Large loss can happen to any property owner. This can include large amounts of water damage, large fires, extensive mold damage or natural disasters. It is good to know what kind of insurance you have before anything unexpected happens to your home or business. You should always know your home’s natural disaster risk. When it comes to location, make sure to check FEMA to find what type of risks your home may be in. You can explore disaster maps so you can adjust your home’s insurance accordingly. Knowing the risks ahead of time can assure your home is fully covered and leaves you with “peace of mind.”
Large Loss and Fire Loss
Fire loss is one of the most popular in large loss claims. “U.S. fire departments responded to an estimated 1,331,500 fires. These fires resulted in 3,120 civilian fire fatalities, 17,720 civilian fire injuries and an estimated $11,593,000,000 in direct property loss.” (National Fire Protection Association Fire Analysis and Research Division) There was about 11.6 billion in property damage in 2010 (latest statistics) that included structure fires and residential properties, the majority of loss coming from residential homes (1-2 family, apartments and condos). The majority of fires happen in the Midwest, which includes natural disasters, self-starters and home accidents. Because these statistics are so large in many places, great coverage is essential when being a homeowner. Look at natural disaster maps and statistics to understand what types of risks your home is facing.
Insurance adjusters will run through the property damage to determine the severity of the problem. Your insurance will have different procedures depending on the company. Run through the protocol when you purchase that insurance so you know how to act quickly in times of catastrophe. Being prepared will always save you time and money.
Large Loss Principle
This means that when property damage or a catastrophe happens, there is a transfer of high severity risks throughout your insurance plan to protect and cover you. You cannot predict a large loss, thus never being able to set aside enough for such problems. Large loss principle allows you to be covered during these times.
Large Loss Adjusters
Large loss adjusters go through many steps to ensure that all information is sent to your insurance company. This is why hiring (often time brought on by your insurance company) is quick. This will help your insurance start the claims process faster. In turn, your home and residence can be restored to its original condition quicker. The insurance adjuster will interview the claimant and any witnesses as well as police and hospital records and personnel. They will also evaluate the property damage and your claim. They can determine replacement costs and any depreciation value. The claims adjuster can ensure a correct completion of damage costs for your insurance company.
Large loss can be detrimental to any homeowner. Knowing your home insurance policy before a disaster occurs will be very beneficial. Even though you may not believe a catastrophe will happen to you, you cannot be too careful. Start now and learn about your insurance policy and large loss risk.
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