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If Insured
- Most important single component in recovering from a fire loss
- A number of coverage’s are available
- homeowner’s
- Tenant’s
- Condominium owner’s insurance policies
- Insurance policy is a contract between you and the insurer
- Insurer promises to do certain things for you
- You have certain obligations
- Give immediate notice of the loss to the insurance company or the insurer’s agent
- Cooperate with the insurer or his/her adjuster by exhibiting the damaged property
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Protect Your Property
- Make sensible or necessary repairs such as covering holes in the roof or walls
- Take reasonable precautions against loss
- Draining water lines in winter if the house will be unheated for some time
- Insurance company may refuse to pay losses that occur from not taking such reasonable care
- Make inventory of damaged personal property showing in detail
- Quantity
- Description
- original purchase price
- purchase date
- damage estimate
- replacement cost
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Formal statement of loss
- Submit, within a stated time period (usually 30-60 days)
- Should include:
- Time and cause of loss
- Names and addresses of those who have an interest in the property
- These might include the mortgage holder, a separated or divorced spouse or a lien holder
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Formal statement of loss (cont.):
- Building plans and specifications of the original home and a detailed estimate for repairs
- Damage inventory
- Receipts for additional living expenses and loss of use claims
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