A worksheet for adjusters working in property claims.
Property claims can be challenging and time-consuming, but with the help of contents valuators, insurance adjusters can make the process smoother and more efficient. Contents valuators specialize in assessing the damage to personal property and determining the compensation owed to policyholders. Here are seven tips for working in harmony with contents valuators and reaping the benefits of their expertise:
1. Contents Inventory Creation – A Key to Expedite Claims
Contents inventory creation is a professional process that involves assisting the insured with creating a comprehensive list of the contents lost or damaged in the property loss. This can be done on-site or over the phone. Dispatching a contents valuation company to help the insured with their inventory can accelerate the claim process by providing the adjuster with a detailed loss inventory report. This report helps the adjuster assess the compensation owed to the policyholder.
2. Implement a Consistent Workflow Delegating Tasks to Vendors
Establishing a consistent property claim workflow is essential. Delegate specific tasks to your vendor partners, such as water mitigation dispatch, property inspection, contents inventory, and structural repair estimation. Following a standardized workflow ensures that every claim is handled in a systematic manner. Always expect professional service, dedicated support, and thorough reporting from your vendor partners. Don’t hesitate to consult them for advice and solutions when needed.
3. Trust the Tried-and-True Workflow
After a site visit by the contents valuation company, expect to receive a valuation report. This report will list the lost contents and provide replacement or cleaning costs. The valuation is based on the current replacement cost of similar items (Like, Kind, and Quality). The report serves as an estimate for review and adjustment. Contents valuators not only provide valuable information about the contents but also build trust and confidence with the claimant. They support the adjuster in making better settlement decisions.
4. Share Policy Information with Contents Valuators
Ensure that you pass on all the policy information gathered to the contents valuation company. This includes limits, deductibles, and depreciation. Let the professionals at the valuation company handle the initial application of these factors to the valuation report. Review their work to ensure accuracy and request changes if necessary.
5. Understanding Contents Depreciation
Contents depreciation refers to the decrease in the value of an item over time. It takes into account factors such as the item’s age, condition, and life expectancy. Sometimes, insureds may challenge the adjuster’s knowledge of depreciation, aiming to undermine the settlement. Instead of becoming an expert on every depreciation value, rely on the professional contents valuation company to handle depreciation calculations. This will provide the adjuster with solid support when facing challenges related to depreciation.
6. Mastering Large Losses
Large losses can be complex and time-consuming, often involving catastrophic events and multiple policy coverages. In such cases, the contents settlement is frequently left until the end of the claim cycle. To prevent prolonged claims, it’s beneficial to dispatch a contents valuation company early on. They can assess the contents damage, recommend a settlement value, and provide a “snapshot in time” for future reference. This helps adjusters gain better control over large losses and avoid unnecessary delays.
7. Achieving Accurate Contents Claims Settlement
It is crucial for adjusters to avoid overpaying or underpaying a contents claim. The goal is to settle each claim fairly and efficiently while minimizing costs. By working closely with contents valuation experts, adjusters can accurately assess the value of the contents damaged in a property loss event. This collaboration ensures a thorough and accurate settlement.
By following these seven tips, adjusters can provide excellent service to policyholders and insurance carriers alike. Working hand-in-hand with contents valuators will result in a more seamless claims process and uphold the highest standards of the insurance adjuster profession.
