A lot people who have insured themselves and their businesses do not know that they can also get an advance payment for their insurance claims. When there is a huge loss like a tornado, big water damage, flood, hurricane or wildfire, the insured can get some part of their insurance money as an advance payment as their claim. This comes as an immediate relief to the insured in tough times when he has lost almost everything that he owned. For example, if the insured has lost all his belongings and needs some clothes and shoes and some food immediately, then these advance payments are a great help. This can also be done when the insured have suffered huge losses in their business and needs more money to start running their business again.
A lot of indemnity insurance companies widely accept the custom of paying advance payments, however, one thing to keep in mind is that there is nothing written in the policies specially. The insurance companies extend this as a courtesy to their policyholders in difficult times. The insurance companies don’t really come upfront and offer the advance payments but if the insured will make a request, they surely recognize it.
