How Does A Claim For Personal Property Work For Home Insurance

With the recent onslaught of late season storms in Texas, we have fielded calls that have revolved around tornadoes. That takes wind and hail to a whole new level for Texas Homeowners. Not only are we helping with roof replacements and other exterior items, Ft Worth Homeowners are using their policies to cover damage to items inside their house as well. At this point, personal property coverage is going to help you recover. So how exactly does that work?

First and foremost, the personal property will be a part of the claim for the tornado or windstorm. Not a separate one. That's good news as it will all be covered under a single deductible. But the process may feel awkward to the home owner. Let's look at the steps. And remember, this also applies if you have a large loss like a fire or other catastrophe.

1. Compose a list of items that are either damaged, destroyed, or missing. This will need to include approximate age and value. Having an inventory uploaded online can help ease this step of the process when you under the stress it brings on.
2. Submit the list to the adjuster so that they can confirm the value of the items to be paid upon.
3. The homeowners insurance company will issue check for the actual cash value of the items listed. But you sold me a replacement cost policy! We did. But this is where the process can feel a bit awkward. The insurer releases this money so that you can begin to replace the items.
4. Collect receipts of replacement of items as you purchase them. These will be submitted to the adjuster so that they can reimburse you for the remaining amount of money required to fully replace these items.
5. Receive that check to make you whole!

While it may not work exactly as you expect, the companies have to do this so that they are paying for the items you truly replace. It prevents fraud and protects you from large premium spikes.

If you have questions about this or other matters of home insurance, don't hesitate to speak with our independent insurance agents today about your options. This is too important to just not know.