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Never trust the label on a breaker panel.

You may be familiar with the list of labels inside your breaker panel, but are you sure the labels are accurate? Bad labelling or upgrades and remodels may mean these labels aren't reliable.

Unless you labelled everything yourself, always use a voltage detector before doing any electrical work.

  • Conditions - 

These are specific provisions, rules of conduct, duties, and obligations that the insured must comply with for coverage to incept or must remain in compliance with to keep coverage in effect. 

The insurer will have a ground to deny the claim if policy conditions are not met.

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But before you contact your insurance company asking for financial aid, there are some crucial things that you need to consider.

Before filing an insurance claim

  1. Keep safe - take precautionary measures to reduce further risk to yourself and your property.
  2. Document the damage sustained by your home or vehicle using your camera. It's one crucial evidence you can show your insurer.
  3. If you are a homeowner policyholder and you claim insurance, make a list of actual items that are damaged or lost. Never take advantage, though, and be opportunistic. Don't list things you don't own. It's insurance fraud. The insurance company may deny it if they find out.
  4. If you claim for your vehicle's insurance, take note of the drivers involved, their cars, and their insurance policies.
  5. Avoid doing repairs alone. Except when you have to fix something right away to avoid further damage, it would be best to leave things to the professionals. May it be a contractor, a mechanic, or the insurance adjuster.
  6. Discuss with your insurer. They're interested to know the events and what you've done to fix the problem.

These are the common steps you can take before you claim insurance.

Navigating five steps of the insurance claims process

Connect immediately with your broker. Your broker becomes your primary contact about your insurance policy. Insurance brokers should understand your circumstances and what to do next. After you give your broker a detailed list of the actual items that were damaged or lost, together with the photos and videos you may have to help explain the circumstances, your insurance adjuster will reach you to proceed with the claims process.

 

Claim investigation begins. After the claim was reported, the insurance adjuster will need to investigate the amount of loss or damages covered by your insurance policy. Your claim for insurance will then be given careful consideration. The adjuster will also determine for any responsible parties. You can help speed up the process by giving any witness information or contact information of the other party.

 

Your policy is being reviewed. When the investigation is done, the adjuster will review your policy and carefully examine the coverage under it. He will then inform you of any appropriate deductibles that you will have to make on your end.

 

Damage evaluation is conducted. To evaluate the extent of the damage or loss accurately, your adjuster may employ engineers, appraisers, or contractors to lend their advice based on their expertise. Your claim for insurance may undergo this process for you to be given options. Once it is complete, your insurance adjuster will give you a list of preferred vendors for the repairs. You're not obliged to hire these vendors, but selecting one of those preferred vendors will save you time and research.

Payments will be arranged. After completing the repairs and replacing the lost and damaged items, your insurance adjuster will reach you regarding your claim and due payment settlement. It will depend on the severity and complexity of your circumstances the amount of time it would take for you to receive payment. 

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