INSURANCE CLAIMS
It is important to reach out to your insurance company on a regular basis to make sure that your home is truly insured for the correct value. A lot of people try to cut their costs and use the assessed value of their home (less the land value) as their replacement cost on their policy.
However, your typical assessment does not take into consideration the current price of construction, or maybe you have done major (or minor) renovations or upgrades. Photos are important, as are receipts for the work done. But knowing the true replacement cost of your home is going to make a difference should you ever need to rebuild.
Once you have met with an insurance adjuster, it is also important to know that even though quotes are received (usually by contractors the adjuster hires) you DO NOT need to use their contractors for the job of rebuilding. You can take your settlement and choose your own preferred contractor.
It may also be necessary to hire an insurance professional to deal with your claim - these professionals are known as a *Public Adjuster. They can make the process go a lot smoother and help you maximize the Settlement you receive.
The funds you receive from your insurance company will dictate how you will be able to proceed. Dollars allocated for contents or living expenses in some policies can be used for construction - it’s often a challenge but not impossible to make it all work.
We work hard to get you the most for the dollars you receive for your claim. Knowing who to contact for cleanup of hazardous waste, permit process, engineering, etc is a challenge that the average homeowner cannot even start to undertake themselves.
Let us help you take control of your life by taking control of the mountain of paperwork and planning in front of you.
Give us a call today…
Some links to recent news stories and blogs about insurance in Canada for Wildfires:
https://www.ctvnews.ca/climate-and-environment/here-s-what-you-should-know-about-wildfire-home-insurance-policies-1.6434665
Amid burning wildfires in western and eastern provinces, vice-president of the Insurance Bureau of Canada, Craig Stewart, shares what residents should know about wildfire policy coverage.In an interview with CTV’s Your Morning on Friday, Stewart assured that almost every insurance policy across Canada covers wildfire risk.
"First thing you do is contact your insurer and get your claim started as quickly as possible after you’re safe," says Stewart.
"Policies extend typically from two to four weeks of living costs while you’re out of your home," says Stewart, "Ask about those, and make sure that you keep receipts, and that you’re filing those with your insurer."
https://www.ratehub.ca/blog/what-to-know-about-home-insurance-during-wildfire-season/
Your home insurance policy will likely cover the cost of rebuilding your home, replacing your contents, and your additional living expenses if your home is destroyed by wildfire. This coverage can vary and is dependent on the policy you purchased.
When it comes to rebuilding your home, you most likely have replacement value coverage that will pay to construct a new home of a similar size and quality on the same site. It’s also possible you have cash value coverage that will pay you the value of the structure and leave you free to use the money however you wish.
Your home insurance policy will likely also cover the cost of replacing the things in your home, like appliances, furniture, electronics and clothing. Depending on your policy, you may either be reimbursed for your expenses or be paid a cash settlement. Certain valuables, like jewelry and collections, will need to have been named on your policy to be covered.