7 RULES INSURANCE COMPANIES MUST FOLLOW AFTER A CLAIM 1. DUTY OF GOOD FAITH AND FAIR DEALING, NO BAD FAITH 2. PAY IN A TIMELY MANNER, NO LOW BALLING 3. CONDUCT THOROUGH AND TIMELY INVESTIGATION 4. EXPLAIN POLICY 5. EXPLAIN ANY CLAIM DENIALS 6. MAKE COVERAGE DECISION WITHIN 60 DAYS 7. PROVIDE COMPLETE COPY OF POLICY 6 RULES THAT THE POLICY HOLDER MUST FOLLOW TO FILE A CLAIM 1. GIVE THE INSURER IMMEDIATE NOTICE OF A LOSS 2. PROVIDE A SWORN PROOF OF LOSS FORM WITHIN 60 DAYS 3. PROVIDE ACCESS TO THE DAMAGED PROPERTY AND DOCUMENTATION TO THE INSURER OR REPRESENTATIVE 4. PROTECT THE PROPERTY FROM FURTHER DAMAGE 5. PROVIDE A DETAILED INVENTORY OF DAMAGE OR SALVAGED PROPERTY 6. NOTIFY THE POLICE IF A CRIME CONTRIBUTED TO THE LOSS WHEN YOU DON’T AGREE WITH WHAT YOUR INSURANCE COMPANY SAYS …… YOU HAVE 4 OPTIONS FOR COMMERCIAL, INDUSTRIAL, OR RESIDENTIAL CLAIMS 1. DO NOTHING - most people do this because they don’t know what their options are 2. HIRE A PUBLIC ADJUSTER - this might be the right option depending on where the claim is within the process especially if the insurance company hasn’t extended coverage or paid and monies yet 3. HIRE AN ATTORNEY - this takes a long time and can be very expensive 4. INVOKE APPRAISAL - this can be the right option for most policyholders depending on the nature of the claim