes everything you need to know about your policy, including:
The policy information section will also include what the insurance company knows about your home, which has an effect on your rate. This section usually includes property-specific facts about the residence; below is an example of some of the things the home insurance company knows about that will be included on the dec page:
It also typically includes your lender and their contact information, as your insurance company will notify them each time it writes a check for covered claims.
If you look over the statement page and realize your insurance company’s name isn’t on it, there’s no need to panic. While it may seem odd, it’s actually a fairly common occurrence on statement pages.
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Home insurance policies may technically be backed by insurers other than the one you bought the policy from, meaning your insurance company may have taken on additional partners to help manage the risk. You’ll still contact the provider you bought your cover from when you make a claim, so nothing really changes on your end.
Your declaration page also includes information about the coverage options and policy limitations you selected when you purchased your policy. All categories of coverage are included here, such as home, personal liability, property, other structures, loss of use and medical bills. Included are your deductible limits, or the amount you have to pay out of pocket before your insurance provider will cover the cost, and the maximum amount of assistance you can receive.
So, for example, let’s say you insured your home for up to $250,000. Not only will this number be included on the declaration page, but the amount of other structures and personal property coverage (often weighted against the total amount of the home) are listed here as well.
Any discounts you were able to get for this time frame are included on the declaration page or full policy documents. Typical discounts include discounts for bundling policies, installing smart home devices, paying your annual premium in advance, or even purchasing your policy entirely online. Don’t see discounts on your statement page? Be sure to ask your insurance agent what offers you qualify for when you renew to add the ones included in next year’s policy.
Fast Track Your Claims!
When you purchase your home insurance policy, you have the option of adding endorsements to your policy. There are various endorsements available, some of which protect your home from disasters not included in your original policy. Other add-ons extend your current coverage, such as extending policy limits for your personal property or home protection.
If you choose to purchase any endorsements, the breakdown (including policy limits) is listed on your declarations page so you can get a quick picture of everything you have covered. If you choose to add additional approvals during the year, you will automatically receive a new statement page with this added information.
While your declaration page is a quick way to check what all your policies entail, it’s nowhere near as comprehensive as your actual policy documents. Your policy breakdown will include a lot of information that your declaration page lacks. This includes specific exclusions for each category of your policy, endorsements, full policy application and the actual insurance policy contract.
When you receive these documents, it’s important to read them carefully to make sure you get exactly what you asked for in your policy. This will help prevent any mistakes from slipping through the cracks and make sure your money goes to the protection you planned for.
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When you view the claims page, you need to take a few steps to secure your policy and make sure everything is in order. Below, our insurance team details what else you need to know about this important part of your policy.
Your statement page serves as a summary of your policy, so don’t be afraid to check with your insurance provider if you don’t see something you paid for. In the process of determining how much homeowners insurance coverage is right for you? Get in touch with one of our friendly insurance agents to get what you need.
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(800) 585-0705[email protected] We are here continuously from 6:30 a.m. CT Monday until 7:00 p.m. CT on Friday. Translators available. A house fire can be one of the most devastating experiences a homeowner can face. Not only does it cause significant damage to your property, it can also lead to the loss of sentimental possessions and treasured memories. Following a fire, it’s normal to feel overwhelmed and stressed, which is why it’s important to have someone to help you navigate the fire insurance claim process.
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By hiring a public adjuster, you can be sure that your fire insurance claim will be handled efficiently and effectively, giving you the time and space you need to focus on healing from the stress and loss of a fire.
If you have been affected by a fire and need help with your insurance claim, contact Liberty today.
While it may seem like a natural instinct to contact your insurance company first, contacting a public adjuster may actually be more beneficial. They will be able to review your policy and help you determine what coverage you have, as well as what compensation you may be eligible for.
At Liberty, our team will be able to guide you through the process of making a fire insurance claim, ensuring that all the necessary information is gathered and submitted to your insurance company. By working with a public adjuster from the start, you’ll have an attorney on your side who is dedicated to making sure you get the compensation you deserve.
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It is essential to document the destruction caused by the fire as well as possible. This will help your insurance company determine the extent of what was lost and how much you should receive in compensation. Take photos of any damage, both inside and outside of your property.
This will provide a visual record of the extent of your losses and help the insurance company make a more accurate assessment. Additionally, make a list of any personal property that was lost or destroyed in the fire.
The insurance adjuster will visit your property to assess the damage and begin the investigation process. They will examine the property and make a list of items that need to be repaired or replaced.
It is vital to have a public adjuster here with you throughout this process. Your insurance company sends their own adjuster with the goal of paying you as little as possible; while an audience
