What to Expect When it Comes to Home Insurance Claim Payments

How do insurance companies cover homeowners claims?

If you filed a claim with your home insurance provider, you might be wondering when and how you will receive compensation.  Before you start getting worried, here’s what you need to know about home insurance claim payments.

Who receives the claim payment?

An insurance check can be made out to the owner of the home or a named insured on the insurance policy.  In some cases, your insurer will write a check to your mortgage company.  If this happens to you, will need to work with your mortgage lender in order to cash the check.  Your insurer can also write a check directly the contractor you have hired to take care of home repairs.  Finally, if the claim was a liability issue, then your insurer may issue payment directly to the affected party.

Are multiple claim checks possible?

If you file a claim, then there are some instances in which your insurance payout will come as multiple checks.  This will depend on your insurer’s claim guidelines, the type of claim filed, and the information that you provided while filing the claim.  Because every insurer will have their own rules, make sure to speak to your agent, so you know what to expect.

How can I get my claim payout as soon as possible?

The best way to get the full payment for your claim quickly is by handling things on your end.  Your insurance provider will require you to complete several steps before they are able to issue your payment.  So, once you file a claim, make sure you understand the procedure clearly and follow-up with your claim status frequently to ensure that your claims adjuster has everything that they need to move forward.  This is the best way to cut down on your claim payout time.

This is what you need to know about the homeowners insurance claims payment process.  Do you need help with your home coverage needs?  If so, then contact the experts at Robert J. Los Insurance Agency in Hamburg, New York.  Our dedicated team is eager to assist you with all your coverage needs today.