Property Damage Insurance; Know The Process

By Author: William Lundquist
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Property damage could be a nightmare! However, if you have legitimate property insurance you can have compensation against the incident. If you want to get most of the compensation, it's tricky to claim the insurance. Also, dealing with property damage insurance claims in Tornado can last for weeks and months. Well, honestly, it is not something anyone wants to deal with.

Since damage insurance claims in Tornado are pretty common – it is crucial to know how they work and what you can do to make the process easier.

What is A Property Damage Insurance Claim?

It is a request for compensation from the insurance provider after an incident wrecks your property. While filing the claim, the provider starts a process of investigation and review to determine whether your claim is covered and how much money you are entitled to receive.

Homeowner vs. Commercial Property Damage Claim

Homeowner property insurance is a different policy from commercial one.

It covers the damages to ...
... personal homes and is often required by lenders. As far as the process, both claims are mostly handled in the same manner. Well, the difference exists in the scale of the problem. Also, the coverage specified is tailored for every type of policy. Personal insurance claims in Tornado claims would be customized to cover your specific property. And for business property – usually, the property has a larger space.

Mostly, it includes installed and uninstalled equipment. Also, they are relatively more expensive than personal items in your home. Also, commercial insurance offers coverage like loss of business income that is not included in personal property.

Process of Property Damage Insurance Claim

Knowing what to expect from the insurance claim helps you to prevent further damage and ensure you get the right amount of compensation. Here are a few simple steps to ensure the process does not hit the snags and hold your insurance money.

Take the Safety Measures

It involves a variety of scenarios that may cause damage and endanger the safety of the residents and employees. The most crucial step is to evaluate the situation and ensure everyone’s safety. You might need to turn off the main power if there is a risk of electrical fires and hazards. You might also need to evacuate the entire building if required.

Document The Damage

The most crucial thing to do is to document damage. You could also require detailed information from the insurance company that makes an accurate assessment of the property damage claim.

Note down as much as you can about the time place and incident and who was involved.
You should also take photos and videos of the damaged areas from various angles.
Make a list of the items that are damaged and lost.

Make Emergency Repair

Some of the claims would take several weeks to get into the process. Hence, you might need to take care of the emergency repair. However, before that you should first contact the insurance company for better guidance and know their rules about unauthorized repair.

Wrapping Up

Once you took care of the immediate danger – you would want to officially start the property damage insurance claim. Sometimes there are rules about how long you have to report the claim. Never miss out on the timeline.