A renters insurance policy will provide coverage for personal property, renters liability, and reimburse other living expenses. You must be prompt and thorough in filing and documenting your claim for a greater chance of success and a smoother process. Check with your agent to see what unique expectations and requirements you may have. The list of circumstances that can lead to the loss of your personal belongings or the loss of use of your rental home is just about endless. Whether it be from burglary, fire, or the destruction of the building you reside in, you will likely want to file an insurance claim for the loss of personal belongings or potentially for the property that may be considered more serious. Here are the steps involved in filing a claim to help you be prepared for the process.
Tell Your Landlord
First and foremost, be upfront with your landlord and tell them what is going on. Even if they are not directly involved with the claim, most leases require that they are informed immediately of signs that the property is compromised or damaged. The landlord will be responsible for coordinating the repairs. If the incident is crime-related, the landlord will need to inform the other tenants. You should also assess the property’s safety. If you or your roommate’s health or life is in jeopardy, tell your landlord what assistance is needed or if you will have to move out.
Do You Need to File a Police Report?
Determine if a police report is required as part of your renters insurance claim. If you encounter losses due to burglary, theft, vandalism, or other malicious actions, then filing a police report is highly recommended. Also, your insurer will typically ask for it in these scenarios for investigation purposes. You may also find that a police report is helpful in the event of a fire, explosion, or other instances that compromise safety. However, something much less severe, such as a burst pipe, will not require it. Insurers will use the report to verify that a crime did occur and that all descriptions of the event (both verbal and written) match. It is recommended to document the names of every police officer you speak with so the claims adjuster can contact them. Make sure a copy of the report is included when you file your renters insurance claim.
Contact Your Renters Insurance Company
Next, you must inform your renters insurance company that you wish to file a claim. They will ask for the initial details to get started. Be prepared by having your policy number handy and ready to give information regarding the incident. You will have a time limit for filing from the time the incident took place, so be sure to clarify that and your coverage with your agent.
Document the Incident and Your Losses
Each step thus far should be well documented. You should obtain a copy of the police report as well as receipts for the expenses you may have been forced to fork out, like getting new locks or boarding up broken windows. To be reimbursed for these costs, you will need the documentation. Also, you will need to document all lost, damaged, or destroyed items. It is in your best interest to have a complete list of everything that should be replaced as well as home inventory details (especially for high-value items).
Finish Filing Your Claim
You are now ready to fill out the company’s claims form with the information you’ve gathered. By having a clear and well-documented claim, you may have a swift settlement. Alternatively, claims that are missing documentation or awaiting a visit from the claims adjuster may delay the claim investigation, and you may not receive your full settlement.
How Does the Payout Work?
If the claim is for personal belongings coverage, the first thing your agent will do is look if you have an actual cash value policy or a replacement cost policy. An actual cash value policy will cover the depreciated value of your items, whereas a replacement cost policy will compensate you as if your items were new. Frequently, policies work by providing a check for the actual value of your items, regardless of the policy type. With a replacement value policy, items must be replaced and with documentation of such, and then another check will be received for the difference between actual and replacement value. For those filing a claim for additional living expenses reimbursement, there is more to process and it can take more time. The claims process will be based on reasons for relocation.
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (855) 700-0889.