Fire, Water & Mold Loss
Experiencing fire, water or mold damage can be daunting. How you react as a property owner or tenant can make the difference between saving your contents or structure and losing them. Below are a few steps you can take to effectively protect yourself in the event of a loss.
What To Do Next
Two Parts to Restoring Your Property
Their are two parts to any loss - Mitigation and Restoration.
Mitigation - the act of preventing secondary damage. In a water loss this means removing standing water, protecting contents and unaffected areas and drying out the structure. Most of the time during a mitigation the restoration company will submit an invoice and get paid directly from the insurance company.
Restoration - The second half of the process is the restoration. In other words it's the "put back" work. This is usually completed after the insurance company agrees to the scope of work and sends the property owner a portion of the money. The property owner has the option to use restoration professionals or personal contractors to restore the property back to pre-loss condition.
*No two losses or insurance policies are the same. Situations vary with loss conditions and the process can sometimes be altered. Above is a general description of the process in basic loss conditions with applicable insurance policies.
Public Adjuster - Friend or Foe?
The role of a public adjuster is to ensure the property owner receives the maximum amount owed by the insurance company. This service is usually acquired for a percentage of the total claim amount so it's in the best interest of the public adjuster (PA) to maximize the claim. Some PA's tailor their services to provide other options for the policy holder such as room and board, referring contractors, and overseeing the restoration process. Utilizing a PA can sometimes take the claim longer to reach settlement. This means it may take longer to receive your reimbursement check and get your property put back together. When hiring a public adjuster, shop around as no two PA's charge the same fee or offer the same expertise.