After An Insurance Claim: A Post-Loss Checklist

Once your insurance claim has been settled, there are just a few things to do before returning to your day-to-day life. Hopefully, you had sufficient coverage and your loss was fully restored. Regardless, after a claim is the perfect time to review where you stand and consider if you need to make any changes to your homeowners insurance coverage.

Was Your Claim Determined to not be Covered?

If your claim was determined to not be covered, this could signify a gap in your coverage that needs to be addressed. Olympus covers many circumstances over and above industry standards, so claims denied for lack of coverage are rare. The most common uncovered loss is flood damage, which is not covered under homeowners policies and must be purchased as a separate insurance policy. If you don’t have flood coverage, ask your agent about flood insurance options.

Was Your Claim Only Partially Covered?

Limits on insurance coverage do apply, and some homeowners possess items whose value exceeds policy limits for personal property. You have several options when it comes to adding expanded coverage.

Scheduled Personal Property Coverage increases coverage for personal property that can be individually scheduled and also provides protection against theft or “mysterious loss” of such items, including fine art, furs, and jewelry.
Spartan Enhanced Coverage increases coverage limits for all personal property without itemization, and adds coverage for business equipment kept at home, water damage caused by backed up sewers or sump pumps, reimbursement for expenses incurred due to identity theft, and more.

Were You the Target of Contractor Fraud?

After a loss, many homeowners are targeted by unscrupulous contractors seeking to get an easy payoff. If a roofing contractor or water remediation specialist asked you to sign an Assignment of Benefits (AOB) form, it could be a lead-in for potential contractor fraud, as are any offers to waive your deductible. This activity hurts all Floridians by causing insurance rates to rise, so learn how to spot the signs of contractor fraud.

Was Your Claim Subrogated?

In some cases, the damage caused to your home may have been the fault of a third party. A good example is a new dishwasher with a faulty part, which allows water to leak underneath it. After some time, the leak is discovered, but by then the floor and cabinetry of your kitchen is severely damaged. Olympus may elect to pay your claim to restore your kitchen quickly, then “subrogate” the claim by pursuing action against the dishwasher manufacturer. This allows Olympus to recover the cost of paying out the claim, and you may even receive a pro-rated portion of your deductible back.

At Olympus, our goal is to provide our policyholders with a stress-free claims experience and a speedy, satisfactory resolution for their loss. When you’re an Olympus policyholder, you’ve got coverage that counts.

About Olympus Insurance Company

Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $40 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.

For more information, visit olympusinsurance.com.

This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.