Claim settlement made easy

After the loss comes the claim. Knowing what to expect will help you reach the best possible agreement with your insurer.

• Once you've contacted your broker or insurer, start preparing your claim. Depending on the severity of the damages, your insurer will either visit in person or explain what to do by phone.
• In most cases, your insurance company will send a claims adjuster, who will ask about the cause of the loss and examine your documents (police or fire report, other related documents, etc.).
• Your claims adjuster will assess the value of the damaged items, set your indemnity according to your policy, and discuss repair and replacement procedures. The claims adjuster will then make a settlement offer and write you a cheque.
• Remember that every personal property insurance policy has a deductible. The amount is usually between $300 and $1,000 and is deducted from your indemnity.
• How to prepare your claim
  • Make a list of everything that has been damaged. As much as possible, include model numbers, serial numbers, proofs of purchase, warranties, and costs. (Aren't you glad you've already taken an inventory of your property?)
  • Photograph all damages.
  • Keep any damaged items that aren't unsafe so you can show them to your claims adjuster.
  • Keep all receipts for expenses incurred due to the loss (e.g., hotels, meals). You may be entitled to compensation for additional living expenses.
• Your insurer can compensate for damages in one of three ways: repair, replace, or reimburse. If the item can be repaired, it will be. If not, your insurer will replace it or reimburse you for its value, depending on whether you have replacement cost insurance.
• You are free to choose the repairer or merchant who will replace your damaged items. However, be sure to first discuss it with your insurer to agree on cash amounts.
• Many companies have supplier agreements that make it easier to settle a claim. For example, a company may be able to recommend a specific supplier and save you from having to pay for your new items up front.
• What your insurer must do
  • Return your property in the same condition as it was before the event occurred.
  • Compensate you within 60 days of receiving your claim or, if requested, of receiving the required information and documents.