If you’ve experienced a fire, flood, escape of water, or other disaster in your home, chances are your biggest concern is getting your life back to normal as soon as possible. It is vital that you receive the full payout you are entitled to from your insurance company, any repair works are carried out to the highest possible standard and any lost or damaged items are repaired or replaced.
The insurance claims process can be long and complicated, not to mention stressful. This is why many people enlist the help of a property claims management professional, known as a Loss Assessor, for help. As well as taking away the burden of having to deal directly with your insurance company and their Loss Adjuster, enlisting the help of a Loss Assessor can speed up the process and mean a fairer financial outcome for you.
In this guide you’ll find the answers to some frequently asked questions relating to the role of the Loss Assessor in the property claims management process.
Why do I need a Loss Assessor to manage my property claim?
There are many benefits to enlisting the help of a Loss Assessor. As an experienced insurance professional, they’ll be able to help you with every step of the process, from dealing with Insurance Adjusters to making sure your claim isn’t rejected. This can lead to a much better settlement for you as well taking lots of the stress out of the process.
Won’t my insurance company help me do this?
Many insurers will help you in the early stages of your claim, but that isn’t always the case. Further down the line, when more stressful and time consuming elements need addressing, it pays to have a professional on your side.
While Loss Adjusters are supposed to remain impartial, it is worth remembering that ultimately they are contracted by the insurance company. This means it is in their financial interests to keep your settlement figure to a minimum in order to receive future contracts. Conversely, a Loss Assessor will work to ensure you receive the highest settlement figure possible within the terms of your contract.
Will appointing a Loss Assessor annoy my insurance company?
A reputable insurer should have no issue with you appointing a Loss Assessor to help manage your claim. A policyholder can only claim for what is legally within their insurance contract, after all. Additionally, some insurers prefer to work with an experienced industry professional as it makes the process easier for them.
If I appoint a Loss Assessor, how long will it be before I can move back into my property?
There are many factors that can determine this, including the complexity of the claim and extent of the damage caused to the property. However, an experienced Loss Assessor will ensure the claim is resolved in the least amount of time possible. We’ve helped many clients move back into their homes quicker than the insurance company would have done.
How much will it cost to have someone manage my property claim for me?
Here at Morgan Clark, we provide two transparent fee options for homeowners and landlords. In cases of a commercial insurance claim there are even more factors to consider and our fees have to be based on the facts involved in each individual claim.
The first option for homeowners and landlords is free, providing you are happy to use the services of the contractors we introduce to you from our network of experts. In this case, the insurance company pays your chosen contractor to carry out the work on your property, and in turn they pay us a fee to manage the contractor network. This means we would not have to charge you a penny for our services.
Alternatively, if you’d prefer to use your own builder or take a cash settlement, we will charge a small percentage of the value of your claim to cover our costs. You will still be assigned a Loss Assessor, Chartered Surveyor and any other experts required, whilst receiving the very best service.
What happens if my claim is rejected?
It is not common for a property insurance claim to be rejected, but it can and does happen. There are several steps you should take if your claim is rejected, and our experienced Loss Assessors can help you through the process to increase your chances of success.
Can you provide some examples of successful property claims you have managed?
Yes, some examples of successful property claims we have managed over the years can be found here.