Most companies require evidence before helping you with your payment claims. When property damage happens and an insurance claim is filed, the policyholder must fill out a proof of loss form. This document aids the insurance company in determining the worth of the loss. It’s usually one page long and serves as a summary of the policy’s key points, such as supporting paperwork and estimations of the insurer’s present value of a loss. It is the policyholder’s responsibility to justify their loss in an insurance claim situation. Learn how filling out a proof of loss form works by reading on.
What Is a Proof of Loss Form?
The proof of loss form is a sworn declaration between agreeable parties regarding the extent of damage to their property that has been notarized. This information is used by the insurance company to determine their liability for the property damage. The insurance company must assess the claim after it has been completed by their client and counter it with their professional opinion. The policyholder’s compensation and the claims process are both dependent on the timely completion of a comprehensive and well-documented proof of loss form.
How to Handle a Proof of Loss Form
When filling out a proof of loss form, keep these three things in mind:
- Comply with time constraints
The insurance policy will mention how long the policyholder has to fill out and submit a proof of loss form after the damage has happened. This is normally documented under an area of your contract titled Section 1 – Conditions-2-Duties After Loss. If the dependent party does not comply with this deadline, their claim may be denied. It’s worth noting that insurers might not automatically give you a proof of loss form to fill out and return. Rather, it could be the policyholder’s responsibility to obtain, complete, and submit the forms ahead of time. In some states, the time for submitting a proof of loss form starts from the date a policy provider requests it in writing.
- Obtain accurate estimates on the scope of repair
It’s critical to have an exact, complete, and well-documented valuation on your proof of loss form. This estimate must categorize and break down all of the unit’s affected areas as well as the amount you owe as a result. Guesswork simply isn’t an option.
- Complete the form diligently
Failure to correctly complete this form may result in delay, underpayment, or insurance cancellations outright. All of the material in this paper must be accurate and backed up by evidence. Any inaccuracies or misrepresentations could lead to a future refusal of coverage.
Stone Claims Group Can Help with Proof of Loss Forms
While the insurance company may dispatch an adjuster to assess the damage, it is critical for involved parties to have attorneys who can prepare the claim on their behalf.
We at Stone Claims Group are excited to assist you in getting the most out of any outstanding property claims you might have. We have clients all around the country and approach things from your perspective to achieve the best possible outcome. Our team can assist you with issues such as carefully filling out paperwork as well as preparing, estimating, negotiating and settling your insurance claims. We work for the policyholder and never for the insurance company. Call us now!