Here are the Easy Steps for Managing Property Insurance Claims

 Property such as a house is one of the most valuable assets owned by a person. This is because property such as a residential house is not just an asset that is used as a place to live. 

Residential houses along with the land on which the property stands, it is likely that its value will continue to increase from year to year. Because it is a valuable use asset, property also needs to have adequate protection.

You certainly realize that there are several dangers that can threaten the existence of property that can result in financial losses. For example, fire disasters that can damage and even destroy houses, or floods to natural disasters such as earthquakes, as well as theft.

Financial losses due to loss of goods, damage to houses, especially if the house is completely destroyed, can be very large. It could be tens of millions to hundreds of millions of rupiah, even more. This of course can be bad news for your financial condition if you experience it.

Property insurance is a necessity

The easiest way so that the risks of financial loss due to disasters that befall the house can be managed, one of which is to complete it with property insurance protection.

In Indonesia, there are now many property insurance products with affordable premiums that can be your consideration. So, for the sake of healthy personal finances, you need to include property insurance needs in addition to other mandatory insurances such as life insurance and health insurance.

There are several types of property insurance that you need to know:

First,  Standard Policy insurance. This is a type of standard property insurance that uses the Indonesian Fire Insurance Standard Policy (PSAKI), referring to the wording of the policy issued by the Indonesian General Insurance Association (AAUI). Some of the risks covered in this type of property insurance are the risk of fire, lightning, explosion, falling aircraft and smoke.

This insurance can be extended by insurance for losses due to theft or other risks such as losses due to riots, riots, landslides, storms, floods, and so on. 

Second , Property All Risk insurance. This type of property insurance is right for those of you who want property insurance coverage with extensive coverage. The form of protection provided by business insurance is usually comprehensive protection or Property All Risk. 

You can choose the two types of property insurance to protect your property assets from residential homes, commercial business places such as shops, restaurants, schools, to buildings for industrial use.

What about property insurance premiums? Generally, the size of the premium is influenced by the use of the building, the type of property is the type of property class 1 (fire resistant), class 2 property (relatively fire resistant) and class 3 (tends to be susceptible to risks such as being more flammable).

In addition, the premium is also affected by the completeness of the risks covered. The more complete and many types of risks are covered, the more likely the premium you have to pay will be more expensive.

Uncomplicated property insurance claims

Many people are still going back and forth when they want to insure their property because they are worried that the claim process will be difficult. You don't have to worry. Taking care of property insurance claims is actually not as complicated as it seems.

There is no need to be skeptical that the claim will be rejected as long as the claim you submit meets the requirements as written in the policy. You can process property insurance claims in the following ways:

• Make sure to submit a claim before the deadline.
  
  The first thing you need to make sure is the time of filing a claim. Property insurance policies generally include different claim reporting time requirements depending on the policy you buy. Insurance companies usually set a time limit for reporting claims from 7 days, 14 days to 30 days from the incident.
  
  Make sure you report or file a claim before the deadline ends so that your property insurance claim can be processed by the insurance company.
• Complete documentation of event data.
  
  As with other types of loss insurance, such as motor vehicle insurance, when applying for property insurance, you need to include as many documents and data as possible supporting claims. For property insurance, make sure you also deposit data about events or risks that occur.
  
  What data need to be included? At least you need to convey clear data that contains some key information such as, the date of the incident, the location of the incident, the chronology of events, a list of damage or losses, contacts that the insurance company can contact for the claim process, as well as estimates or estimates of losses.
  
  Often you are also asked to include a document in the form of a letter of loss from the authorities such as the police to claim the risk of theft.
• Fill in the claim form according to the policy provisions.
  
  The following steps are standard procedures for managing claims for almost all types of insurance. This claim submission form is usually submitted to the customer when the insurance contract is signed along with the policy document.
  
  So, to support the claim process, you need to complete the claim submission form. Generally, the data that needs to be filled in the form is the insured's information and general information about the risks that occur. You are also usually asked to include several required documents according to the risk and type of claim.
  
  Several types of documents that usually need to be included when claiming property insurance, especially for the type of risk of damage include:

1. Completed claim form.
2. Details of damaged goods complete with proof of purchase receipt. Receipts function to verify the value of the goods, the detailed specifications of the goods.
3. Damage event chronology.
4. Photos of damaged items.
5. Technical report from the party you appoint to repair the house or building. The contents of the technical report include, among others, the cause of the incident, the level of damage and an assessment of whether the property can still be repaired. You can ask for an explanation from the builder you use or a contractor to fill out the technical report.
6. Proposal or price quote for repair or replacement of damaged goods.
7. The claim payment approval document and the  claim discharge  that you have signed.

• Collaborating with a Loss Adjuster
  
  When a property insurance claim occurs, the insurance company will usually appoint a Loss Adjuster service to assist the process of investigating various forms of accidents that occur to the goods or things you are insured for in the event that the loss is large enough or the cause of the risk requires analysis from the Loss Adjuster. 
  
  Loss Adjusters  generally will go directly to the field or the scene, make documentation of what happened, interview parties related to the accident and determine the replacement value. You can speed up the claim process by providing the documents or information required by the Loss Adjuster.

By taking the 4 steps above, the management of property insurance claims can run smoothly. So, you no longer need to worry about having trouble filing a property insurance claim. Easy, right?

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