How to File a Claim for Property All Risks (PAR) Insurance
Property All Risks (PAR) insurance is designed to provide comprehensive protection for your home or business. While the policy covers a broad range of perils, the process of filing a successful claim still depends on a clear, methodical approach. The good news is that the PAR policy’s unique design can make the claims process simpler in many cases.
This article provides a step-by-step guide on how to file a claim under a PAR policy, highlighting its key advantages and offering practical tips for a smooth and efficient resolution.
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| How to File a Claim for Property All Risks (PAR) Insurance |
The PAR Claim Advantage: Proving the Loss, Not the Peril
A standard named perils insurance policy requires you to prove that your damage was caused by a specific event listed in the policy (e.g., "the fire caused this damage").
With a PAR policy, the process is fundamentally different. You only need to prove that a loss occurred. The burden then shifts to the insurance company to prove that the cause of the loss is on the policy's specific exclusions list. This distinction can simplify the claim significantly, especially for unusual or unexpected types of damage.
Step-by-Step Guide to Filing Your PAR Claim
Follow these steps to ensure you navigate the claims process effectively.
Step 1: Secure the Property and Document the Damage
This is the most critical phase. Your immediate actions will lay the foundation for a successful claim.
Ensure Safety: First and foremost, check that everyone is safe. If the damage is severe (e.g., fire, major structural damage), contact emergency services immediately.
Prevent Further Loss: Take reasonable steps to prevent more damage. For example, if a window is broken, cover it with a board. If there is a burst pipe, shut off the water supply. Keep receipts for any temporary repairs, as they may be reimbursed.
Document Everything: Before you begin any permanent repairs, thoroughly document the damage. Take numerous photos and videos of the scene. Make a detailed list of all damaged or lost items, including their brand, model, and year of purchase.
Step 2: Gather All Relevant Documents
Having your paperwork in order is key to proving your claim and its value.
Create an Inventory: Use the list you made in Step 1 to create a formal inventory.
Collect Receipts and Appraisals: For high-value items like electronics, jewelry, or collectibles, gather any receipts, invoices, or appraisals you have. These are essential for proving the value of your loss.
File a Police Report (if applicable): If the damage was caused by theft or vandalism, contact the police and file a report immediately. The police report is a required piece of evidence for a claim.
Step 3: Contact Your Insurance Company
Once the initial damage is documented, you should contact your insurer to officially start the claims process.
Notify Your Insurer: Call your insurance agent or the company's claims hotline as soon as possible. Be prepared to provide your policy number and a brief overview of the incident.
Fill Out the Claim Form: The insurer will provide you with a claim form to fill out. Complete it with all the information you have gathered, including the details of the event and your itemized list of losses.
The Insurer's Assessment and Payout
After you submit your claim, the insurance company will begin its investigation.
Claim Investigation: A claims adjuster will be assigned to your case. They will review your documents and may inspect the property to verify the damage. Be prepared to provide any additional information they request.
Payout Calculation: Once the claim is approved, the insurer will determine the payout amount based on your policy's terms. This will be the value of the damage, minus your deductible (the amount you must pay out of pocket).
Key Tips for a Smooth Process
Review Your Exclusions First: With a PAR policy, you have a major advantage. Before you even call your insurer, review the list of exclusions in your policy to confirm that the cause of your loss is not on that list.
Don't Rush Permanent Repairs: Do not make permanent repairs until the claims adjuster has had a chance to inspect the damage. Making a quick fix can complicate the claim and make it difficult for the adjuster to assess the full extent of the loss.
Be Patient and Cooperative: The claims process can take time. Provide all information accurately and cooperate fully with the adjuster to avoid unnecessary delays.
A well-documented claim and a solid understanding of your PAR policy's unique benefits are the best ways to ensure a successful outcome. The best time to prepare is before a loss occurs. Have you created a home inventory yet?
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