In a recent episode of the Expert Insight Interview, John Golden sat down with Andy from All City Adjusting to discuss the complexities of insurance claims, particularly for fire-related incidents. This insightful conversation sheds light on the role of adjusters and offers valuable tips for homeowners and business owners looking to optimize their claims process and protect their assets.
Be Proactive with Your Insurance Policy
One of the biggest takeaways from the discussion is the importance of regularly reviewing your insurance policy. Many homeowners and business owners assume they’re covered for all disasters, but as Andy points out, policies often have exclusions that can leave you vulnerable.
Actionable Tips:
- Schedule annual reviews with your insurance agent.
- Ask specifically about coverage for disasters like floods, earthquakes, and fires.
- Read the fine print to understand any exclusions or limitations in your policy.
Get Professional Advice Before Filing a Claim
Andy emphasizes the value of consulting with a public adjuster to clarify any uncertainties in your policy. Adjusters can help you understand your coverage, avoid common pitfalls, and ensure you get the compensation you deserve.
Actionable Tips:
- Consider hiring a public adjuster for a policy review.
- If you’re unsure about certain terms, ask an expert before submitting a claim.
Avoid Common Claim Mistakes
Using Incorrect Terminology
Insurance companies have strict definitions for terms like “flood” or “water backup.” Misusing these terms can lead to claim denials.
Tip: Learn the correct terms for different types of damage and consult an adjuster before filing your claim.
Providing Too Much Information
Many homeowners overshare details when filing a claim, thinking it will help their case. However, excess information can be used against you by the insurance company.
Tip: Stick to the necessary facts and avoid adding unnecessary details.
The Role of Public Adjusters
Unlike insurance company adjusters who prioritize their employer’s interests, public adjusters work for policyholders to ensure fair compensation.
Benefits of Hiring a Public Adjuster:
- They negotiate on your behalf.
- They speed up the claims process.
- They ensure all necessary paperwork is submitted correctly.
Tip: Hire a public adjuster immediately after experiencing a loss to avoid delays and maximize your claim.
The Importance of Documentation
Keep a Home Inventory
Andy advises homeowners to maintain a detailed inventory of their belongings, including photos and videos. This documentation can be invaluable in case of a disaster.
Tip: Store your inventory in a secure, cloud-based location for easy access if needed.
Understand Replacement Cost vs. Actual Cash Value
Policies vary between replacement cost and actual cash value (ACV). Replacement cost covers the price to replace an item, while ACV factors in depreciation.
Tip: Check your policy and, if possible, opt for replacement cost coverage.
Watch for Policy Red Flags
Certain policy exclusions can leave you underinsured. For example, many policies don’t cover matching materials, meaning if only part of your roof is damaged and the materials are discontinued, your policy might not cover full replacement.
Tip: Ask about endorsements like service line coverage or matching materials coverage.
Communicating with Your Insurance Agent
Insurance policies can be complicated, and it’s your right to ask for clarification.
Actionable Tips:
- Schedule regular check-ins with your agent.
- Don’t hesitate to ask questions about unclear terms.
Final Thoughts
This episode of the Expert Insight Interview provides homeowners and business owners with knowledge of navigating insurance claims. Understanding your policy, avoiding mistakes, and seeking professional help can significantly protect your assets and secure fair compensation.
For more expert advice, contact Andy at (708) 655-4186 or visit All City Adjusting.
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John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist, he has conducted over 1500 video interviews of thought leaders for Sales POP! online sales magazine & YouTube Channel and for audio podcast channels where Sales POP! is rated in the top 2% of most popular shows out of 3,320,580 podcasts globally, ranked by Listen Score. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.
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