Insurance contracts and conditional contracts. That means policy owners have certain responsibilities to meet if a covered loss occurs. Not completing these can result in nonpayment by the insurance company for losses that otherwise would have been covered. These include:
- Notify the insurance company or the agent that a loss has occurred, this should be done as soon as you discover the loss.
- Protect the property from further damage and/or make any repairs necessary to prevent further damage.
- Preparing a detailed list of the personal items damaged that contains descriptions, the items’ actual cash value, or their replacement cost if you have added the replacement cost endorsement to your policy.
- Being prepared to show the company and/or the insurance agent the damaged items
- Provide a complete statement to the insurance company that explains how the loss occurred, for example, the time the damage occurred, the cause, etc.
