*** We do NOT sell insurance or receive commissions from any products discussed in this forum ***
As you prepare your emergency document box that will allow you to return to life as usual following a disaster -we’d like for you to include the following:
- Notify your agent and carrier promptly. Let them know that you have sustained damage and are filing a claim. Even if you did not buy an earthquake, or flood policy or the damages do not exceed the deductible. Always contact your insurance in writing that you have sustained a loss for a disaster and are filing a claim. Most policies have reporting requirements that are time sensitive and you may not be aware of covered items for EQ in an non-EQ policy.
- Be ready with your own expert opinion. Have your own experienced contractor or licensed structural engineer once the insurance adjuster has completed their evaluation.
- Review your policy again and remind yourself what limits you have per category and also notice the declaration limits since these can change your expected coverage. If you read the policy carefully when you purchased it you should not be surprised regarding your coverage. Note that earthquake policies provided by CEA are standardized (easy to use) but also quite limited. Contact your insurance company and review your expectations and if not satisfied then contact 1-800-927-HELP and report your complaint.
- Do NOT agree to a quick settlement with your adjuster or insurance company until you’ve verified and understand your rights and coverage.
- Keep track of everyone you speak to with regards to your claim – this is your responsibility as a claimant.
- Keep all receipts for expenses if planning to claim additional expenses or loss of use. Remember that most CEA policies do not provide much for this coverage.
- You should have carefully analyzed the wording so that during your claim you will be able to receive true replacement of your property – like kind quality.
- Estimates by your own contractor should be similar to those given by the insurance contractor otherwise you may agree to less than it will cost you to get your home rebuilt. Care should be taken with inexperienced or out of state contractors who do not know what needs to be part of an EQ estimate. Assisting them by connecting them with a local experienced EQ contractor may provide you with the quickest and most complete estimate.
*** Above all do NOT sign releases or waivers without legal advice — read carefully and have your legal representative do the same — particularly careful if it contains the words “final” or “release” language. ***
All AIKAPA clients are encouraged to contact us so that we can review your policy prior to needing a claim.
*** We do NOT sell insurance or receive commissions from any products discussed in this forum ***
Edi Alvarez, CFP®
BS, BEd, MS