Insurance Claim Process

The first step to filing a property insurance claim is to notify your insurer of the damage. Review your policy for coverage and time limits on filing a claim. The insurer will open a claim and generate a claim number. This claim number will be used in all communication with the insurer. Remember that you have a duty to protect the property from further damage while you are progressing through the claim process. Next, your insurer will send a claims adjuster to your property to review the loss and generate a formal estimate of your damages. Be cautious when accepting any initial offers if they require you to waive your rights to re-open the claim if further damage is later found. Insurance is a business and the claims adjuster is there on behalf of the insurance company. They are not there to advocate for you. Insurance companies are profit-making businesses.

Insurers often have state-specific requirements to follow for disaster-related claims. Your insurance company is required by law to act on your claim promptly. For example, a carrier must generally accept or reject your claim within 15 days (30 days in a disaster situation) from the date you submit the claim information to the insurer in Texas. If they delay or reject your claim, they must provide a written explanation of the delay or rejection.

If your claim is accepted, the insurance company has five business days to mail the insurance check to you. If you are financing your home, the check will be made payable to both you and your mortgage lender. The lender must endorse the check within ten days of receiving your insurance company’s request for endorsement to make the funds available for repairs or rebuilding.

If you are able to resolve your claim, the insurer will issue a check for repairs. If you have a mortgage on your property, your insurer will generally issue checks payable to both you and the mortgage holder (if they are named in the policy).

If you are unable to resolve your claim, it may be time to call in qualified professionals, like Lundquist Law Firm, to help you get the funds you need to put your commercial property back to the same condition it was in before the damage occurred. Contact us today for a free consultation!