What You Need To Know About Insurance Claims

Most adults have several different types of insurance, including home, auto, and life. But what are the top insurance claims? These types of incidents can result in a significant financial hole, or a misunderstanding of your policy that leads to a poor customer experience during the claims process. While these incidents do happen, most of them can be avoided with a few simple precautions. First, you should never drive while distracted, which doubles your risk of a crash. Instead, ask a passenger to read a text message, or simply turn on “Do Not Disturb” on your smart phone. Checkout Phillips & Associates, Inc. for more info.

Digitalization and changing customer expectations are forcing insurers to rethink the claims process. Customers want 24/7 service, transparency, and the ability to interact with a human representative. Meanwhile, the competition is growing, with Insurtechs and established non-insurance players building their own digital ecosystems. As a result, insurers need to move beyond price competition and deliver customer-centric service if they want to survive in this competitive environment. Listed below are some of the top insurance claims examples.

Fire and lightning damage are the most common and expensive types of insurance claims. Fires can burn homes down quickly and cause significant damage. Water damage can be caused by rain, snow melt, or interior issues, and accounts for more than 30 percent of homeowner insurance claims. And even if the damage is not caused by fire, it can still cause a large financial hole for the owner. To combat this issue, homeowners insurance providers have extended their coverage to cover fire and lightning damage.

Another top insurance claim is a liability claim. Liabilities are expensive, but most homeowner’s plans protect their owners from liability. Another example of liability claims is theft, which accounts for 6 percent of all insurance claims. Fortunately, there are many inexpensive ways to prevent break-ins and theft. And some insurance providers offer discounts for volunteers. This way, they can reduce the overall cost of the policy. These tips can help you to save on your homeowners insurance.

While you should document your damage clearly when reporting your claim, you may also want to hire a public claims adjuster to handle your case. Public claims adjusters work with insurance companies and ensure that all necessary documentation is provided to satisfy your insurer. Public claims adjusters charge around ten to twenty percent of the settlement amount, so you should hire one if you’re looking for a high-value settlement. Most insurance claims involve a failure to document damages properly, and delaying filing a claim could even cause more damage.

Contact Info

Phillips & Associates, Inc.
1300 Hwy 15
Madison, MS 39110
Phone No. : 601-956-5650