What Is the Insurance Claim Process?

When an unexpected event causes damage to your home or business, filing an insurance claim might feel overwhelming. After all, you’ve already got a lot on your mind! Understanding the steps in the insurance claim process can help reduce stress and ensure you’re prepared if the worst happens. We’ll walk through the five crucial steps in filing a claim and explain how Hertvik Insurance Group can guide you every step of the way.

1. Connect with Your Broker: The First Call You Should Make

The first step in the claims process is reaching out to your Hertvik Insurance broker as soon as you’re aware of the damage. Whether you’re dealing with a burst pipe in your home or storm damage to your business, the sooner you make that call, the faster the process can begin.

Example: Imagine a local restaurant owner who experiences a kitchen fire that shuts down operations. The restaurant owner immediately contacts their Hertvik Insurance agent. The agent assists them in filing the claim and getting the ball rolling on repairs.

2. Claim Investigation Begins: Gathering the Facts

The second step is once the claim is filed, the insurance company will initiate an investigation to assess the details of the incident. This investigation ensures that all parties involved understand the scope and cause of the damage. An adjuster will be assigned to your case to gather facts, photos, witness statements, and any other relevant documentation.

Example: A homeowner dealing with flood damage may receive a visit from an adjuster to inspect the property. The adjuster will take photos, and gather any information needed to understand the extent of the damage. The adjuster’s report becomes a key part of the claims process, ensuring your case is thoroughly evaluated.

Above all, the goal is to ensure accuracy and fairness for both you and the insurance company.

3. Policy Review and Damage Evaluation: Determining Coverage and Cost

After the investigation, the insurance company reviews your policy. This review is done to determine what is covered. This includes analyzing the limits of your coverage, deductibles, and any exclusions that may apply. At the same time, the damage to your property is also evaluated. This is so the insurer can estimate the cost of repairs or replacement.

Example: A small business owner’s office was damaged in a windstorm. They might discover that their commercial property insurance covers both the structural damage and lost income from the downtime. This is thanks to the guidance of their broker and a thorough review of their policy.

At this stage, understanding your policy is crucial. Your insurance provider and Hertvik Insurance agent will help clarify what’s covered and what’s not.

4. Damage Evaluation: Assigning Value to Your Loss

Now comes the step where the actual monetary value of the damage is assessed. The insurance company will review the findings of the adjuster and any specialists who have evaluated your property. This ensures you are compensated fairly for your loss. This is based on the policy terms.

*Example: For a homeowner with a leaky roof, this stage might involve an inspection by a contractor who provides estimates for repair costs. These estimates will be cross-checked by the insurance company to ensure the claim payout is in line with repair or replacement needs.

Accurate damage assessment is essential for securing the funds necessary to get your property back to normal.

5. Payment Arrangement: Getting the Compensation You Deserve

The final step in the claims process is the payment. Generally, once everything is evaluated and agreed upon, your insurance company will arrange to provide the necessary funds. Depending on the complexity of the claim, this may be a one-time payment or part of a series of payments as repairs progress.

Contact Hertvik Insurance Group to Learn More

Navigating the insurance claims process doesn’t have to be overwhelming. With Hertvik Insurance Group by your side, you have a trusted partner who will guide you through each step, from filing the claim to receiving your payment.