Kevin McCormally: I am Kevin McCormally of Kiplinger's and I am here with Kim Lankford, the Insurance Editor of Kiplinger's Personal Finance Magazine to talk about getting insurance claims paid. Kim, have you got any advise for people on how to get claims paid after they have had damage to their homes?
Kim Lankford: Well, a few months after hurricane Katrina, I went down to New Orleans and Coast of Mississippi and it was amazing. The difference between some people who had gone to the extra efforts to submit their claims very carefully, have their money in hand while some people were still fighting with their insurance companies. So the steps you take can make a huge difference.
Kevin McCormally: Okay, what's the differences between the successes and the failures?
Kim Lankford: Well, the people who have their money, the biggest thing they did was really carefully gather all their information together when submitting their claim. If they already had an inventory that helped, if they went through and they itemized everything that was damaged, take pictures right away, send in itemized lists and checks and everything, a packet for that adjuster will make a life a lot easier for the adjuster and you will get your money faster.
Kevin McCormally: Okay, so for home owners who haven't suffered damage, the key thing is to get that inventory ahead of time. What do you recommend there?
Kim Lankford: Well, now is a great time, just go through your house, write things down, gather receipts for anything that's very valuable, take your video camera, go through the rooms, open up closet doors and look in there. Then the key thing is to keep a copy of that somewhere away from your house. So if anything does damage your house, it's accessible.
Kevin McCormally: Okay, is there anything else people should do ?
Kim Lankford: You should definitely, when you are looking at insurance companies, keep an eye on what their reputation is for paying claims, because saving a few dollars in premiums can back fire. If the insurer hustles you at claim time. So go to the State Insurance Department website and see how they have done in the past, see if there is complaints against them.
Kevin McCormally: Okay, thanks Kim.
