Staking Your (Insurance) Claim

January 25, 2005 01:36 PM

Staking Your (Insurance) Claim

Excerpt: A lot of people have a love-hate relationship with insurance: They hate to pay those expensive premiums month in and month out, but love it when insurance comes through for them when they really need it.

Dear Armchair Millionaire: Our neighbor recently experienced severe damage to his house when a pipe burst in his basement. Luckily, his insurance covered everything. I have actually never needed to make an insurance claim myself, but I'm curious about what I can do to ensure my claim is covered if I ever need to. --Stu O.

Dear Stu,

A lot of people have a love-hate relationship with insurance: They hate to pay those expensive premiums month in and month out, but love it when insurance comes through for them when they really need it. Witness these recent comments from members of the Armchair Millionaire community:

"We just had a baby and the bill for delivery only was over $11,000. We paid a $500 deductible. Looking at my bi-weekly premium, it would have taken me about 8 1/2 years to pay the same amount out of pocket if I had paid the same amount as my bi-weekly premium" --Lee S.

"Unfortunately, I got rear-ended this year by a fool with no insurance and the bill was $3,500. My insurance company came through for me just great! I love 'em!" --mysticaltyger

Having the right amounts of the right kinds of insurance is a cornerstone to financial security. However, all the insurance in the world won't do you any good if it doesn't pay up when the chips are down. My checklist shows how to make a claim successfully.

The Armchair Millionaire's Checklist for Making a Successful Insurance Claim
Collect the details. If you're involved in an accident, get the names and phone numbers of everyone involved. If cars are involved, make note of the makes, models and license tag numbers. If possible, get names and contact information of any witnesses.

Document the damage as fully as you can -- a camera or video recorder will come in very handy. For health insurance claims, make sure that your health care provider gives your insurance company full details on your condition and treatment.

Be timely. Call your insurance agent as soon as possible after the event. Some policies may deny your claim if you fail to notify to company within a specified timeframe.

READ FULL STORY ...

States vs. U.S.: Who Will Police Insurance Firms? (January 01, 2005)

In the summer of 2002, Maurice R. Greenberg, the chief executive of the American International Group, was facing problems with the brokers who sold commercial insurance policies for his company. Marsh & McLennan Companies, the world's largest insurance broker, was making another request for higher ...

Unmatched Scope Of Disaster Delays Damage Estimates (December 27, 2004)

he destruction wrought by the weekend's tsunami in the Indian Ocean comes on top of what already ranked as the most expensive year to date for insurance companies, but insurers say the absence of experience with earthquake-generated waves in the region will delay precise damage ...

Read all 10 posts in the same category of Insurance:

States vs. U.S.: Who Will Police Insurance Firms? - Jan 01, 2005
Unmatched Scope Of Disaster Delays Damage Estimates - Dec 27, 2004
Dental Double Standards - Dec 27, 2004
Is Your Insurer Playing Fair? - Dec 26, 2004
VUL Policies Remind Us Why We "KISS" - Dec 26, 2004
Don’t Let Health Care Costs Hijack Your Retirement - Dec 13, 2004
Cheapest Health Insurance Found Out West - Dec 08, 2004
Don't Neglect Renter's Insurance - Dec 01, 2004

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