Floods and other natural disasters are now becoming more frequent and as one would expect, the increased costs to insure against these elements are indirectly passed on to consumers. It is becoming imperative for individuals as well as corporates to evaluate their insurance requirements and to understand the claim process.

Insurance takes many forms such as homeowner or building cover, household contents cover, landslip and subsidence cover, as well as all-risk cover. It is important to understand the insurance cover that you have and to assess the cover annually to ensure that it is adequate. It is also crucial to understand the insurance claim process so that you know what to expect when you lodge a claim.

The insurance claim process typically involves five main stages, from the moment one reports the loss to the resolution of the claim. Prepare for the process by gathering relevant documents such as photographs, receipts, original invoices and proof of ownership. It is critical to get into the habit of scanning important documents and saving them to cloud storage such as OneDrive, Dropbox etc.

Understanding the steps below will lead to a smoother claim process:

1. Contact your broker – The broker is your primary contact when it comes to your insurance. They will evaluate the cover you have in place, collect all the necessary information and advise you on how to proceed. A loss adjuster will follow up with you to continue the claims process. 

2. Claim investigation begins – After the claim has been reported, it will be investigated by a loss adjuster to determine the amount of loss or damages covered by your insurance policy. 

3. Your policy is reviewed – Once the investigation is complete, the adjuster will go through your policy carefully to determine what is covered and inform you of any applicable deductibles that may apply to your claim. 

4. Damage evaluation is conducted – In order to accurately evaluate the extent of the damage, the adjuster may hire appraisers, engineers, or contractors to lend their expert advice. Once the evaluation is complete, the adjuster will provide you with a list of preferred vendors to undertake repairs. Depending on your policy, you may not be obligated to hire these vendors, but it could save you a great deal of time and research. 

5. Claim finalised – After repairs have been completed and lost or damaged items have been replaced, your adjuster will contact you regarding settlement of any further amounts due to you. The amount of time it takes to finalise your claim will depend on the complexity and severity of your situation.

If you have suffered damage to your property and possessions, it is essential to contact your insurance provider as soon as possible.

Aneesa Khan

Finance Manager