What to Know About Home Insurance Claim Payment

Understanding how your home insurer offers claim compensation.

If you have never filed a claim with your homeowners insurance in Waterford, Connecticut, then you might not know anything about the process.  However, it’s important to educate yourself so you know what to do if a claim situation ever arises.  For instance, you should know how your insurer will handle a claim payment, so you are not taken by surprise.

  • Who receives claim payments?

After a home insurance claim has been filed, several parties can receive the insurance payment depending on the specifics of the claim.  Usually, the owner of the home or a named insured on the policy will receive the payment.  However, there are some cases in which your insurer will issue the check to your mortgage lender.  Your insurer can also issue payment directly to the contractor you have hired or to the party that you are responsible for causing injuries or property damage to.

  • What form to insurance claim payments take?

Your insurance company will pay for claims by writing checks.  In some cases, a single claim payment will come as a series of checks.  This will depend on your specific policy, the type of claim you have filed, and the information that you provided when reporting your claim.  Because every home insurance provider is different, it’s important to speak to your agent so you know what to expect.

  • Can I accelerate my claim payment?

The best way to ensure that you receive claim payments quickly is by making sure that you take care of the things required by your home insurer.  This means correctly filing paperwork, providing as much information as possible, and submitting proof of the claim event.  You should also follow up on your claim status frequently to ensure that your claims adjuster has everything they need to move forward.  By being organized, thorough, and proactive, you can speed up the claim payout process significantly.

This is what you need to know about how your home insurer will handle claim payments.  Do you have additional questions regarding your homeowners insurance in Waterford, Connecticut?  If so, then contact the experts at The Reardon Agency.  We are ready to assist you with all your personal insurance needs today.

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