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Insurance companies use the police report to get details about your claim and validate the information you give them. While most home insurance providers do not require that you file a police ...
Damage occurring to your property does not automatically mean that you should file a claim against your homeowners insurance policy. You should consider factors to determine if filing a claim is ...
A retired claims adjuster and an expert witness in insurance coverage cases outline some definite do’s and don’ts for homeowners working through the insurance claims process. After a Fire Loss ...
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. [1] [2] Such a loss may be an "actual total loss" or a "constructive total loss".
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Still, insurers have become aggressive in rejecting certain claims, especially for partial damage in which smoke, ash and char may have been contributing factors, Bach said.
Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake loss.
The LA wildfires could cost insurance companies $30 billion. A lawyer who's helped recover millions in insurance claims shared his advice for those impacted. He said fire victims should start ...