Property Claim Service

Are There Tax Implications When My Claim Settles?

admin — Tue, 07 Mar 2023 00:08:15 +0000

In general, insurance claim settlements for personal property damage are not subject to federal income tax. This is because the settlement is intended to compensate the homeowner for their loss and put them back to where they were financially before the loss. The insurance payment is not considered income, in that it doesn’t put you in a better position than you were prior to the loss.

However, there are some exceptions to this rule – particularly in the rare instance when a settlement payment includes interest.

It’s important for homeowners to consult with a tax professional or financial advisor to fully understand the tax implications of an insurance claim settlement for personal property damage. They can provide guidance on how to report the settlement on their tax return and help ensure that they are in compliance with all applicable tax laws.

The post Are There Tax Implications When My Claim Settles? first appeared on Property Claim Service.

Coping With the Emotional Loss of Your Property

admin — Tue, 07 Mar 2023 00:00:19 +0000

Experiencing the loss of personal property after a tragedy can be a traumatic and emotionally challenging experience. Here are some ways to cope with the emotional impact of losing personal property:

Allow yourself to grieve: Give yourself time and space to feel your emotions and grieve the loss of your personal property. It’s important to acknowledge your feelings and allow yourself to process them in a healthy way.
Seek support: Reach out to family, friends, or a mental health professional for support. Talking about your feelings and experiences with others who understand can help you feel less alone and more supported.
Focus on the positive: While it can be difficult, try to focus on the positive aspects of the situation. For example, you may be grateful that everyone in your household is safe, or that you have insurance to help replace your lost items.
Practice self-care: Take care of yourself physically and emotionally by getting enough rest, eating healthy foods, and engaging in activities that bring you joy and relaxation.
Create new memories: Focus on creating new memories and experiences to help move forward from the loss. This may include finding new hobbies, exploring new places, or spending time with loved ones.
Consult a mental health professional: If you find that your emotions are overwhelming and interfering with your daily life, consider seeking professional help from a mental health provider who can help you develop coping strategies and provide support during this difficult time.
Consider hiring some help: It can take a lot of the burden off your shoulders to hire a professional who is experienced in putting together personal property inventory lists and valuations for large loss insurance claims. Hiring a professional can mean getting your list completed faster, getting paid more (since your list will be more complete), and getting your life back to normal as quickly as possible.

Be easy on yourself and realize that you’ve gone through a very traumatic experience and it’s normal to feel at least some degree of grief. Just remember that life will get back to normal eventually and this tragedy will soon be in your rear view mirror.

The post Coping With the Emotional Loss of Your Property first appeared on Property Claim Service.

Hiring Professional Help

admin — Mon, 06 Mar 2023 23:28:57 +0000

Working effectively with any hired claim support for your personal property/contents is an important part of the process. Here are some best ways a homeowner can cooperate with their claim support:

Provide complete and accurate information: Be sure to provide all of the necessary information related to your claim, including any documentation, photographs, and receipts related to your damaged property. The more complete and accurate your information, the more accurate your inventory and valuation will be.
Communicate promptly: Maintain open communication throughout the process. This includes responding promptly to phone calls and emails. Often the claim is halted while waiting for your reply, so it’s important to respond promptly to keep things moving along.
Be responsive to requests: Your hired support may need additional information or documentation from you during the claims process. Be sure to respond promptly to these requests so that the process can move forward efficiently.
Trust their expertise: People involved in claim support have expertise in this process and can help guide you through it. Be open to their suggestions and recommendations, and trust that they have your best interests in mind.
Stay organized: Keep all of your documentation and information related to your claim organized and easily accessible.

By following these best practices, homeowners can work effectively with their claim support professional and get through the process as quickly and efficiently as possible.

The post Hiring Professional Help first appeared on Property Claim Service.

Do You Trust Your Memory?

admin — Sun, 12 Feb 2023 18:59:14 +0000

When it comes to documenting personal property, how confident are you that you remembered to list everything? When homeowners try to create a list on their own, they often hit the high points (large items – such as furniture and expensive items), but leave out of lot of the smaller items that get lost in the shuffle (and can add up to a lot of value in your claim). You might not think it’s a big deal or that you’re leaving much money on the table, but you would be very surprised about that.

We recently worked on a claim for a couple who thought they had a good idea about the value of their items. By the time we finished our work using our revolutionary Memory Jogger system, we added over $50,000 more than what they thought they had! Even after our fee was paid, they had a lot more money in their pocket to replace their legitimately damaged and destroyed items than they would have had if they didn’t retain us. Our Memory Jogger system is unique in the industry and will help you remember all the things you lost in your insurance claim.

Getting professional help with your personal property claim will give you a larger settlement in a quicker amount of time. What do you have to lose? Give us a call for a free phone consultation today at (602) 661-9086.

The post Do You Trust Your Memory? first appeared on Property Claim Service.

When Can I Dispose of Damaged Personal Property

admin — Sun, 12 Feb 2023 18:58:46 +0000

Most homeowners get frustrated looking at piles of their damaged possessions. It creates a lot of emotion and many people just want it gone so it’s not a constant source of the tragedy. However, disposing of it before it’s been paid for by your insurance company can backfire on you. Your insurance company has the right to inspect any damaged property as often as necessary in order to validate your claim for damage. So, even though you may have photos of various items, if you haven’t got an agreed replacement cost value in writing, I would hang on to it.

It is also important to check with your insurance company and follow their guidelines for disposing of damaged personal property and contents. They may require that the items be kept until their adjuster has had a chance to inspect them, or they may require that the items be kept until they have completed their investigation.

In addition, it is important to follow local laws and regulations for disposing of damaged personal property and contents – particularly if there is any asbestos contamination or sewer water contamination. Many municipalities have rules regarding hazardous materials or environmental concerns.

In general, it is recommended that homeowners do not dispose of any damaged personal property or contents until they have settled with their insurance company and followed their guidelines. Disposing of items prematurely may result in a lower settlement from the insurance company.

The post When Can I Dispose of Damaged Personal Property first appeared on Property Claim Service.

What is ACV vs RCV?

admin — Sun, 12 Feb 2023 18:58:23 +0000

ACV and RCV are two different types of coverage that affect how much compensation a homeowner will receive for damaged or destroyed property.

ACV stands for “actual cash value,” which takes into account the replacement cost of the damaged property, less any depreciation. This means that the insurance company will provide compensation based on the value of the damaged property at the time of the loss, taking into account factors such as age and wear and tear.

On the other hand, RCV stands for “replacement cost value,” which is the amount it would cost to replace the damaged property with new items of similar kind and quality, without accounting for depreciation. This means that the insurance company will provide compensation based on the full cost of replacing the damaged property with new items.

What normally happens is that your insurance will pay you the depreciated value up front (the ACV amount), then as you begin to replace your damaged items and submit receipts to your insurance company, they will pay you the withheld depreciation. Here is an example:

Your TV has a replacement cost of $600 and an ACV value of $300. Your insurance company will send you a check for $300 up front. Then, once you’ve replaced the TV with a new one and send in the receipt to your insurance company, they will reimburse you for anything you spent over the $300 ACV up to $600. Let’s say you spent $589 for a new TV, your insurance company will reimburse you for $289. Clear as mud, right? Don’t worry, we’ll help you understand the process and answer all your questions.

If a homeowner has ACV ONLY coverage, they will receive compensation for the value of their damaged property after depreciation has been taken into account. If they have RCV coverage, they will receive the ACV (or depreciated value) up front, and then once they replace the item, they’ll be eligible to be reimbursed for the difference up to the agreed upon RCV amount.

It is important for homeowners to understand the difference between ACV and RCV when choosing their insurance coverage and when filing a claim. RCV coverage typically has higher premiums, but it will typically provide better coverage and higher compensation in the event of a loss.

The post What is ACV vs RCV? first appeared on Property Claim Service.