A fire insurance policy is a financial instrument that offers financial coverage and benefits against the loss and damage you face due to a fire or different perils covered in the policy. It is a type of property insurance that protects your commercial or residential property and assets.
Buying a fire insurance policy is not enough, you must be aware of the conditions of a fire insurance policy to make the most of it in your times of need.
So, without further ado, let us understand the best practices to follow before raising a fire insurance claim.
Best Strategies to Utilise Fire Insurance Policy: Maximum Potential Unlocked
You can follow some strategies and tips when you buy fire insurance if you want maximised benefits at the time of filing a claim.
Advance Amounts Before Claims
Fire can damage a lot of essential items on your property, whether residential or commercial. In order to continue with your daily routine somewhere else, you need these essential items. These may be toiletries, food, papers and more.
Such situations are when you feel the need for fire insurance. Do not fret at such times. Contact the insurance company and ask them for a certain amount as advance payout against the total claim. This enables you to purchase the essentials and carry on with your daily routine while filing for claims and coverage.
Report Claim at Earliest
A prompt report of the event is pivotal for the entire procedure. If you delay initiating the process, it lags and can lead to a situation where you might not receive the fire insurance policy coverage. In order to avoid these complexities, report the incident immediately. Thanks to technology, you can easily report the fire damage online.
When you report the incident, provide all the details with proof. Attach photographs and videos to the report and send them to the insurance company. Early reports can ensure a smooth claim process.
Leverage Professional Help
A fire incident in itself is highly traumatic. Over and above that, you need to navigate the complex process and fill out forms filled with technical jargon, which can be overwhelming.
If you want to make the most of your fire insurance policy coverage, seek professional help. Professionals like surveyors help you navigate the intricacies of the process, assess damage accurately, negotiate with the providers and ensure fair returns on your claim. Their expertise can substantially increase your chance of receiving the rightful coverage you deserve.
Safeguard Original Documents
When you go through the fire insurance policy papers thoroughly, you realise how important it is to provide documents as proof of events and costs. These documents serve as crucial evidence to support your claims and the value of your losses.
When you buy fire insurance online from reputed insurers like Tata AIG, you receive a receipt and detailed policy papers; keep them safe. Submit the original documents, including purchase receipts, invoices, appraisals and other relevant papers on the property and assets that suffered loss and damage in the fire. Store all of these documents in a safe place, physically and digitally.
Negotiate the Salvage Value
Among the many uses of fire insurance, providing a cost for repairs and restoration of salvaged or damaged assets and properties is an important one. After a fire, the insurance company sends its insurance surveyor to assess the damage and loss. This surveyor assesses the salvage value of damaged property that can be restored and repaired.
It is essential to negotiate the salvage value to ensure that it accurately or approximately reflects the actual cost of repair. This is where professional help may be useful again.
List Down Loss and Damage Thoroughly
Overstimulation due to emotions might lead to blunders or human errors. In order to avoid such errors, you need to sit down and make a list of things that will help you manage the situation. One such list is the list of items and the scope of loss and damage. Document each and every detail of the loss, including the item’s and property’s description, quantity, condition, age and estimated replacement cost.
Conclusion
When you invest in a financial instrument such as a fire insurance policy, you expect optimal benefits in return. Among all the uses of fire insurance, maximised coverage and rightful claim payouts are very pivotal for you as a policyholder.
Proactive efforts can help you experience the maximised benefits of this policy. So, protect your peace of mind and property and financial situation by utilising the fire policy to its fullest potential.
