Anonymous
Anonymous asked in Business & FinanceInsurance · 1 month ago

Insurance proof of loss question?

First time submitting a claim. Had water damage. They came out and did the assessment to be about $1400, my deductible is $1000. Thing is, they're going off the estimate, sent me a proof of loss, and asked for me to sign in. In reality, I'll probably spend less but I haven't done any work yet. I am kind of worried, do I sign it and then how does it work? Will they just pay the $400 and that's it or come after me to show the actual spent? What if it turns out to be less? Again, they didn't ask me for the actual costs at this time nor did I hire a contractor yet. Please help.

5 Answers

Relevance
  • 1 month ago

    At that dollar amount, I would withdraw the claim entirely.  

    They will pay the $400 without even really questioning and would only come back after you if you attempted to claim the same damage again in the future...so not worry there.  

    However, if you have a serious claim, now you have two on your record and get dropped by your company. 

    • Casey Y
      Lv 7
      1 month agoReport

      If you have two paid claims within a short time period, most companies would not be willing to insure you...

  • 1 month ago

    You keep the remaining balance. You may be asked to prove the work is done. You also, pay the excess if there is any once you sign it's final.

  • 1 month ago

    I don't know how it works in America, but where I live u can have it 2 ways - u ask your insurance company to find u a contractor and they deal with him themselves and pay to him and u do not need to do anything but pay your deductible which seems to me unreasonably high. my deductible is 150 euros only. second way is u  pocket the money and do not even need to fix anything if u don't want to. or u may fix things yourself if u know how. they don't care what u do with the money they give u. also in Europe house insurance does not work the same as car insurance, for house insurance it does not matter how many times u have damages and claim them your premium will not go up neither u will lose your insurance. but lots of people even in Europe are not aware of it and think that all insurances work the same as a car insurance - the more u claim the more expensive it becomes. 

    • Casey Y
      Lv 7
      1 month agoReport

      Also, $1,000 is a standard property insurance deductible here....

  • 1 month ago

    If they're only going to pay $400, then you would be better off not submitting the claim. If you file too many claims, you lose your insurance, so it's advantageous to wait until you have a bigger claim, rather than claim now and not be able to claim something bigger down the road. Also, even one claim might be enough to lead to higher prices for your insurance in future years, maybe not, but it might not be worth risking it for just $400.

    • V1 month agoReport

      Sorry, for homeowners?

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 month ago

    About 30 years ago, I went to the library and they had this gate thing that mistakenly fell on my attena. They wanted so many estimates and then sent me a check for the lowest one. I had it done for less and kept the difference.

    Since your deductible is so high, I can't imagine they insist on proof after they pay you.

Still have questions? Get your answers by asking now.