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The pace of water claim payment from home insurance policies is notoriously slow. This can discourage independent firms or new service providers from entering the market. It is often possible to get paid faster with expert invoicing for water damage claims. Find out how outsourcing claim management could be the difference between timely and slow payment.
Insurance settlements for damage due to water can take months to pay out. There are several reasons why it might take some time to settle water claims:
Some types of damage are excluded
There is a possibility of secondary damage
Damaged structures may experience delayed effects
Rather than waiting for all of the details of a water damage claim to get hashed out, it may be possible for a restoration company to sell the claim. Either way, accurate invoicing and timely collections are helpful for expediting this process.
The advantages of outsourcing invoicing can be far-reaching. Accurate calculations can facilitate the processing of a home insurance claim from estimate to settlement. Insurers are also more willing to work with a company that has demonstrated the ability to make accurate service cost calculations.
Based on whether a service provider decides to keep or sell a claim, access to ready cash may be available sooner rather than later. Collections services can also work to expedite claim presentations and negotiations with insurers. A 3rd party billing service can make it possible for providers to get paid within 30 days instead of having to wait as long as two to three months.