Five FAQs about Total Loss Insurance Claims

Five FAQs about Total Loss Insurance Claims

Are you concerned that the extensive damages to your home or business are more than the value of the building itself? When a total loss occurs, you are entitled to compensation from your insurance company to pay for renovations, replacements, and restorations. To better understand total loss insurance claims, review these frequently asked questions.

How do they determine total losses?

The insurance company will first take their time to ensure that your home is covered by your homeowners’ insurance policy.  Once they determine that the damages are covered, they will begin to evaluate the cost of your damages and lost belongings.  They will send out adjusters and estimators to take care of this part of the process, and they will use receipts, evidence, photos, and documents to help make an accurate estimate.  If the estimated cost of replacements and repairs is more than the value of the home itself, it will be deemed a total loss.

Should you repair or rebuild?

Once your home is deemed a total loss, you may be confused about how to proceed.  Do you rebuild, repair, or move?  Your insurance company will help you make this decision by estimating the costs of each step.  When you have these numbers, you can make the best choice for your situation.

What about replacing your belongings?

In many insurance policies, you will also have personal property coverages that protect any lost or damaged possessions.  If this occurs, your insurance company will cover the cost of replacing these belongings.  However, you need to have Replacement Cost Coverage in order to qualify for this, so be sure to look at your homeowners’ insurance policy before assuming this.

How long does a total loss insurance claim take?

This process can take anywhere from a few days to a few weeks, as it requires more extensive work than many other claims.  More complicated processes that involve lengthy negotiations may take even longer than that.  However, the time it will take to replace and repair your property, belongings, and home may take months or even up to a year.  When you have a total loss insurance claim, you should expect it to take months before your life returns to normal. 

Should I hire an adjuster to help with my total loss claim?

Anytime you file a claim with your insurance company, you have the option to hire your own public insurance claims adjuster in central Florida to assist with your claim. When you work with an adjuster, we will work for you to advocate and negotiate. Instead of trusting the adjuster from your insurance provider, you can ensure that your adjuster has your best interests in mind.

By understanding the basics of total loss insurance claims, you can make an educated decision on how to proceed with your claim. If you have suffered extensive damages and losses after an unforeseen incident at your home or business, you may want the help of an experienced public insurance claims adjuster in central Florida.

Contact the experts at Ultra Property Damage to hear more about how can help you today.

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