FAQ: Residential Insurance
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CLAIMS PROCESSING
Q. What is the process that my insurance company follows when I file a claim?
A. Once you contact us, here is what happens:
- We gather the facts surrounding your claim, complete a Loss Notice form, and explain the claim-handling procedures to you.
- The Loss Notice is faxed to your insurance company or if your loss is urgent, it will be phoned into the insurance company.
- The insurance company will be assigned to either an adjuster on their staff or a local independent adjuster.
- The nature of your claim will determine what happens next.
Many claims are straight forward and can be handled by telephone. The adjuster will take a statement from you and you will be asked to compile a list of damaged or stolen property. The insurance adjuster will work with you in getting estimates for replacement or repair for these damaged or stolen items. There are several ways settlements can be made—the adjuster can issue payments directly to you, (less your applicable deductible), or sometimes it’s more convenient for them to pay the supplier directly. They will work with you to make it as easy as possible.
For more serious claims, such as fire or severe wind or water damage, the adjuster will contact a restoration company to attend to the damage immediately. The restoration company has all the necessary equipment for emergency service such as securing your home after a break-in or fire. They will tarp your home, for example, if there is damage to your roof and they have special drying equipment for water damage.
In addition, some losses require an investigation to determine how the damage occurred and if the policy covers it. Our priority and that of the insurance company, however, is to always make sure that you and your family are safe and your home and property are protected from further damage.Fortunately, even the most serious claims do not have to be complicated and the adjusters and contractors will work hard to get you back to “normal” as soon as possible.
Q. How can Park Insurance handle my claim quickly and efficiently when I live hundreds of kilometres from your offices?
A. We can handle your claim as quickly and as efficiently as the insurance broker whose office may be down the street from you. When it comes to processing claims, all insurance brokers fundamentally follow the steps outlined above. Once you call your broker to make a claim—whether their office is down the street from you or hundreds of kilometres away—the broker contacts your insurance company who then handles your claim. The insurance company assigns one of their in-house adjusters to handle your claim, or they will select an independent adjuster that covers your area to work with you. So, when you insure through Park Insurance and contact us, just like a broker who lives in your town, we contact your insurance company to start the adjustment process with your insurance company. With three or four times the staff of the majority of insurance brokers, we are able to respond immediately to your call and communicate your needs more quickly to the insurance company. In fact, we have staff who are dedicated to handling claims—your claims. Please see “Our Complete Claims Care Commitment. ”
Q. How will filing a claim affect my insurance rates and claim history?
A. Most insurance companies offer a discount after three years without any claims and if a claim is made, the discount is lost. Also, insurance companies review your claims history each time you renew your policy. If you have filed several claims over a certain period, the insurance company may take some action such as increasing your deductible. Contact us for details.
Q. If there is damage to my home or contents, will that be settled on a depreciated or a non-depreciated basis?
A. Most building settlements are on a non-depreciated basis, and policies settle contents claims on the same basis. Such a settlement on contents normally requires that you actually replace them. Should you choose to settle on a cash basis, the settlement reverts to a depreciated one.
Q. Will my homeowner policy pick up the extra cost of having to conform to current building codes (e.g., bringing the electrical wiring up to current regulations)?
A. It depends. Some insurance companies do include this coverage, however, most do not. Nonetheless, even if an insurance company does not include this coverage in their basic policy, additional coverage can be purchased to meet this possibility. In addition to meeting building codes, you should also be aware of how this issue could possibly impact on your other properties, such as rental or seasonal properties. For example, if you own a cottage that suffers major damage that requires you to rebuild it, local bylaws may require that your replacement cottage be moved further back from the lake, which could involve significant extra expense. Please contact us for additional details on this topic.
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