Would love information on how best to cash out of my insurance policy.
Tamara Rawitt asked 1 week ago 1 Answers
Hi Tamara,
Your insurance policy provides indemnification when a covered loss occurs. This could be to your dwelling, other structures, contents, etc, which we refer to as your ‘buckets of coverage.’ The first thing you should do is secure a copy of your policy and review your coverages and limits. If the value of your loss far exceeds your coverage limits, then you can request – in writing – your carrier to issue ‘policy limits’ across your coverage buckets. UP is working on crafting a ‘request for policy limit claim settlement’ letter….
If your loss does not exceed your coverage limits, then you will need to quantify your loss with your carrier. Once this is established, you can make a formal demand for settlement. Check out this UP resource for more information:
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