5 rules on how to get a payment for an insured living space

Real estate insurance makes it possible to receive compensation for losses incurred in connection with damage, loss of apartments and property. The policy is valid when an insured event occurs – fire, flood, earthquake, theft. But the availability of insurance is not a guarantee, in fact, that the insurer compensates for the damage caused to your property. If the insurance company finds the prerequisites for refusal, it may not pay compensation. As a result, the right to damages will need to be proved and justified.

Actually, what should be done to receive insurance payments

In order to receive payment upon the occurrence of an insured event, the owner of the living space is obliged to observe a certain number of rules not only when using the policy, but also when making it. This minimizes the dangers in connection with which you have the right to refuse.

1. Enter into a contract with a detailed description of the property and insurance claims

The usual form of the contract for the finished product includes the main list of insured events and only three insurance amounts – for construction, repairs and property without a detailed inventory of all of the above. The actual assessment by the representative of the company is not carried out here.

By signing such an agreement, the owner of the property insures it in the context of common situations – fire, flood, theft. It is quite easy to refuse compensation for damages caused to furniture and appliances here, since there is no specific description of what exactly is insured and in what condition it was. Due to the large deductible, insurance does not cover the entire amount of damage.

Therefore, if you want to get the maximum compensation for losses, give up the "boxed" (pre-prepared) products of the insurance company. Demand to make an exact description in the contract of all situations in which you will be able to claim compensation. Think over a detailed list of property:

• interior elements;

• furniture;

• household appliances;

• finishing;

• jewelry, valuables.

A list is drawn up with the market price of each item. Separately describe the property subject to insurance and located behind the walls of the living space – an outdoor air conditioner unit, satellite TV equipment.

2. Observe the terms of the appeal to the insurance company

The period in which you can contact the insurer after the insured event is prescribed in the contract. But it is better to call the company immediately, as soon as an insured event has occurred. This is due to the fact that upon arrival of the appraiser, it should be possible to assess the amount of damage. The sooner he arrives, which is more likely, in fact, that the insurance policy will cover the losses. If, at the time of contacting the insurer, more has passed than is specified in the contract, the company will refuse to pay compensation, citing the inability to objectively assess the amount of damage. In addition, the policyholder simply did not comply with the terms of the contract.

3. Save as much evidence of damage as possible

When an insured event occurs, it is mandatory to document this precedent by a representative of the relevant service – depending on the situation, it will become the housing Office, the Ministry of Internal Affairs, the police or the Ministry of Emergency Situations. One of the copies of the act will need to be given to the insurer. But to receive the greatest compensation, only documents will not be enough. Do not rush to throw out the damaged property, clean up the living space after the liquidation of an emergency. If possible, leave everything as it is until the arrival of an authorized specialist. This will make it possible to make a more informative and objective picture of the damage caused.

4. Do not hide important and obvious facts from the insurance company

If you rent out a living space or intend to make repairs in the insurance phase, then you should tell the insurer about it. These circumstances are provided for when drawing up the contract, they affect the cost of the policy. This is due to the fact that tenants or repairs represent additional risk factors – the probability of damage to the property increases slightly.

If you hide these facts, you risk not receiving compensation at all, since when an insured event occurs, the appraiser will most likely reveal them. The firm will consider, in fact, that you have not given all the necessary information about real estate, the contract is drawn up biased and it cannot be considered valid.

5. Don't skimp on the franchise

The deductible is an amount that the insurance company does not cover. If an insured event occurs, the loss is calculated, and the deductible amount is deducted from it. If the loss is less than the deductible, the insurer does not pay anything at all. This is done in order to save the insurance company from paperwork and proceedings in cases with small amounts of damage.

Basically, the larger the amount of the deductible, the cheaper the policy is – but the savings are quite insignificant, given that when an insured event occurs, the payout may be lower by thousands, or even tens of thousands of hryvnias. Therefore, if you buy insurance, it is better to purchase it fully – paying a little extra. This way it will be possible to receive compensation for almost the entire amount of the loss, regardless of its size.

Why don't they pay for insurance

There are situations in which, even seemingly, upon the occurrence of an insured event, you will not be able to influence the decision of the company, and payment for the damage to your property will not be allowed. It occurs under such circumstances:

• The damage was caused by the policyholder himself

The policyholder or his family members intentionally or accidentally damaged the property themselves, without having a clause in the contract on their own negligence insurance.

Property damaged outside the apartment

If the property is damaged outside the housing, the insurance does not apply to it.

Other terms of the contract have been violated

Even if your case falls completely under the insurance, but at the same time you did not comply with the procedure and norms of contacting the insurer, the payment will be refused.

When such situations occur, the company not only does not pay compensation, but also the policy ceases to apply to damaged items, appliances, furniture. Therefore, in order to receive compensation for damaged or lost property, real estate, make sure that your case corresponds to the insured, and you have not violated obligations under the contract. Contact the company as soon as possible after an emergency has occurred.

The information is current at: 02.07.2022