People regularly pay costly premiums on their insurance policies to protect themselves against even greater financial loss at times of peril. They certainly don't expect to be left without their property or the funds to recover it, while the insurance company denies their claim for the expenses to be covered or shared.
Nevertheless, it has happened to many people in the past and can happen to all of us. Whether the insurance companies attempt to protect their own funds from fraud or simply act evil, there are many legitimate reasons they can invoke to turn down your claim. Ensure that your claim is successful by taking the following steps to protect it.
File your claim on time.
No matter how good your policy is, you have to actually file your claim before the insurance company will take any action. While you typically have several months to file a proper claim, some companies may give you as little as 30 days.
In rare cases, your claim might get lost and without having any knowledge of this, you might let the allotted timeframe expire. It is therefore advised after submission process to contact the company or take other steps to verify that your claim has been received.
Make sure you know how much time you have, and don't get turned down for taking too long.
Do not become overly confident because of your insurance. The insurer might be sharing your risk, but you still have several responsibilities as an individual.
In order for your insurance claim to go through, the insurance company will often check whether you took the necessary steps to safeguard your property from damage and prevent the loss from occurring. If it is uncovered during the course of investigation that the loss has been endured due to your own recklessness or inconsiderate behavior, there is a high chance for your insurance claim to be denied, depending on your particular policy.
Communicate with your insurer.
It is essential that you do not make any purchases or bear any costs regarding your loss without explicit approval from the insurance company. Should there be any unsolicited expenses on your part, the insurer will have grounds for denying your claim for covering them.
In case of auto insurance claims following an incident with multiple cars, it's best to leave the negotiations to your insurer's associates and not make any prior offers or promises to any of the other parties involved.
Do not abandon your property.
Whether it's a car or a house, it must frequently be in active use by you or your family to ensure that your insurance claims will be approved.
For example, a home that's left unoccupied for more than a month will in most cases not be covered by your insurance, even if you complied with all of the latest premium payments. An abandoned vehicle will put the eligibility of your claim at risk.
Disclose all information.
It is never advised to misrepresent any of your insurance claims by including false information or exaggerating the extent of your loss.
Insurance companies have all the necessary resources at their disposal to verify or disprove your claims, so any misinformation will be uncovered very soon. In addition to that, insurers are involved in a wide network of financial organizations and individual experts. Their evaluation of your insurance claim may put your future claims at risk, as well as result in higher premium costs for you throughout the industry.
While insurers might have received a lot of bad press throughout the years that paint them in unfavorable light, it's important to understand that there is no way around dealing with them should the disaster or accident outlined in your policy actually happen. It is therefore our immediate responsibility to take all the necessary steps to successful insurance claims.
This post was written by a guest author.