Key Points Page
- How to Make the Most of an Underinsured Loss1
- Consult with Your Agent or Broker2
- Obtain a Copy of the Insurance Policy3
- Review the Policy for Hidden Coverage5
- Investigate the Potential for Third-Party Recovery8
- Ask the Insurance Company Adjuster for Help10
- Request Advance Payments10
- Critically Analyze the Necessity of Restoration11
- Negotiate with Everyone11
- Investigate Tax Relief and Government Benefits11
- Investigate Legal Options11
How to Make the Most of an Underinsured Loss
After suffering devastating property damage, perhaps the most unwelcome news for policyholders is learning that they do not have enough insurance.
While it is best to head off an underinsurance situation through proper analysis of coverage needs ahead of time, after a loss occurs there are still many avenues available to policyholders to maximize their financial recovery and minimize their underinsured losses. Ten important avenues that can be explored by any property owner faced with an underinsured property loss are outlined in this ten-step plan.