Having a claim is already a stressful situation. Running into problems along the way only makes matters worse. The best thing that you can do to avoid extra frustration is to review your policy BEFORE a claim and make sure the information on it is correct.

 All too often, clients submit a claim without realizing that the wrong mortgage company is listed on the policy. Because claim checks are typically made payble to the homeowners AND the mortgage company, having the wrong mortgage on the policy results in delays. Generally the client will have to send the check back to the claims adjustor and request that it be re-issued. In addition, the homeowner will have to provide proof that the old loan was satisfied and the new mortgage company has the insurable interest in the property. The result is extra paperwork and delays in getting your claim paid. The same situation would also apply in the case of a client who has paid off their mortgage or home equity loan and didn't request that it be removed from the policy. Equally as frustrating is a scenario in which a divorce or a death has occured and the policy hasn't been updated to remove that person's name. Considering that a future claim might damage or destroy your important files, it is recommended to correct the policy as soon as that person no longer has an insurable interest in the property.

It may not seem very important at the time, but making sure your insurance policy has the correct information listed can make a big difference at the time of a loss!