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Cut Expenses - 5 Ways to Cut Expenses When Making A Homeowner Insurance Claim

Consumers purchase homeowners insurance to protect their property financially from natural disasters, theft, fires and other damage. Thankfully, it is rarely necessary to file a claim. When it is necessary, the process can be confusing-and even a little tricky.

The following tips save you time and money when filing a homeowners insurance claim:

1. Notify your homeowners insurance company or agent of your loss immediately.

This helps the company start the process necessary to handle your claim. In some cases, smaller claims are handled and settled directly by your insurance agent. When speaking to your insurance agent, get the name and contact information for the individual in the adjusting department who will be helping you with your claim.

If emergency repairs are necessary, ask your insurance company for a list of approved companies authorized to make emergency repairs to your property. In some cases, the company doing the repairs can bill the homeowners insurance company directly. Be sure to get the necessary paperwork from the insurance company for this type of repair.

2. Document the damage to your property.

This means taking photos and videos, and even writing down what happened so you can present this information to the insurance adjuster. If at all possible, have any items that can demonstrate the value of the damaged property available, such as receipts. It is also helpful to have witness accounts, police reports and reports from the fire department, if applicable.

3. Document all contacts you have with the insurance company

Do this in as much detail as possible. Get names and contact information from everyone you speak to about your claim. This may come in handy if there is a dispute later.

4. Make sure you are present when the home insurance adjuster is inspecting your property.

This will enable you to point out damage the adjuster may have missed and take notes regarding the adjuster's comments and actions.

5. Do not agree to your insurance company's final settlement until you are satisfied that settlement is fair.

Get a second or third opinion from a local contractor, if necessary. If you think your insurance company is trying to take advantage of you, contact your state department of insurance.

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With over 20 years of experience as a personal financial educator and counselor, Vernon Williams has developed in depth knowledge of what it takes to achieve financial success. Today, he is a sought after trainer and speaker by organizations from both the public and private sector. He is the author of 425 Ways to Stretch Your $$$$ and 3 Rules that Guarantee Financial Success. Visit him at http://www.howtocutexpenses.com

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