When an insured event affects your home and your insurer is ready to look into your claim, it might require a statement of loss—a written statement of the loss you suffered, what caused it, and the amount you are claiming for it.
Learn what to include in your statement of loss and when to file it with this ultimate guide.
The major question is, "What is a proof of loss?" It is a sworn statement that describes an insured loss and the amount being claimed. A statement of loss may be called a sworn statement in proof of loss. With some policies, you may be required to sign the proof of loss document and/or have it notarized or complete a form provided by your insurer.
A statement of loss differs from an insurance claim. It supplies details that the insurance company uses to determine what to pay on the claim. There are different documents such as photographs, receipts, estimates, invoices, inventories, and other documents that support the information contained in the statement of loss.
Not all claims require the same proof of loss form. Read the directions for your insurance claim thoroughly before filling out the document.
The statement of loss form requires:
It must be true and backed up by evidence. If you are unable to find a receipt or other documentation, don't make it up. Ask your insurance company what other form of proof it will accept.
If you're wondering how to complete a proof of loss, read the policy and instructions. Be sure to know your insurer's instructions before you fill out a statement of loss. Find the parts of the policy that explain what you're supposed to do after you have a loss. Find out what form you will need to fill out, when you must deliver it, and whether you have to sign it in person or can sign it later.
Finish your documentation before completing the proof of loss forms. There may be documentation available to back up your claim, such as photos, videos, invoices, prices from your contractor, inventories, etc. Make sure that you report every amount you mention on the form according to your documentation.
One way to structure a statement of loss is by asking three questions: what caused the damage, what was damaged, and what will it cost to repair or replace? This will establish a better link between the damage and the amount that is being claimed.
Your proof of loss deadline is not the same for all insurance claims. The deadline you're subject to might be in the policy, provided to you by the insurer, mandated by state law, or specified by the insurance program. A 60-day period is sometimes used by a policy or program, but never assume.
Take time to prepare your supporting documentation before completing the forms for a statement of loss. You may have supporting documentation that helps substantiate your claim, for instance photographs, video recordings, receipts, prices from your contractor, inventories, etc. Make sure that you report every amount you mention on the form according to your documentation.
A claim that doesn't make a proof of loss deadline can have dire consequences, based on the policy and regulations in the policy. Don't wait until the last day if you haven't submitted the required papers.
Evidence of loss claim forms provide the insurer with a methodical record of your loss and the value of the claim you are making. The proof of loss insurance also helps you keep your claim evidence organized.
Be accurate. Every unsupported amount, omission, incorrect form, or non-compliance with the signing requirements may result in questions or rejection of the statement of loss. Double-check the completed statement of loss form before mailing.
Often, small errors in the paperwork can add unnecessary strain to an already stressful claim. Take care to avoid these usual mistakes:
In the event the insurance business states that you simply did not leave behind the statement of loss correctly or within the right period of time, see specifically which need was not met and address it when creating.
Save this form and the documents you submitted for your statement of loss. If you have a receipt or other proof that you sent your documents, keep a copy of it.
Once you file your statement of loss, you may be asked for further information by your insurer. Respond promptly and keep a record of the additional information you give to your insurer. Make inquiries about including new evidence or damage on your claim.
A statement of loss is not a mere certificate of coverage or a guaranteed settlement. The insurer will go back and look at the policy, evidence, cause of loss, coverage limits, etc.
A proof of loss provides an insurance company with a formal statement of the damage sustained and the amount of the claim. The best statement of loss is true, can be backed up with easy-to-verify evidence, and is done in a way that meets policy rules.
Check the statement of loss form, be sure of the statement of loss deadline, retain copies of your documents, and inquire when requirements are not understood.
Maybe. Receipts definitely help, but you can use other records too. Think photos, bank statements, warranties, purchase histories, even invoices—anything that shows you owned the item and what it was worth. If you can’t find your receipts, pull together what you have.
Not always. It really depends on your insurance policy, the company, and the situation. Some claims go through with just the basics, but sometimes they want a formal statement of loss and extra paperwork before they’ll process anything.
Yes. If they’re covered, list them and be as clear as you can about the damage. Don’t just ask for a whole new item if it’s repairable. Photos, repair quotes, and expert opinions come in handy to show what’s needed—repair or replacement.
They can. Sometimes they review your statement of loss and want more detail or clarification before they settle. When that happens, respond with whatever they ask for and keep copies and records of everything you send—and any conversations you have—just in case.
Look at how your insurer worked out the value and compare it with your proof. Get them to tell you how they worked out the value and to see your estimates, receipts, and records. If you’re still miles apart, it might be time to talk to a professional or get legal advice specific to your claim.
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