After any disaster strikes, you want to get a sense of normalcy back, and that is where your insurance company will play a major role. Your insurer may send you multiple checks to make permanent or temporary repairs and replace your damaged belongings. In some instances, you will also be working with a service that offers home remodeling in Palm Beach Gardens, Florida.
However, the entire claims process can be confusing for many people, and that’s where you will want to get as much information as possible. Therefore, here’s what you should know about working with an insurance company after filing a claim with them.
Don’t Think the Initial Payment Is the Only One You’ll Get
When your home has been damaged beyond repair, an insurance adjuster will arrive to survey your property. Sometimes, your construction manager in Palm Beach Gardens, Florida, will also advise that you wait for the adjuster to complete their inspections of your home before making any renovations or beginning a remodeling project.
Once the adjuster is finished with their inspection, they will provide you with checks to account for all the damage done. The amount you receive from the insurance company will be based on the limits and terms of your insurance policy. In most cases, the first check you will receive from your insurance company will be the advance amount against the entire settlement and won’t be the complete total for all the damages on your property.
If your insurer offers you an on-the-spot settlement offer, you should take the money and run. That way, you can always reopen the claim if you find additional damage on your property to get compensation for that. Most insurance policies have a general rule that you can only file for damages up to one year till the disaster. Therefore, you should check with your insurance company about any laws that relate to settling claims after your property has been damaged.
You May Get Several Checks from the Insurance Company
When most of your personal belongings and the entire structure of your house have been damaged in a disaster, the first thought you will have is to hire a service for home remodeling in Palm Beach Gardens, Florida. The good news is that you can easily afford that because you will get multiple checks from your insurer both for damage to your personal belongings and the rest of the property.
In cases where your home is damaged so severely that you can’t live in it anymore, you will be offered an Additional Living Expenses (ALE) check. That way, you can have your construction manager in Palm Beach Gardens, Florida, complete all repairs and remodeling work on your home. At the same time, you stay at an alternate location, generally a hotel or a motel.
If your home has suffered flood or fire damage, you can expect a separate check to compensate for that damage from your insurance company as well.
The Payment Will be Controlled by Your Management Company or Lender
If you’ve got a mortgage for your home, all the checks for repairs will be made to the mortgage lender and you simultaneously. Financial lenders generally require that they must be named in any homeowner’s insurance policy when granting a mortgage to the homeowner. Therefore, they will receive a specific part of the insurance money if your home has been damaged badly.
If you live in a condominium or condo, the management company will require that you name them as co-insurers so that they are compensated in case of any damage to your home. That’s mainly because your condo’s financial lender or management company has a vested financial interest in your house and wants to safeguard against potential damage while ensuring all repairs are made to it.
Whenever there is a co-insured financial backer, they will endorse all the payment checks for the insurance claims before you get a chance to cash them in. Therefore, they have some modicum of control over the payment when you get checks from the insurance company after filing a claim for damage done to your property.
Some construction managers in Palm Beach Gardens, Florida or other contractors offering home remodeling in Palm Beach Gardens, Florida, such as Chris Barbara Development, may request that you sign a form known as ‘direction to pay.’
It ensures that your insurance company pays them the money directly. That can work out to your benefit since you won’t have to make repeat visits to the bank for that. If you have any doubts, you can always call (561) 312-2717 or visit their website for more information and ask about the claims procedure.