Claims

There When You Need Us

Being there when you need us the most is not just a cliché. At Bankers Insurance Company our trained and dedicated claim professionals always settle or pay claims in a prompt and professional manner. Experiencing a claim does not have to be a stressful time. Our claim staff understands the emotional side of claims, and that rebuilding a life is just as important as rebuilding your property. A successful claim experience begins with empathy and ends with the feeling of satisfaction knowing that your insurance company truly does care. At Bankers, we care!

Below you’ll find the answers to many questions we are frequently asked. If you don’t find your question answered here, contact us and we’ll be happy to answer your question personally.

Claims Department

800-765-9700

Questions About Your Payment

800-765-9700


What to Expect when Filing a Claim

On all newly reported claims, you can expect a response from the Bankers Claim Department within 24 hours. In fact, 90% of the time, initial contact is made the same day the claim is reported.


Common Questions About Claims

How do I file a claim?

An insurance claim should always be filed as quickly as possible after the event. Your first step is to inform your agent of the situation. Then, to file a claim, call the Bankers claim hotline, 800-765-9700; or you may file a claim online through our “First Notice of Loss” process located in our Account Management section. It’s a simple, intuitive process that will guide you through filing your claim.

To file a claim:

1. Call your agent and report your claim. Be sure to leave a phone number where you can be reached. You can also call Bankers at 1-800-765-9700 or online in the Account Management section accessed through customer login.

2. An adjuster should contact you within three business days and schedule an appointment to assess the damage - walking you through the entire claim process and providing any necessary forms. Response times may vary depending on how many policyholders the adjuster is working with.

Documenting the damage before your adjuster arrives:

  1. If possible, photograph the inside and outside of the premises showing the damaged property and the height of the water.

  2. Separate damaged from undamaged property for the adjuster's examination.

  3. Itemize missing or damaged goods room by room. Try to:
  • locate receipts or proof of purchase
  • note manufacturer names, dates and places of purchase
  • write down serial numbers, prices, and dates of purchase

Discard any damaged property that presents a health hazard or could hamper cleanup (save a carpet sample so the adjuster can see the extent of damage). Be sure you can give your adjuster a clear description of anything you've thrown away.

Settling your claim:

  1. When the adjuster arrives, he or she will inspect your itemized list of damaged or destroyed property and work with you to calculate the value. It is important you and the adjuster are in clear agreement on what needs to be replaced or repaired.

  2. Let the adjuster know if you need a monetary advance or partial payment of your loss. This amount is determined based on the extent of damage and your coverage limitations.

  3. Your adjuster will prepare a repair estimate of damage to your property. If you disagree with the estimate, talk with your adjuster. If the issue remains unresolved, Bankers will arrange for the NFIP General Adjuster to make a final determination.

  4. Your adjuster will provide you with a Proof of Loss form - a sworn statement made by you, substantiating the insurance claim.

  5. Submit your signed and sworn Proof of Loss form to Bankers within 60 days following the loss. Upon receiving it, we'll send your claim check, usually within five business days.

Can I file a claim online?

Yes, once you have registered for an online account, you will have access to file a claim using our “First Notice of Loss” feature that will walk you through the initial claim registration process.

File a Claim Online


What should I do after I’ve filed my claim?

Depending on the claim, your actions will vary, but usually will focus on minimizing the damage. Keep all damaged items until the adjuster has had an opportunity to inspect the property and provide additional instructions. Items may be removed if they could cause further hazard to you or damage to your home.

Creating a record of your loss through the use of photos or video of the damage is also a good idea.


Will I be cancelled for filing a claim?

Bankers believes that peace of mind starts with the purchase of an insurance policy and should not end when that policy is used, because that is why we buy insurance.

It is important to note, the insurance industry is highly regulated and the authority to cancel a policy is governed by state regulatory guidelines. Insurance companies cannot be arbitrary in their cancelling of policies. Every policy decision is based on individual merits.

It’s not typical to be cancelled because you filed a claim. However, your policy may be non-renewed for a variety of reasons, including claim frequency and claim severity. While cancellation, for the most part, is a regulatory issue, non-renewal is a company decision. A company may elect to non-renew following a claim if it is determined that the lack of proper maintenance of the property contributed to the claimed damages, or if there is any element of fraud involved. Through your actions, you, as the policyholder, have a say in what happens to your policy!


How quickly can I expect a response?

On all newly reported claims, you can expect a response from the Bankers Claim Department within 24 hours. In fact, 90% of the time, initial contact is made the same day the claim is reported.


Will my rates go up when I file a claim?

Rates are determined based upon the square footage of the dwelling and the type of materials used in the construction of the dwelling, and not based upon claim frequency or claim severity. However, rate discounts are available for those policyholders with an exemplary claim history.


How long does it take to receive my settlement?

Routinely, checks are issued within 24–48 hours of settlement with the insured. There can be exceptions to this timeline based upon attorney involvement or other insurable interest issues. The 24–48 hour rule will apply the majority of the time.


What is an independent adjuster?

An independent adjuster, also known as an I.A., is an independent contractor hired by the insurance company to complete a field investigation of the claim on behalf of the insurance company. He is not an employee of the insurance company. The I.A. must be licensed and in compliance with the governing state’s continuing education requirements, and will, at all times, handle themselves in a professional manner while representing the insurance company. The use of independent adjusters is an accepted and commonly used business practice in the property and casualty claim environment.


Additional Questions


During a storm, a tree from my neighbor’s yard fell and destroyed my fence. Does my homeowners policy pay for the damage or does my neighbor’s policy?

Generally, your own policy should cover such a loss. The owner of the tree will only be responsible if you can prove the owner was negligent in causing the damage, or if the tree was dead or dying, and the owner of the tree failed to take the necessary actions. Your homeowners insurance policy may have a limited amount of coverage available to remove your neighbor's tree (or your tree) blown over by wind that damages an insured structure on your property. This will be explained in the Additional Coverages section of your homeowners policy.



If my roof was partially damaged by wind, does my insurance company have to replace my whole roof?

Loss for the direct physical damage would be covered if your homeowners policy includes Wind/Hail coverage. However, local building codes can influence the extent of your repairs; therefore, it is important to discuss the need for Ordinance or Law coverage with your agent and how it might affect your situation.



My home was recently broken into and I do not have sales receipts for the stolen items. What will the insurance company accept for proof of ownership?

If the actual receipts are not available, insurers generally will accept photos, warranties, owner’s manuals, canceled checks, credit receipts, bills, servicing agreements, or video tapes, as proof of ownership. It is very helpful to prepare some type of inventory of your possessions. You might consider taking pictures or videotaping your possessions now, before something happens to them.



Several items that I used for my business were stolen from my home. Why did my policy only provide coverage to pay part of my loss?

Most homeowners policies will cover business items up to $2,500 in your home or $250 away from your home, subject to your deductible. There are some exceptions to this limitation on business items, but it is important that you check your policy in each case. You should also be aware that there are other policies available that specifically cover business equipment. You should contact your agent to determine the cost of the coverage of these items.



My boat was stolen. Is this covered by my homeowner’s policy? Can they deny my claim?

Theft of watercraft, including furnishings, equipment and outboard motors, is typically excluded if the theft occurs outside your residential premises. To adequately cover your boat and its accessories, you should contact your agent regarding a separate policy.



My wedding ring was recently stolen from my home. I have replacement insurance on my personal property. I am only being reimbursed $1,000 for my ring when it will cost $3,000 to replace it. I don’t understand.

Most homeowners insurance policies limit the amount of theft coverage they pay for certain items, such as jewelry, furs and guns. You will need to read your policy to determine what the limit is. However, most insurance companies offer an endorsement for an additional premium which allows you to schedule your personal property (list the items individually and their value). You may need to provide the company with an appraisal of these items. This situation points out just how valuable and important this additional coverage can be.



All my compact disks were recently stolen from my car. My agent advised me there is no coverage for these items in either my auto insurance or my homeowners insurance policy. Is this true?

Almost all auto and homeowners policies exclude coverage for any losses of tapes, disks and other sound-transmitting or receiving equipment used in an automobile. Some insurance companies, however, will provide coverage for these items for an additional premium.



I have specifically insured antique items listed on my homeowners insurance policy. If I have a total loss, would I be paid their insured value?

Your insurer would first confirm the value of the items with one or more independent antique dealers. You should then be paid a dollar value based on the dealer(s) estimate of the worth of the antique items. The limit shown for each item is the most the insurer would pay in the case of loss or damage to the item. You should also keep your appraisals up to date and adjust the insured value accordingly.



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