We recently sold a Denver renters insurance policy and the insured wanted to know,
What happens when I file a renters insurance claim? Do I have to go through a long, drawn out process or can they just issue the check and be done with it? Does it depend on the size of the claim? How hard do they scrutinize renters insurance claims?
What Happens When I File A Renters Insurance Claim?
Have you ever wondered what the process is when you file a renters insurance claim, how long it takes, and if there are any hoops to jump through? Our insurance experts for renters walk you through it…
There’s actually several questions within that question, so let’s dive right in.
What Happens When I File A Renters Insurance Claim?
Generally it’s a pretty straightforward process. First, someone takes basic claims information. Next, the claims handler reviews and researches, contacting you for additional information if necessary. Once the adjuster is satisfied as to the cause, type, and amount of the loss, the checks are cut.
Of course, some things can delay the process. Liability claims tend to require much more detailed review than property claims. This is primarily because property claims are a one-off payment where liability could potentially result in additional payouts once liability has been accepted by the carrier. In order to protect all policyholders, the adjuster needs to be certain that liability should, in fact, attach to the insured and the carrier before stating that it does by paying the claim. The research and review and possible negotiations with the aggrieved party are the long part. Cutting a check is fast, in and of itself.
What Happens When I File A Renters Insurance Claim?
What Happens When I File A Renters Insurance Claim And There’s A Question About The Loss?
By far, the vast majority of renters insurance claims are clear cut property claims. Occasionally, something odd about the claim will stick out to the adjuster and require further review. There may be a question about the amount of the loss, in which case you can submit receipts or other evidence of value. Credit or debit card statements showing the purchased item could be useful here as well. Disagreements about value are generally resolved quickly.
However, disagreements about whether the item existed in the first place are not resolved quickly. The adjuster or investigator will review the records you submit, possibly interview other people who may have useful information on the loss, and may even require you to submit to an investigation under oath. This is where you swear to a written statement of the facts of the loss. This helps the adjuster determine the merits and value of the claim. This process, in the rare cases where it’s used, also helps to prevent fraudulent claims that just cost everyone more money. The investigation process is set out as part of the policy document.
How Hard Are Renters Insurance Claims Scrutinized?
That depends a great deal on the claim. Larger claims and liability claims obviously have more attention paid to them. Even small claims can be thoroughly investigated if something seems amiss. Again, this protects all policyholders and keeps the claims process smooth for obviously legitimate claims. To find out more about renters insurance claims or to start a policy, call Effective Coverage at (800)892-4308 or click above for online renters insurance quotes. Also, don’t forget to review our Denver Renters Insurance Guide for more on what to look for in a Colorado renters insurance policy!