A house fire can be devastating in different ways. Your property is a major long-term financial asset, but it’s also your home, where you and your family live. Trying to recover from such a debilitating emotional and economic loss is extremely difficult.
Unlike the mythical phoenix that rises from its ashes, people need home insurance to recover from a house fire. However, while home insurance is necessary, having it is no guarantee that you will get the settlement you are entitled to and need to rebuild your life.
Please read on to learn how to maximize your settlement.
Connect with the Insurance Immediately
It’s natural for anybody to feel disoriented and overwhelmed after a house fire, but your insurance claim will go a lot smoother if you contact the company in a timely manner. Be sure to call them, but also reach out in writing to let them know of the loss and open a claim.
If you wait too long, you may lose out on financial compensation or even the entire claim.
Contact a Lawyer
Submitting an insurance claim is anything but automatic. Large claims are more complex, and they often take longer to resolve.
If you have had damage to your home caused by a fire, hiring a legal professional to ensure the paperwork is filed promptly and correctly and can negotiate on your behalf can considerably increase the odds of a larger settlement.
Documentation is Key
Insurance companies usually try to wriggle out of compensating claimants. The more evidence you have of the damage, the harder it is for them to deny it. Take pictures of damaged property and any structural damage. Having documentation and evidence to prove your claim will put pressure on the insurance company to pay out the full value. An insurance lawyer can help you prepare and present this documentation in the most effective way to get a quick settlement.
Before-and-after photos of your home may help. Receipts are another valid form of documentation that can help you prove what you own and its value. If you didn’t keep the receipts, records of online payments can also work.
You can be compensated for gifts even if you don’t have the receipt, which is extremely common, so don’t think asking about that is futile.
The Insurance Company is More Flexible Than You Think
The first number that the insurance company sends to you is not necessarily the final settlement. They have had inputs from an insurance adjuster, but you can also renegotiate it if you think they undervalued the cost of the damage, which they often do. The insurer’s first offer is usually based on the evidence from their own experts.
Having the help of an insurance lawyer will benefit you if you have your own expert evidence to submit to contradict the insurer’s initial position.
Track Your Expenses
Even if the insurance company does cover all the damage costs, they likely won’t pay the money upfront. Structural damage to a home takes a while to rebuild, so it’s natural for them to pay some immediately, then again mid-project, and another installment when the work is complete.
You may decide to work with your own contractor, in which case, the insurer may issue a one-time payment. If this is your chosen path, ensure you budget carefully, as there are many living expenses to pay for after a fire, and you need this payment to see you through all of it.
Insurance lawyers can help you understand the fine print, empowering you to make the right decision for you.
Don’t make the mistake of thinking that home insurance automatically covers every fire-related expense. You can rise up from the ashes, but understanding the details of your policy and hiring an insurance lawyer can really help you recover.
