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The first step in the process is to file the claim via the realprotect website. Be sure to include as much information as possible when you file your claim, but if you don’t have certain information, that’s ok. The important thing is to make the initial filing. Keep in mind that any pre-existing damage is not covered, and if your tenant isn’t paying their rent for any reason other than a covered property loss, that is not a claim.
Once your claim is filed, then you can expect to be contacted by your insurance company within 24-48 hours. Under the insurance contract, it is your obligation to prevent any further damage from occurring, and if your claim is covered, typically your policy will pay the cost to prevent further damage from happening. Be sure to take good pictures and keep samples of any damaged property, if possible. Once the field adjuster inspects the damage, then that information is turned over to the insurance company inside adjuster for review and payment. The whole process can take several weeks to several months, depending on multiple factors, including the complexity of the claim, the catastrophic nature of the claim and many other circumstances. You can always reach out to realprotect for an update, and our office will do our best to answer any questions and to facilitate you being paid what is owed, as quickly as possible.
Yes, your claims history can have a direct impact on your rates. Be sure to check your policy deductible before filing your claim. If the cost to repair is less than your deductible, then we don’t suggest you file a claim.
If your property does have an active mortgage, then in addition to you, any current mortgage holder will be listed on your check. This is an obligation under the insurance contract and in your mortgage. Typically, your lender will provide you with an address to send the check to and they will endorse it and send it back to you. It is very important that you let your lender know if you have a claim. If you have any questions about this process, we suggest you contact your lender.
Just because a tenant decides to not pay rent and defaults on the lease does not mean that you have a claim under your realprotect policy. If you have selected loss of rental income coverage, this typically only pays in the event that a property is uninhabitable due to a covered insurance loss.
If you’re interested in insuring your tenant default risk, then realprotect has partnered with Get Covered to help you insure this risk. Click here to check out Get Covered and their coverage and pricing options!
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