If you receive a settlement, you may first receive a smaller amount in advance of your total settlement. You would receive the rest of your settlement soon afterward.
If both your personal belongings and structure of your home are damaged, you may receive two separate checks. You may receive another check for additional expenses you must pay while renovating your property or fixing your vehicle, such as a hotel stay or car rental.
Structural damages
If your auto or property is mortgaged, the settlement check for structure costs is typically made out to both you and your mortgage lender. This is because the lender has a financial interest in your property. Including both parties on the check ensures that repairs are made and the lender will have to endorse the check. You may also have to work with the lender to pay for repairs or rebuilding.
Damage to personal belongings
You’re responsible for helping determine the value of your personal belongings so we can reimburse you. If you have a home inventory, reviewing it can help you remember items you may have lost. If not, look for photographs or videotapes that picture the damaged areas. Contact your bank or credit card company for proof of purchase of expensive items.
Depending on your policy, you’ll be reimbursed for either the cost of buying new items (replacement cost) or cost of the items minus depreciation (actual cash value). If you don’t replace certain items you’ll be reimbursed for their actual cash value.
Additional expenses
You’re also insured for additional expenses you’ll face because of your loss, such as hotel stays if you can’t stay on your property, car rentals while your car is being repaired or replaced, and more.
Note: This information serves as a general overview of the claims process and refers to the majority of personal insurance claims. Because each claim situation is unique, the information provided may not apply to your specific situation. If you have questions about a claim, please contact your independent insurance agent or General Casualty.