- To ensure your right to compensation in the event of an accident, make sure to notify the insurance company before making any substantive changes to the insurance policy.
- In order to retain your rights , you must notify the insurance company and obtain their consent before transferring ownership of your insured property .
- In the event of an incident, take these two crucial steps: file a police report and notify your insurance company within 72 hours.
- Allow the insurance company to inspect the damaged property before you begin any repairs.
- After you report the incident, request the insurance company to send an inspector to assess the damage.
- There’s a financial decision to make about the debris. Keeping it reduces your compensation, while submitting it to the insurance company could affect your compensation positively.
- If your car insurance policy is for personal use only, be cautious about using it for commercial activities , this could void your coverage in case of an accident.
- To ensure your claim is approved, be truthful about the actual repair costs or replacement value of the damaged item.
- Maintain all documents that show how the damaged or lost insured item was resolved, whether through repair or replacement.
- To ensure a smooth claims process, keep detailed records (electronic or paper) of the amount and value of your insured inventory, as outlined in your fire insurance policy to fairly calculate your compensation.
- Familiarize yourself with the process for filing a complaint to the Financial Regulatory Authority if you’re ever dissatisfied with the service you receive from your insurance company.
- Keep the damaged property and ask the insurance company to perform the inspection
- Ensure that inspection has been performed for the property you’re insuring (factory, car, goods, etc.). Then, carefully examine the inspection report prepared by the insurance company’s inspectors.
- When choosing insurance, carefully assess the risks you want to be covered for today, but also consider potential future risks, particularly those related to climate changes.
- Before finalizing your policy, verify that the insurance company offers the specific coverage you need for the risks you want to be insured against.
- Ensure your insurance policy reflects the true market value of your insured items to be able to get the right coverage amount upon compensation. This prevents the insurance company from applying the “average clause” which could reduce your compensation in the event of a claim.
- Take the time to thoroughly read and understand every aspect of your insurance policy. This includes the covered and excluded losses, termination clause and anything else that seems unclear. Don’t hesitate to ask the company to clarify anything you don’t fully grasp
- Check Coverage Limits and Deductibles. Make sure you know the most your insurance company will pay for each covered item and the deductible amount you’ll pay before signing the contract.
- Make sure your insurance policy include an arbitration clause to settle any future disagreements you might have with the insurance company.
