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 Posted: Tue Jan 06, 2009 8:14 pm Post subject: Appreciate advice on claim |
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FirstTimeOwner
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| Posted: Wed Jan 07, 2009 10:20 am Post subject: |
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| The policy document must have detailed out the coverage available to you. Hence, the best way to know would be to re-read the policy document. |
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simon
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| Posted: Wed Jan 07, 2009 11:03 am Post subject: |
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| Quote: | | The policy document must have detailed out the coverage available to you. Hence, the best way to know would be to re-read the policy document. |
I'd say that most importantly you should check the exclusion part of the policy since the sewer backup insurance can have more that one exclusion included in the plan.
The policy might not entertain a claim that hasn't arisen from an accidental cause. If it can be proved that the owner could have avoided the damage through maintenance, the insurer can deny the claim.
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maverik-carlos
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| Posted: Thu Jan 08, 2009 1:04 pm Post subject: |
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Oh First time what a mess...I'm sorry you're in this...
Since you were smart enough to endorce your policy with sewer back up, you should be in fine shape, it will also cover the damage caused by the back up...if your carrier sees a subrogatible right somewhere (the inspector maybe) they will go back them after paying your claim but I doubt that will happen...the way those inspection contracts are written you can't hold those inspecters liable for anything...without reading your policy i would say that you are setting good to have all of this covered, read the endorsement for sewer back up seeing what exclusion may apply...
When is the adjuster to come out?
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Lori
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| Posted: Thu Jan 08, 2009 10:10 pm Post subject: |
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Thanks for your advice folks. The adjuster just left. Good news and bad news. We do have sewer and drain coverage, but it doesn't cover faulty workmanship on the part of the previous owner, nor does it adress something missed by the inspector. However, any damage caused by the drain backup is covered. A 10x10 chunk of laminate flooring and a much larger section of carpet and pad were soaked and may need to be torn up and replaced. We just sunk $185 in a carpet cleaner to try and save the carpet/pad, but three days after heavy duty blowers flapping the carpet, the carpet is bone dry but the pad is still damp. So it may very well need to be ripped out and replaced. She said she will have an estimate to us by Monday.
So now I have a new set of questions for you folks. My wife and I have a $1000 deductible--steep, I know, and we're kicking ourselves now for having such a high deductible. Depending on the estimate, do you think it'll be worth making the claim, or is replacing carpet pad something that you would just do yourself? |
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FirstTimeOwner
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| Posted: Fri Jan 09, 2009 12:31 am Post subject: |
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| I am not sure but since the adjuster was already out you may not have the option of "unfiling" the claim. Lori should be back to answer this for sure. Don't kick yourself too much over the high deductible. It takes once for something like this to happen before people relize how much better the lower deductible would have been. Stick around someone should be by soon to give you a more skilled answer. |
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fireyone
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| Posted: Fri Jan 09, 2009 2:47 am Post subject: |
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If you are capable of replacing it yourself then it will probably be well below your deductable, if it were me I would try to do it myself if you are capable. Filing a claim will more than likely raise your premium also.
Hang out though I am sure there are others that will come along and add their thoughts, goodluck hope you can get enough advice here to make the right decision. |
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goodnatured
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| Posted: Fri Jan 09, 2009 5:02 am Post subject: |
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Hello and welcome back firsttimeowner....it sometimes pays off having high deductibles on the plan since it keeps the unwanted claims out of the policy. The more number of claims you file against your plan, higher are your chances of paying larger premium in the future.
What is the total worth of the claim? If the claim amount is less than deductible the claim will automatically get void. The visit of the adjuster doesn't imply that the claim is irrevocable.
~Jeremy |
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JeremyHolter
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| Posted: Fri Jan 09, 2009 5:12 am Post subject: |
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| Quote: | | It takes once for something like this to happen before people relize how much better the lower deductible would have been. |
You are right Fiery that lower deductible amount may help the policy holder to reduce the amount paid out of pocket, but at the same time it increases your premium rate quite significantly. On the contrary, higher level of deductible lowers your premium rate immediately. Many policy holder enjoy this rate cut by channelizing the money into other direction. And, if you are careful with your money and save regularly, higher deductible rate at the time of need isn't hard to meet.
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bandit baby
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| Posted: Fri Jan 09, 2009 5:14 am Post subject: |
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I understand that by replacing it on his own the OP would be saving in terms of the deductible. But at the same time I think there are some things in life for which we should never compromise. If we ought to replace something it should be for our best interests and not merely for saving a few bucks!
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anonymous00
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| Posted: Sat Jan 10, 2009 2:11 pm Post subject: |
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Glad you have the claim under control, re: deductible, I personally carry higher deductibles, in my case, the reduction in premium only takes about two years to pay the difference in the deductible...so don't automatically lower your deductible...check on the premium difference first...
RE: the claim...if the entire claim is less than your deductible, then there is no question they will simply CWP (close without payment) the claim. If I were you and the payment is minimally above your deductible, I would ask the adjuster if your premium will increase due to this claim payment if so, I would ask they not make a payment....you will (just like the deductible) need to weigh this out. Do let us know how this turns out, it may benefit another...
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Sat Jan 10, 2009 9:37 pm Post subject: |
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| Filing a claim and then cancelling it will not put up any red flags? or raise your premium???? |
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goodnatured
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| Posted: Sat Jan 10, 2009 10:16 pm Post subject: |
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No it shouldn't however if it's a new policy this might...cwp'd or closed without payments shouldn't affect them...but this is a state, and company thing...too late anyway in this instance, because they have already filed a claim...but (atleast in my state) non-payment on a claim should not cause a rate up.
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Sun Jan 11, 2009 2:18 am Post subject: |
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That is good to know, some times people panic when an accident initially happens and call the insurance company right away. I had rebar fly up, hit my car and take out my windshield. I had no clue what a windshield costs, I called my insurance company right away in panic, wondering if they would cover it, they wouldn't, it ended up being way lower than my deductable anyway and I ended up replacing it myself.
I think it is a reaction to the accident initially and then once the dust settles and the nerves calm, I seen things a little more clearly. |
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goodnatured
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| Posted: Sun Jan 11, 2009 2:49 am Post subject: |
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| That makes perfect sense to put back your deductable, I never thought of that, would probably save a ton. I could easily do that here in a few months, even if I put half of it back, would not be too tough to come up with the rest. Great idea Lori, I may just do this. |
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goodnatured
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