How Claim Payment Works for Home Insurance
What the Claim Payment Process Looks Like
Whether it was for a minor kitchen fire or a large windstorm, there may come a time where you need to file a claim with your home insurance in Thousand Oaks, CA. If you’re like most homeowners, you hope you never have to file a claim. As a result, you haven’t thought too much about how the claim payment process works. Along with filing it quickly and taking pictures of the damage, another thing you should know about the claim process is that you may receive claim checks and payments in different stages.
Depending on the situation, an insurance claim check may be made out to you or different people, such as:
- The owner of the property. If you are the homeowner you will get the check payable to yourself if you are the sole owner. This applies for your personal contents in the home.
- The mortgage company. If you have a mortgage, the claim check might be written out to you and the mortgage company. In order to cash the check, you will need to work with your mortgage company. In some cases, the lender may put the money from your claim check into an escrow account and pay for the repairs as the work is being done.
- The condo management company. If you have condo insurance, then the check may be made out to the management company of the condo complexes.
- The contractor.
- Any entity/person who is a named insured on the policy.
When you file a home insurance claim, you may get several different checks before your claim is settled. Each claim is different, so be sure to work closely with your insurer to understand what is required of you. Disaster claims may be handled differently than a small theft claim.
Tips for getting your home insurance claim paid quickly:
- File claim promptly
- Keep claim number and contact info handy
- Meet deadlines
- Submit all required forms
- Respond promptly to queries
- Attend inspections of the damage
Do you have more questions regarding your homeowners insurance? Talk to one of our friendly and experienced agents at Falsken & Associates Insurance Agency serving Thousand Oaks, Westlake Village, and neighboring cities in California.