How Homeowners Insurance Claim Payment works?

Homeowner's insurance also called home insurance is a type of property insurance that covers private homes/ apartments. The payment the insured makes to the insurer is called the premium. The policies typically require an insured to give prompt notice of any loss, information about what property was damaged, or the time and place of an accident or injury. In the event of theft, policies usually require a police report. When the final cost is determined by the company, your insurance agent will contact you with an amount that the insurance company is willing to pay. The amount of your deductible will be subtracted from this total amount.