How Do I Get the Most Money for My Property Insurance Claim?
Q: Gerald, there was a fire in one of my rental properties. I have insurance, but I’ve heard terrible stories about insurance companies ripping off homeowners. How do I get the most money for my property insurance claim? Stacy, Toms River, NJ
A: Stacy, I hear you loud and clear. One of my first jobs was working as an actuary at an insurance company. Insurance companies unfortunately do rip insureds off sometimes–their goal is to collect as much money in insurance premiums as possible and then pay out the lowest amount in claims.
Here are 3 tips to help you get the most money from a property insurance claim: 1) carefully review your coverage 2) document damage with photos and video and 3) hire your own claims adjuster. The claims adjuster will often take a percentage of the money he gets you—my experience has shown it’s worthwhile to hire an adjuster when you file a property insurance claim.
Thanks for your question, Stacy, good luck.
For more real estate tips and information, visit my blog at geraldlucas.com.