Steps
PRE-LOSS: - Read the small print on your home insurance policy carefully ideally you should do this before the damage occurs so you know you are properly covered. Ensure the descriptions of your property is very accurately detailed on your insurance schedule and that all details are correct (sums insured etc.). Notify your insurers or broker in writing if any error is spotted, requesting them to correct the same as a matter of urgency and keep this email as proof.
- Keep proof of purchase of all items valued at over $200, wherever possible as proof of purchase. Keep a running record and inventory of all collections like CD's, DVD's etc. and proof of purchase from now on if you haven't already done so. Complete a written inventory of all your household goods on an annual basis and forward this to your insurance company / broker for their records. This will place the ball in their court to ask you for proof of purchase for more expensive items such as expensive electronic equipment or jewellery before hand. It is always best to have proof of purchase of these items and updated valuations conducted on all your jewellery items every two years or so. Being pendantic about this from the onset could save you a fortune of money and headaches should an insurance loss occur. You can even go as far as keeping proof of ownership of these items in a fireproof safe.
- In the absence of the above-mentioned evidence as proof of ownership, or as supporting evidence, take pics of your valuables with serial numbers. Flickr limits you to 20 MBytes of uploads per month, so shoot at low resolution or downsize the files using an app like Gimp (gimp.org). Upload your pictures to Flickr, making sure to select "Private" - you don't want the whole world ogling your Faberg eggs. Write captions for each photo. Include the date you purchased the item and its approximate value.
POST-LOSS: - Contact an independent insurance Loss Assessor to ensure you get expert representation with your insurance company, and maximise your entitlement under the terms of your policy.
- Call your insurance company or broker to advise them you are about to make a claim it may be faster and more cost-effective to do all this over the phone rather than filling in forms and faxing or posting them. Or better still - have your insurance Loss Assessor report your claim for you. Insurance Companies' usually require a claimant to notify them or their broker of a loss incurred within 30 days of an incident giving rise to a possible claim. Do this to protect your interests as your insurers may be quick to use this technicality to avoid paying your claim.
- You should make your claim as soon as you can after the incident there may be a lot of paperwork to collate, including receipts, replacement estimates and repair costs. Your insurance company may insist you use their own preferred suppliers for repairs and replacements - check the details on your home insurance policy or ask your insurers about this when reporting your claim before you get too 'busy' doing their job.
- If your loss is the result of criminal action, you should report to the police and obtain a crime reference number. It is best to do this within 24 hours of the incident.
- In the event of a loss which could possibly lead to a liability claim, never admit liability on the insurer's behalf at the incident. You could be accused of prejudicing insurers and they could in turn decline liability and hold you responsible for the loss.
Sources and Citations
- Wired Magazine - Original source of this article. Shared with permission.
- Truman Associates - Source of information on insurance loss assessors.
- Morgan Clark - Advice and support on flood damge insurance claims.
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