The date of loss is one important aspect of your insurance claim. Most of the time, it can make or break your claim. You might end up getting nothing if the insurance company determines that your date of loss is no longer covered by your insurance policy. Thus, you should know the following essential information about the date of loss to ensure that it will not jeopardize your claim.
Generally, Date of Loss for Insurance Claims Is When Damage or Loss Occurred
Your date of loss should be within the effective period of your insurance policy. The start and expiry dates of your insurance policy are normally stated in the declarations page. If your date of loss occurred before or after your policy period, your insurance claim will most likely be denied.
Most of the time, the date of loss is determined in a straight forward manner. It would often refer to the date when the event that caused the damage or loss occurred. For instance, it will be the date when the fire damaged your property or when the hurricane hit your home.
In Some Types of Insurance Claims Determining The Date Is Complicated
For instance, when you make sink hole insurance claim, the date when the damage actually occurred will be difficult to determine since the damage can either be gradual or it can happen suddenly. It is possible that the damage may have started a long time ago but you only notice it when the damage is so severe. For such cases, the reckoning period for the date of loss would commonly be the date when you realize that the occurrence in your home is no longer normal or ordinary. The date of loss can be flexible, ranging from the time you notice some cracks in your home up to the time you call your insurance company to file your claim.
The date of loss of your insurance claim falls under the second category discussed above, you have to watch out when discussing your claim with the insurance company or its adjuster. In the sink hole insurance claim, for instance, the adjuster can stir the conversation and trick you into admitting that the damage in your home was present before your insurance policy took effect such as way before you purchased the home. When that happens, the insurance company can use your admission to show that your date of loss is not within your policy period and thereby deny your insurance claim. Make sure not to say things that will make it appear that you admit liability for the damage and that your claim is not covered by your policy.
Instances when determining your date of loss appears to be a tricky matter, you should consult an insurance claims expert who can give you appropriate advice on how to determine your date of loss. The expert can also help you negotiate with the insurance company if it insists that your date of loss is not covered by your policy.