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» VISIT US ONLINE @ DSNEWS.COM 73 "The devil truly is in the details, and experienced public adjusters know what to look for and what carrier adjusters often miss when providing loss settlements. Claiming everything up front might eliminate costly delays associated with supplemental claims and guarantee maximum dollar for your claim." 73 the policy, you have the right to file claims for damages to your home and personal property as the result of sudden and accidental losses. e same applies for investors and bank servicers, but only the structure and permanent attachments as lienholders, they may only claim. e lienholder may also have a special set of duties or conditions under the policy, so make sure you or your claims recovery company is aware of these special conditions. As an insured or additional insured, you have the right to request a certified copy of the policy, which will detail all coverage, endorsements, and exclusions applicable to your specific policy. Hailstorms and hurricanes are sudden, accidental, and considered acts of God. e good news: Damage from these types of severe weather are generally covered under homeowners insurance. If you have a basic dwelling policy in place, you do not have adequate coverage. Basic dwelling policies, also known as DP-1s, are referred to as fire policies because that's all they cover. is is much like minimum liability auto coverage. Make sure you have the right coverage in place for all circumstances. FULFILL YOUR DUTIES To make claims as an insured or additional insured (lienholder/mortgagee), you also have to be aware of your duties under the policy. ese generally include three main provisions listed in the policy as duties of the insured. First, pay any premium due. If you don't pay for your insurance policy, you're likely not going to have any coverage. Second, notify the insurer of any change in risk or occupancy. If you've moved, this is considered a change in risk that the insurance company needs to know about, as premiums may need to change. e insurer may also decide to cancel the policy if your asset does not fit with the underwriting requirements (i.e., many insurers don't like to extend coverage for vacant property, or many insurers will drastically change what is covered or not for vacant assets). For investors or servicers, when the property is first known vacant, you must notify the insurance company, or claims will not be paid. ird, submit a proof of loss within 60 days of the event. e proof of loss is a statement detailing what happened and summarizing your loss. is is usually notarized and includes a sworn statement surrounding the facts of the loss. is is done to prevent fraud and to clearly depict the loss in its entirety. Also listed in most policies are duties to protect and preserve your property in the event of a loss. What this means is that you are responsible for protecting your property to prevent further damage and to make any reasonable repairs to prevent further loss. is is all under the pretense of reasonable, which means that if you are able and willing to board up or tarp a damaged roof or can hire a contractor to handle emergency repairs, the insurance company will reimburse you for any reasonable costs associated with these temporary repairs. In layman's terms, if you pay a contractor $1,000 to tarp a roof that would otherwise allow water to pour into the home, insurance will reimburse you because it may save them $10,000 or more in additional damages you helped prevent. OBTAIN GOOD INSURANCE, BETTER ADVICE Before storms hit, make sure you've got the right policy in place to fit your budget. It's best to work with an insurance agent to ensure you get the right coverage for your situation. Make sure to endorse (add or remove coverage for) any high-value items and document the kind and quality. is may help with specialty items that are hard to replace or provide additional coverage above and beyond what your normal insurance policy covers. Don't be afraid to ask for help. If you need help navigating policy language, duties, and responsibilities, find a good public adjuster or hazard claims recovery company. You may pay a small fee for their services but will often gain a huge knowledge base and ensure equitable settlements. e devil truly is in the details, and experienced public adjusters know what to look for and what carrier adjusters often miss when providing loss settlements. Claiming everything up front might eliminate costly delays associated with supplemental claims and guarantee maximum dollar for your claim. Obtaining sound advice and a quality homeowners policy are essential to protecting your insurable interests. COVER STORY INDUSTRY INSIGHT INDUSTRY INSIGHT INDUSTRY INSIGHT

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