For homeowners and renters who need to file an insurance claim in the wake of Hurricane Isaac, there are steps they can take to make the settlement process faster and easier, according to the Insurance Information Institute.
Wind damage from both tropical storms and hurricanes is generally covered under standard homeowners and renters insurance policies.
This includes damage to the structure of the home and personal possessions. There is also usually coverage for additional living expenses for policyholders who need to temporary housing costs and other daily financial necessities.
Flood damage is generally not covered under standard homeowners and renters insurance policies. Flood coverage is available both from the National Flood Insurance Program and some private insurance companies. It covers losses resulting from heavy or prolonged rain, coastal storm surge and failure of levees or dams.
Damage and flooding to vehicles is covered under the comprehensive section of standard auto insurance policies, which is optional.
The I.I.I. offers the following advice to facilitate the insurance claims filing and settlement process:
• Be prepared to give the agent or insurance company representative a description of the damage to the property. an agent will report the loss immediately to the insurance company or to a qualified adjuster, who will arrange an inspection of the damage.
• Give the agent a working telephone number.
• If it is safe to access the area, take photographs of the damaged property. Visual documentation will help with the claims process and will assist the adjuster in the investigation.
• Prepare a detailed inventory of all damaged or destroyed personal property. Make two copies—one to keep and one for the adjuster. The list should be as complete as possible, including a description of the items, dates of purchase or approximate age, cost at time of purchase and estimated replacement cost. Having a home inventory of all personal possessions will help substantiate their value.
• Collect canceled checks, invoices, receipts or other papers that will assist the adjuster in assessing the value of the destroyed property.
• Make whatever temporary repairs that are possible, as long as it’s safe to do so. Cover broken windows and damaged roofs and walls to prevent further destruction. Save the receipts for any supplies and materials used as the insurance company will cover any reasonable expenses for this.
• Secure a detailed estimate for permanent repairs to a home or business from a licensed contractor and give it to the adjuster. The estimate should contain the proposed repairs, repair costs and replacement prices.
• If home is severely damaged and unlivable, keep a record of all expenses such as hotel and restaurant receipts.
For an in-depth look at this issue, see our story “Fiscal planning key to hurricane season survival.”
