Claims settled fast

The best way to speed up a claim is to be prepared. How? By keeping an up-to-date inventory of your personal property, complete with supporting documents (bills, photos, warranties, user guides), that you can give to your insurer right away.

• If you're a victim of fire, theft or any other insurable loss, the first thing to do after calling the appropriate authorities is to protect your remaining property. Then contact your insurer and start preparing your claim.
• What happens if someone breaks into your car and steals your hockey equipment? Usually your home & property insurance covers you for loss occurring off the premises, but only up to a certain limit: 10% of the total amount of your personal property coverage. In other words, if you have $50,000 in personal property coverage, your maximum claim for items stolen off the insured premises is $5,000.
• To benefit from replacement cost coverage-assuming that it's part of your policy-you must replace goods that are damaged or stolen. Otherwise, you'll receive an indemnity for their actual cash value, after depreciation.
• Your insurance company is required to return property to the state it was in prior to the loss. It has the right to repair or clean an item instead of replacing it. For example, if a windstorm damages your roof, your insurer will reshingle the damaged section rather than the whole roof.
• Your insurer has to pay for damages within 60 days of receiving your claim or any information or supporting documents it may request.
• Who pays for the claims adjuster, you or your insurer? It depends. If it's your insurer's adjuster, your insurer pays. If you decide to hire an independent adjuster, you have to pick up the bill.
• Don't fall victim to temptation and claim items you never owned or exaggerate the value of those you did. You could lose your indemnity. And false declarations can haunt you for years.
• You're generally free to choose where you go for repairs or replacements. However, it's best to discuss it with your insurer before going ahead since policies can vary from one company to the next. Some insurers can refer you to specific suppliers they have agreements with.
• Forget an item on your claim? You can add it afterwards, but it may complicate matters. For a fast and efficient settlement, it's always best to make sure your claim is complete from the beginning.