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| 7 magic words to expedite insurance claims |
No words can erase a disaster that strikes your home or wrecks your car. But some words can help expedite your insurance payments.
Here are seven magic words that can smooth the claim process.
1. Covered!
You need to have insurance in the first place in order to make a successful claim. That sounds like a no-brainer, but many drivers and homeowners get caught by surprise. Perhaps they don't have coverage for the damage, or they have exclusions they didn't know about, or they don't have enough coverage.
expedite insurance claimsAfter the 2010 Fourmile Canyon wildfire near Boulder, Colo., 64 percent of homeowners found themselves underinsured on their homes by an average of more than $200,000, according to a survey by United Policyholders, a consumer advocacy group in San Francisco. Surveys in other parts of the country have revealed similar results.
Many of those homes were insured for about $100 to $125 per square foot, but the cost to rebuild was $250 to $300 per square foot, says public insurance adjuster Scott deLuise, CEO of Denver-based Matrix Business Consulting Inc. and a vice president of the National Association of Public Insurance Adjusters.
Other gaps that often take people by surprise:
Many car insurance policies exclude business use of a vehicle. Here's how you might have less car insurance than you think.
Standard home insurance typically doesn't cover the cost of meeting new codes when rebuilding.
2. Documentation
Reporting as much information as you can to an insurer after a car accident speeds up the claim process. After you've called police and made sure everyone is OK, document
