Reader Comments

Final Survival Plan E-book

by gold stone (2019-04-04)

Immediately contact your Final Survival Plan E-book Review insurer following a storm and document your communications. This should be done according to the instructions in your policy. Usually your first contact will be via telephone. Make sure to ask what the insurance representative wants you to do and take notes of that conversation including the time and date of your call(s), who you spoke to and details of what was discussed. When you first speak to the insurance company's adjuster ask whether a "Proof of Loss" claim form is required. If it is, then ask the adjuster to immediately send you one. Fill it out and return it promptly. Your policy probably contains separate coverage parts for the building, personal property and business interruption (for commercial policies). Make sure that you fill out a "Proof of Loss" form for each coverage part. If possible, follow up with a letter that confirms everything you and the representative spoke about.A note about adjusters. The insurance company's employee responsible for resolving your claim is called an adjuster. This person is not your friend. While it is important to cooperate with the adjuster's requests for information, documentation and an inspection of the damage (usually more than once), do not let the adjuster take advantage of your situation by forcing you to relinquish your claim for less than you know you are entitled to.A note about deductibles and property protection. After a hurricane, you will be expected to contribute an amount equal to your deductible towards preserving and protecting your property from further damage and towards making repairs. This amount of money can be substantial (upwards of 10% of the amount of your coverage) depending upon the deductible you selected when you purchased the policy. You should have that much money available to contribute. If you don't, then you may need to rethink the deductible you selected. Keep all receipts for labor and materials used to protect or repair your property. "Actual Cash Value" versus "Replacement Cost" coverage. Unless you have purchased "Replacement Cost" coverage, your insurer will only reimburse you for the actual cash value ("ACV") of your damaged items. For example, you have a ten year old king size mattress. That mattress may be worth only $100.00. However, to buy a new king size mattress might cost you $1,500.00. If you have ACV coverage, then you get reimbursed $100.00. If you have Replacement Cost coverage, you get $1,500.00. Additionally, some policies require you to actually go out and replace the item before the insurer is obligated to pay you the Replacement Cost amount.