The company approved my home insurance claim and I have been informed that the company will be taking the next steps to finalise payment. What does this mean?
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Answer by Neha Sharma, Hillsdale 2036 NSW
- If your insurance company agrees to pay a claim then the following decisions are made by your insurer:
- whether to repair or rebuild your home;
- whether to pay you a lump sum to carry out the repairs; or
- whether to pay you the sum insured for your home.
- Some insurance companies offer a replacement home while repairs are being carried out.
- You should read your insurance policy carefully to see what is covered.
- Under most policies the insurance company holds the authority to make a decision about how you will receive your claim.