We all hope never to have a problem in our homes. We see others around us who have been hit by a fire or a broken water pipe, and we are thankful that we do not have to deal with it. Bad things can happen to good people, but we can take steps to prepare for the worst.
8 Tips to Speed Up Your Recovery After a Loss
- Check your homeowner’s coverage before something bad happens
Cheaper is not always better. That holds true for cars, clothes, and even homeowners’ insurance policies. Most policies are built from a standard fire insurance base policy developed in the 18th century. Over time, these fire policies have grown and evolved into an array of coverages, many of which are added ala carte through riders and addendums.
Where to start? A good insurance agent will guide you through the additional coverages available and worthwhile having, depending on where you live. I have often met homeowners dismayed that a loss is not covered because they failed to include the proper rider in their policy. Sewer back-up, Water loss, and mold are just a few of the valuable riders available. Meet with your agent on these topics, and in the event of a loss, you will be in a much stronger position to be indemnified.
Side note: A recent trend I have seen is to increase your deductible to lower your annual premium. This is a solid idea- if you have the resources to pay the additional deductible!
- Be familiar with the utilities in your home
If there is a loss, you want to minimize the damage, and your biggest enemy is time. If a pipe bursts, do you know where the water shut-off is and how it works? Do your family members know if you are not home? A tremendous amount of water can be released literally every minute that goes by. You don’t want to wait for someone to come to your home to stop the damage. Keep the event as small as possible (and as easy to deal with as possible) by becoming familiar with the utilities in your home. Where they are, how they work, and most importantly, how to shut them off!
- Have all your needed contacts available
Losses are upsetting. We all tend to become emotional; frankly, it’s hard to think straight when they occur. Having an emergency contact list ready will help. Your agent’s contact information, along with that of a plumber, electrician, and a restoration company specializing in water and fire, is a great place to start. Include your policy number, insurance carrier’s name, and 800 number in your emergency list to notify them of a loss. Putting thought into this now, before a loss, will save time and money in a disaster.
- Understand your responsibilities as the Homeowner
The number one homeowner responsibility is to preserve your home and protect it against further damage. What I have seen in the past from homeowners is a needless delay in services as the Homeowner waits for the insurance company to call them back. As Homeowners, we need to protect our homes from further damage, and time is not our friend. Water damage spreads, mold can grow fast, and not reacting promptly can increase your claim, delay your family’s return, and, jeopardize your coverage. Negligence by a homeowner can result in a denial of coverage. It’s a real thing.
- Communication through the process is key
You should expect timely information from the adjuster and your contractors. The same expectation is required from the Homeowner. Be responsive to questions, produce needed information in a timely manner, and your repairs will go quicker. Everyone wins with good communication.
- Ask questions about what is being done and why
Ask questions, ask questions, ask questions. It’s your home; you have the right to know every detail! The process is easier with the homeowner’s support, and as the Homeowner, you need to understand the process. It’s your home; don’t be shy. “Trust but verify” is a good mindset to establish from the start.
- The Insurance Adjuster works for the Insurance Company
While the vast majority of the adjusters I have met and worked with are good at their job and truly are looking to take care of the Homeowners the very best they can, it is important to remember that at the end of the day, the adjuster is working for the Insurance company. With all the losses across the country, insurance companies are striving to keep their costs down, and their best tool for this is an adjuster. The adjuster’s job is to minimize the loss while maintaining the insurance company’s legal obligations. There are a lot of interpretation variables that can lead to a loss. This is another reason that hiring a qualified restoration company that follows the IICRC standards is in your best interest.
- If your loss is large and you feel like you need help, it’s available
For larger losses, you do have options to help ensure you get the full value out of your insurance policy. Public adjusters have a place in the process. Depending on what a Homeowner can take on themselves, sometimes it can be more than they feel comfortable handling. Hiring a public adjuster is not inexpensive; they usually are paid through a percentage of the loss payout, but their expertise is valuable for an otherwise naïve Homeowner.
For further information or help, reach out to the experts at Octagon.
