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 Posted: Thu Dec 10, 2009 5:13 am Post subject: HO insurance settlement process |
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Dear friends, is it possible for you all to throw some light on the HO insurance settlement process?
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BillMcCarthy
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| Posted: Fri Dec 11, 2009 6:00 am Post subject: |
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| It's quite natural for all of us to inquire about the HO settlement process once we'd suffer a loss in terms of property or personal belongings caused due to a natural disaster. I guess it's a detailed process which requires a careful consideration of all important factors associated with the mishap. So, it requires time and assistance from your carrier and other financial aides. |
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steven
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| Posted: Mon Dec 14, 2009 7:44 am Post subject: |
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The first thing that comes to my mind is your interaction with your claims adjuster. As you know an adjuster's job is to inspect the house, evaluate your claim and then offer a sum of money towards the repairs.
You may choose to accept an on-spot settlement offer initially and then pursue it once more if you'd discover other damages later on. But I guess, you have to file the claim within an year.
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anonymous00
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| Posted: Tue Dec 15, 2009 1:47 am Post subject: |
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My guess is that the type of claim would ahve a pretty big impact on the process that's followed. For example, a burlary claim will be different to a fire one.
In most casesthough your contact will be with an assessor/adjuster first and foremost.
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heidrek
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| Posted: Tue Dec 15, 2009 9:33 am Post subject: |
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| Quote: | | You may choose to accept an on-spot settlement offer initially and then pursue it once more if you'd discover other damages later on. |
Make sure you know the settlement terms clearly. You'd probably get separate checks for damages done to the structure of your home and for the damaged belongings. You should also get another check for your living expenses while the place gets renovated. |
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RupertWBradson
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| Posted: Wed Dec 16, 2009 3:03 am Post subject: |
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| Quote: | | You'd probably get separate checks for damages done to the structure of your home and for the damaged belongings. You should also get another check for your living expenses while the place gets renovated. |
Really? I have never seen a carrier issue seperate checks for that. |
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Trench
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| Posted: Wed Dec 16, 2009 5:52 am Post subject: |
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| A check has to be endorsed by the mortgage co. or bank. The rights of the lender are equal towards the insurance check. This is due to his financial interest towards the property repairs. Money is initially put at the escrow account and distributed as the repair proceeds. |
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steven
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| Posted: Wed Dec 16, 2009 7:08 am Post subject: |
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| Quote: | | Really? I have never seen a carrier issue seperate checks for that. |
Any moderate to large losses always have multiple checks issued.
Usually:
1. Check for ACV structure
2. Check for ACV contents
3. Check for ALE
4. At least one check for RCV balance (maybe more)
5. Usually more then one check for RCV balance for contents depending how the insured sends in receipts.
There are also could be a check for an advance (usually large losses).
The real answer to the OP's question depends on the loss suffered.
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Dasfuk
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| Posted: Wed Dec 16, 2009 2:17 pm Post subject: |
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| Finished a fire last month. Besides the payoff, everything was in one check. Same thing for a barn that collapsed during a storm this summer, one check. |
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Trench
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| Posted: Thu Dec 17, 2009 10:56 am Post subject: |
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| Quote: | | Besides the payoff, everything was in one check. |
Do we suppose it varies from one carrier to another?
Or is it that the payment procedure varies depending on the nature of settlement?
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anonymous00
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| Posted: Thu Dec 17, 2009 12:02 pm Post subject: |
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| Quote: | | Do we suppose it varies from one carrier to another? |
ABSOLUTELY!
| Quote: | | Or is it that the payment procedure varies depending on the nature of settlement? |
ABSOLUTELY!
When I handled HO claims, it was common place to issue more than one draft. Just as Das laid out. As an example you can't hold an ALE payment until all the numbers are in on the claim...If you have a claim that includes different coverages (ie dwelling, PP, ALE)..I'd pay the PP when the proof of loss was in and reviewed, then that part was done, then when the dwelling info was in, the ALE as it was needed etc.
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Lori
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| Posted: Thu Dec 17, 2009 5:00 pm Post subject: |
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| I should have been more clear. ALE payment is always seperate along with a pay off. Everything else was one check. With the exception of say a vehicle that was lost. |
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Trench
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| Posted: Thu Dec 17, 2009 11:14 pm Post subject: |
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It's really company and even adjuster specific in most cases.
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Lori
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| Posted: Fri Dec 18, 2009 11:45 am Post subject: |
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I guess another challenge lies in selecting the contractor while building your home or doing the repairs. The home builders association in your locality could be one good source to provide you with the contractors' information.
You may check out with the BBB and the Chamber of Commerce whether such contractors have maintained the minimum insurance requirement as also the legitimacy of their license.
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SalesPro
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| Posted: Sat Dec 19, 2009 10:22 am Post subject: |
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| Make sure you get a number of estimates to compare and see, while you go for the repairs. Don't hurry to sign a contract with whoever comes first. Make sure that you have all things in writing and also have a couple of references. Roddick |
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roddick
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