Blog Articles

9 Tips… How To Deal With Insurance Adjuster After A House Fire

Learn how to deal with insurance adjuster after a house fire is overwhelming for policyowners. The process involving countless meeting,  lots of paperwork and boatload of unknowns. Will explain more below.

Your First Meeting with Company Adjuster

During your first meeting with your insurance adjuster. It’s normal they ask several question regarding the fire. Some of the questions you may have answered when you submitted claim. It’s very important to keep your answers short sweet and consistent. From the first conversation til the last.

Always Be Honest No False Statements

One of the conditions of your policy says something like this State Farm policy. Concealment or Fraud This policy is void as to you and any other insured, if you or any other insured under this policy has intent...

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pipe bursting Blog Articles

Pipe Bursting… Discover if Your Personal Property Covered By Insurance

As a homeowner, understanding your insurance policy and whether you are covered for pipe bursting. We will discover if your personal property is covered. Let’s peel back the layers of a basic homeowners policy and get some answers.

The Personal Property

The Smith family, who was a middle-aged couple, received an inheritance of personal property after the death of one of their parents. The amount of personal items was so vast that their entire basement eventually became filled with a mixture of furniture, trinkets and whatnots.

Pipe Bursting

As time passed, they experienced a pipe bursting. Water came from everywhere, submerging their basement entirely and resulted in severe water damage to all of the property as well as their flooring and walls...

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subrogation definition Blog Articles

Subrogation, After Appliance Fire What to Expect

Starting with the dictionary, subrogation definition is the substitution of one person or entity for another, especially when substituted party becomes responsible for a debt or legal claim.

Simple definition is the process of recovering amounts paid under an insurance policy by a third party.

Definition used by the insurance industry is the right of the insurer to pursue legally a third party that causes an insurance loss to the insured.

Subrogation Parties:

  • The insured or policyholder: party who has suffered a loss
  • The insurer or insurance company: party who has compensated the insured for all or part of the loss
  • Tortfeasor, company or manufacturer: party who is responsible for the damages through negligent acts

How Subrogation Work

Recently worked a loss where Ms...

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Blog Articles

How To Get the Most from Valuation Methods

Insurance policies have different valuation methods and insurance companies have different markets, guidelines, options, strategies and customers they want to attract. Having a proper understanding and comprehend of these valuation methods will help you decide which is the best policy to purchase. 

  • Actual Cash Value/ACV

The basic valuation methods can be found in real estate policies. By taking the replacement cost value and subtracting depreciation. That is what  insurance company adjusters determines the cost associated with rebuilding a property or returning it to is previous state.

  • Replacement Cost/RCV

Another valuation method that provides for the replacement of an old damaged property with a newer version taking into account present day construction or replacement cost ...

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Blog Articles

Deductible Choices

Deductibles can be defined as the amount of money a policyholder has to pay out of their pocket for damages or loss suffered before the insurance company settles the claim. If a claim is filed,  the amount considered will be subtracted from the total amount claimed. Let’s assume, you have deductibles of $1,000 and file for a claim of $100,000, the insurer will pay you $99,000 for that claim.

Deductible Types

Deductibles can be classified into two:

  • Percentage based
  • Dollar amount

The difference between the two methods is the calculation. how your property is being valued. Once it has been calculated, the amount attributable to the policy is fixed for the duration of the policy.

How to Choose Deductibles for Your Policy

The best thing to do when taking out policy is to make sure that th...

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Blog Articles

Demand Overhead and Profit/ O&P

When you don’t get оvеrhеаd аnd рrоfit (O&P) уоu could lоѕе tеnѕ оf thоuѕаndѕ of dоllаrѕ which you are еntitlеd to соllесt. Yеt many policyholders find themselves fоrсеd to use ѕаvingѕ or bоrrоwеd mоnеу tо соmрlеtе repairs. This ѕhоuld not happen in most cases.

Depending on your policy you should not have to соmе оut of pocket mоrе thаn уоur dеduсtiblе fоr rераirѕ оr replacement, if so уоur claim hаѕ not bееn hаndlеd соrrесtlу.

Overhead and Profit Disagreements

There are many diѕаgrееmеntѕ hоw insurance companies hаndlе оvеrhеаd аnd рrоfit. I hаvе handled сlаimѕ for insurers whо mаndаtеd that O&P muѕt be rеmоvеd оn аll repair estimates. Sоmе inѕurеrѕ will pay O&P, 10% оvе...

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fire hazards Blog Articles

Fire Hаzаrdѕ and How to Prevent

Fire hazards exist in еvеrу hоmе, аlthоugh some potential ѕоurсеѕ of fires аrе lеѕѕ obvious than оthеrѕ. It iѕ important for hоmеоwnеrѕ аnd rеntеrѕ to be aware of the riѕkѕ of firеѕ аnd tо tаkе аdеԛuаtе ѕtерѕ tо рrеvеnt thеm. Aссоrding tо thе U.S. Firе Adminiѕtrаtiоn, thеrе аrе аlmоѕt 400,000 residential firеѕ еасh уеаr across the nation, causing mоrе thаn 14,500 injuries аnd аlmоѕt 3,000 deaths еасh уеаr

Potential Fire Hаzаrdѕ In Hоmе

Overloaded outlets аnd еxtеnѕiоn соrdѕ. Mоѕt people plug fаr tоо mаnу appliances into a single роwеr cord. An оvеrlоаdеd оutlеt mау spark аnd саuѕе a fire.

Flаmmаblе household сhеmiсаlѕ, gаѕоlinе, оr раint ѕtоrеd nеаr a heat ѕоurсе...

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Blog Articles

Collapse Defined

Under standard property insurance forms, the term collapse has undergone several changes both as an peril and an exclusion. Perhaps the most perceived way to define collapse is as a ”loss of actual shape, the sudden fall, or flattening of a building into a heap of rubble”. Note that the definition does not indicate a complete destruction of the building, there must be considerable loss or damage for the property to trigger collapse coverage.

However, some courts regard the definition of collapse has been ambiguous and susceptible to different interpretations by the insurer as well as the insured.  As a result of this, it was therefore acknowledged that the method to define collapse should be interpreted as “substantial endamage of the actual structural integrity” of the property.

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Blog Articles

Understanding Inundation & Flood Insurance

The inundation definition according to the dictionary is the rising and spreading of water over grounds. In most cases, it is used synonymously with flooding when there is no risk of ambiguity.

Inundation and Knowing Your Coverage 

Where water covers a property whether a burst pipe or flooding river, it can lead to extensive damage on the property and its contents. Therefore important to understand if your policy has coverage for inundation and to what extent it is covered. In most cases, it is paired with flood insurance and built into different types of insurance policies inclusive of a commercial or personal property and its contents.

Inundation and The Insurer

For the insurance company, a major factor for making an informed decision on whether to shoulder the burden of a risk (insur...

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Vacant House Blog Articles

How Vacant Property Affect My Policy

Define vacant property lacks sufficient furniture for an individual to reasonably occupy. Void of presonal items and people. The occupant has moved or no longer there. An indication would be the sparse furnishings, lack of daily conveniences and proper appliances causing very uncomfortable living conditions.

Unoccupied Defined

Unoccupied when property voids people. There can be furniture but lacks people. Neither occupant or doing construction.

Insurance companies will not continue coverage

When a property continues to lie vacant for more than a reasonable period of time 60 consecutive days, the insurer will be less likely to continue with the coverage.

There are few insurers willing to provide cover for a vacant home.

They would either be non-renewed or cancelled for this reason...

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