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Negotiating the Unfamiliar Terrain of Property Insurance Claims

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Disasters, natural or otherwise, can be frustrating and confusing ordeals. Following a disaster, some business owners find that the path to recovery through a property or business interruption claim can lead to more frustration. The insurance claims process is often complex and confusing, and if the proper steps are not taken, you may find that just having an insurance policy in place does not automatically result in a full reimbursement of your claim. Final settlement of claims can be affected by the actions the policyholder takes from the moment the damage occurs.

However, arming yourself with the proper knowledge and taking an organized and proactive approach to your claim, can save time, money, and hassle. Accordingly, this Adjusting Today article provides some of the do's and don'ts of the property insurance claims process.

In "Property Insurance Claims: Negotiating Unfamiliar Terrain," veteran public adjuster William Rake, discusses how to successfully navigate the claims process. Key points include:

  • Your roles and responsibilities as they relate to your insurance policy.
  • Ensuring that steps are taken to preserve and protect your property.
  • How to begin measuring your losses.
  • Maintaining your operations in the midst of your claim.
  • Seeking out current replacement costs instead of relying solely on historical records.
  • Establishing the proper foundation for a business interruption claim.