The Anatomy of an Insurance Claim: What to Expect
You’ve filed a claim. What happens next? The Olympus Claims Team springs into action to support you through the entire process. Here’s the normal progression of a typical claim from start to finish:
- The first thing Olympus does when you file a claim is open a file and assign you a claim number. You can file a claim with Olympus online, file by email ([email protected]), or file by phone at 866.281.2242.
- Once a claim number is assigned, the adjuster(s) take over. If the claim requires an on-site visit, we’ll assign you a field claims adjuster who will be your original point of contact. They will get in touch with you as soon as possible to set up a mutually convenient time to inspect your damage.
- Once all of your damage is inspected and documented, the claim will be handed off to your desk claims adjuster who will be your final point of contact until your claim is settled. They will verify your coverage and deductible, determine the final claim adjustment, and close out the claims process.
- You can help your field / desk claims adjusters by taking photos of all damage, saving damaged items or pieces of items, making a list of damaged property, and making copies of / saving all receipts, estimates, invoices, and other documents related to your claim. (If you have a detailed home inventory list, it will help streamline this process.)
- You’ll be responsible for your deductible, which can vary depending on the details of your policy and the type of claim. If damage was caused by a named storm (hurricane), you will pay your hurricane deductible. If coverage for damage falls under “all other perils”, you will pay your AOP deductible. (Ask your agent about ways to lower your deductibles, including Olympus’ flat rate hurricane deductibles.)
- In certain cases, Olympus may exercise our option to repair damage. Your policy allows us to quickly take care of issues using our own network of trusted vendors. If this is the case, we’ll inform you immediately and dispatch a team to complete repairs as soon as possible. We typically use this option as part of our roof repair program to fix damage quickly and avoid more issues.
- Olympus can refer you to other contractors in your area, but unless we’ve exercised our option to repair, you always have the choice to choose your own contractor. (If you do ask us for a recommendation, we can’t warranty or guarantee their work.)
- Beware of contractor insurance fraud. There are unscrupulous contractors out there who may target you in order to commit fraud. A red flag to watch out is pressure by a contractor to sign an AOB (Assignment of Benefits) form. This request is often accompanied by a promise to waive or reduce your deductible. Signing the form can sign away your rights, so always call Olympus first to protect yourself against AOB contractor fraud.
Once your claim is settled, that’s it. We’ll note the settlement in our files, and any renovations or upgrades made to your home during restoration will also be noted. You might be asked to resubmit pictures of your home if the damage was substantial, so we have accurate images of the new state of your dwelling in case of future damage.
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.
