by RichardDavis » Wed Mar 27, 2013 07:25 am
Before the insurance adjuster arrives, contact a few contractors in your area to get estimates of what it will cost to restore your home to its original condition.If the insurer matches those estimates, great. If not, you’ll have a better sense of how much more you need to push for. If your carrier won’t budge from an offer you feel is too low, invoke the appraisal clause that’s part of most homeowner policies.
You’ll need them to claim the share that was held back once the job is done. Also be aware that many insurers may be willing to advance the full replacement cost up front once you sign a contract with a builder to do repairs - if you ask.
You’ll need them to claim the share that was held back once the job is done. Also be aware that many insurers may be willing to advance the full replacement cost up front once you sign a contract with a builder to do repairs - if you ask.
Posted: Sat Mar 30, 2013 06:20 pm Post Subject:
the appraisal clause can typically cost the insured $1,500 or more in costs for their appraiser and for their share of the umpire. Also costs from contractors are typically as much as 50% to 70% different. Finally I just noted the original post is from a public adjsuter, whose estimates are usually at a minimum, inflated 100% over actual costs, typically around 500% to 1000%. over actual costs.
Posted: Sun Mar 31, 2013 12:59 pm Post Subject:
a public adjsuter, whose estimates are usually at a minimum, inflated 100% over actual costs, typically around 500% to 1000%. over actual costs.
Cite your proof of this assertion. Or are you just posting anecdotal information?Posted: Sun Mar 31, 2013 06:33 pm Post Subject:
The only way a Public Adjuster can make an insured any money is if 1) The insurance company was not going to pay the correct amount owed and the PA gets the amount increased to the correct amount of 2) The PA gets an inflated amount paid on a claim. #1 requires that the insurance company not be willing to initially paid the correct amount owed.
I addressed a claim a few months ago where we offered to pay $450k and the PA wanted $650k. Umpire came back at $550k and we paid it. The PA was not happy at all and wanted to "discuss" with the umpire how he arrived at his figure (does not matter once two parties agree to the amount).
Appraisal clauses are not worded very well in most policies. For example, does the umpire review the entire estimate from each party or just the differences? The policy is not clear on this. Also, does the umpire come up with his/er own amount or do they have to pick one or the other? Again, not clear.
Posted: Wed Apr 03, 2013 01:47 am Post Subject:
The umpire in most cases splits the baby.
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