Here’s how home insurers will pay out claims.
After filing a claim with your home insurance provider, you may be anxious about receiving your payment. To help you know what to expect, here are some of the essential things to know about claim payments.
The first thing that homeowners should understand is that they control how quickly their claims will be paid out. This is because your claims adjuster requires you to complete certain steps before they can review your claim and issue payment. So, if you want to receive payment in a timely manner, you should make sure that you have provided all the necessary information and filled out all the important paperwork. You should also check in with your adjuster frequently, so you know if they need any more information to move forward with processing.
Once your home insurer has processed your claim, they will decide who to issue a check to. An insurance check can be made out to the owner of the home or a named insured on the insurance policy. In some cases, your insurer will write a check to your mortgage company. If this happens to you, will need to work with your mortgage lender in order to cash the check. Your insurer can also write a check directly the contractor you have hired to take care of home repairs. Finally, if the claim was for third-party property damage or injuries, then your insurer might make the check out to the affected party.
When you file a claim, then there are some instances in which your insurance payout will come as multiple checks. This will depend on your insurer’s claim policies, the type of claim filed, and the information that you provided while filing the claim. Because every insurer will have their own rules, make sure to speak to your agent, so you know what to expect.
These are some of the important things that you should know about home insurance and claim payments. Do you have further questions regarding your homeowners coverage? If so, then contact the experts at The Schwab Agency in Colleyville, Texas for assistance today.