A Complete Guide to Managing and Controlling the Outcome of Your Insurance Claim

By William Fischer

A COMPLETE GUIDE TO MANAGING AND CONTROLLING THE OUTCOME OF YOUR INSURANCE CLAIM

Purpose of this Book

To set up a simple guide to help answer questions and educate homeowners in the claim process once a claim has been filed with the insurance company.

To review the facts and fiction about insurance companies and their claim practicing procedures.

To discuss who influences the outcome of your claim the most during your claim process and how much power they have in determining the fate of your final payment.

To help you decide which contractor to useXthe insurance company's referral, the contractor at your door, or a friend you know? Maybe none of the above.

Who should inventory your damaged personal belongings in case of a fireXthe insurance company? an outside firm? no one but you?

How do you control the amount of depreciation that is taken off your Building Repair Estimate and your damaged Personal Property? Do you have any control over this? Is it really as objective as the insurance companies state?

Why do so many people state, I pay my insurance premiums for years and now that I file a claim, they deny me stating it's not covered? Is this really true?

Should I file a claim? Will my premium go up? Will I be cancelled shortly after the loss is concluded?

These and many other questions and topics are covered in this book. Sample forms with simple explanations will be outlined. Overviews are presented on the claim handling process to better prepare a homeowner prior to filing a claim.

• Language: English
• Publisher: Xlibris US
• Release date: May 26, 2011
• ISBN: 9781462871971

Book preview

A COMPLETE GUIDE TO

MANAGING AND CONTROLLING

THE OUTCOME OF YOUR

INSURANCE CLAIM

William Fischer

Copyright © 2011 by William Fischer.

Library of Congress Control Number:       2011907733

ISBN:         Hardcover                               978-1-4628-7196-4

                   Softcover                                 978-1-4628-7195-7

                   Ebook                                      978-1-4628-7197-1

All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner.

This book contains information about the Insurance Claim process. This information is not advice and should not be treated as such. It is provided as is without any representations or warranties, express or implied. The author makes no representations or warranties in relation to the information in this book. The author is not engaged in rendering legal, accounting or other professional services. If you require legal advice or other expert assistance, you should seek the services of a competent professional.

The Author shall not be liable for any and all special, consequential or exemplary damages resulting, in whole or part, from the reader’s use of, or reliance upon, this material. The author does not warrant that the information in this book is complete, true, accurate, up-to-date or not misleading.

The reader must not rely on the information in this book as an alternative to legal advice from an attorney or other professional legal service providers. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider. You should never delay seeking legal advice, disregard legal advice, or commence or discontinue any legal action based on any of the information in this book.

Nothing in this legal disclaimer will limit any of the author’s liabilities in any way that is not permitted under Illinois law, or exclude any of the author’s liabilities that may not be excluded under Illinois law.

This book was printed in the United States of America.

To order additional copies of this book, contact:

Xlibris Corporation

1-888-795-4274

www.Xlibris.com

[e-mail]

98515

Contents

Preface

About The Book

Brief History Of Insurance: Where it all began and why

Insurance Companies: Fact or fiction

The Homeowner’s Policy: Building, personal property, additional living expense coverages and duties of a policyholder

The Insurance Agent: Who are they, and how important are they to insurance companies? To you?

The Claim Representative: What role does a claim representative play, and how much control do they have on the overall outcome of the claim?

The Contractor: Which ones are really looking out for your best interest? Are the contractors the insurance companies refer any better qualified or faster than ones in the yellow pages? How to red flag contractors

Managing Your Building Loss Claim: Know your policy, review the insurance company’s estimate, and get your own estimates

Managing Your Personal Property Loss Claim: List all your damaged items. Price them accurately and know that many items can be cleaned. Monitor depreciation taken by insurance companies—one of the most subjective and abused areas in claim handling by insurance CLAIM representatives

Managing Your Additional Living Expenses: Housing your family during a large loss is paid for by your insurance company. As well as increased utility bills, food, and even gas for your car. Know your options

Homeowner’s Claim Binder: Instructions on how to create your own personalized claim binder to organize all documentation received and submitted throughout the claim process.

Personal Property Inventory Form: Specific explanation and instructions on how to fill out a personal property inventory form with multiple lists of items typically located in rooms throughout your home.

Conclusion: Final overview / perspectives

Homeowner’s Q uotes

• I had a large fire in my home and was staying at a temporary location for one year. Mr. Fischer’s book truly taught me how to manage all the information I received throughout the claim process and take the control out of the insurance company’s hands and back into mine. All my friends now have a copy of his book. So if they ever have a claim, they will be better able to address all the issues they will be confronted with.

Betty—Chicago, IL

• I was displaced out of my home after a fire occurred for approximately 8 months. Although I consider myself a very organized individual, the amount of documentation I was receiving throughout the claim process was very overwhelming. After reading this book, I created the Homeowner’s Claim Binder which is recommended for all homeowners to use and it allowed me to stay organized and address all the issues on a timely basis. Everyone should have one even prior to having an insurance claim.

Khalila—Chicago, IL

• I was so overwhelmed by contractors and public adjusters approaching me immediately after the fire to sign a contract. I used the techniques in this book to sort through all the solicitors and chose the right contractor to complete the repairs to my home. Thank you so much . . .

Mary—Chicago, IL

• I have had friends and family members over the years’ experience the trauma of having a large fire at their home. It is without a doubt one of the single most tragic events that an individual can go through in their life. I tried the best I could, as a friend and relative, to be there for them and help them during the claim process. After reading this book, I was amazed how accurate the claim process was explained and how all the scenarios between the homeowner, contractor and insurance agent did indeed happen just how it was outlined in the book. I strongly recommend this book to all homeowners and encourage them to read it and be prepared! None of my family or friends ever thought they would have a fire. It only happens to other people! Well, they found out what really happens during the claim process the hard way. Don’t you make the same mistake!

Tony Carter, Chicago, IL

-President and Owner of Take Note Construction;

-Twenty-one year veteran of the Insurance and Restoration Industry;

-Author of the motivational book Determined to Rise

I would like to dedicate this book to my daughter

and son, Sarah and Michael.

PREFACE

Let’s think about what makes sense. If you are working on a personal budget to control your family’s expenses, is it best to do it prior to or during a financial crisis? If you know you are having car