 Insurance claims are difficult and not easy to navigate especially when you try to handle them on your own.
Many times, insurance companies will request documents that need to be filled out without explaining what they are or why they need it. After speaking recently with a property owner who was upset that she did not receive enough money for her claim, I requested a copy of her claim file. While reviewing the documents, I noticed she signed a Release with her insurance company. What is a Release? A Release is a legal document that releases an insurance company from further obligation related to a specific claim, in exchange for a final settlement amount. The Release will generally outline the terms and conditions of the settlement, and the amount of the settlement as full and final settlement of the claim. What If Only A Portion Of The Claim Is Settled? If only a portion of the claim has been settled and the insurance company requests a Release, you can ask them to release the undisputed payment i.e., the amount of money they say the claim is worth. If they do not want to do so without a signed Release, then it is important to request that they leave the other coverages open and excluded from the release. Should I Sign a Release? The release is sometimes an essential part of the claims process to finalize the claim and prevent future disputes or legal action related to the claim. It is important to understand what you are signing, and it is always recommended for any legal document to be reviewed thoroughly. If you have signed a Release for full settlement of your claim, know that by signing it, the claim will be full and final and forever closed. Choose a Team You Can Trust Settling insurance claims is a complicated, and often, an overwhelming process. Allow us to give your claim our personal attention. The adjusters at Reliant Insurance Adjusters have decades of hands-on experience, not just in public adjusting, but also as insurance appraisers and umpires. We provide complimentary policy and claim reviews. Contact us today.
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 Our clients always ask us for assistance with reviewing their property insurance policies, especially prior to their renewal.
Often times, I am told that they have tried to contact their insurance agent to explain the coverages but are unable to get them on the phone. There are many insurance agents in the market, so you want to make sure you work with someone who is honest, ethical and has your best interest before their own. What To Look For In A Good Insurance Agent
Characteristics Of A Bad Insurance Agents
Choose An Agent You Can Trust It is important to be aware of the distinctions between good agents and bad agents, because it is not always transparent. Always be proactive by researching the agent and the agency they work for. Read their reviews, seek recommendations from people you know and trust. And lastly, verify their credentials. These practices will help you make an informed decision to choose an agent that will safeguard your interests by selling you the best policy to protect your property. We Are Always Here To Help Because we deal with insurance claims on a daily basis, we also know which insurance companies are fair when it comes to their claims handling practices. We also know good agents that will protect client’s needs before their own, just like us. We also provide complimentary policy and claim reviews. Contact us today.  If you live in Florida, you may have experienced sudden and catastrophic losses such as hurricanes, water damage and flooding. These events can cause damage to your property, and leave you in a position of possibly having to replace your roof, as well as repair damage to the interior of your home. The questions is … can you rely on your insurance company to cover all the damage?
During a recent conversation with my business partner Scott, we discussed the erosion of coverage that has gone on over the years. More recently, insurance companies have added endorsements into their policies that most policyholders may be unaware about. Will this affect my coverage? Whether it’s water damage or roof damage, repairs or replacement is typically covered in the dwelling coverage of your policy, providing the damage has been caused by a covered loss. I cannot stress enough that you need to make sure you understand and know what your policy covers, limits, or excludes. Insurance companies are implementing Limited Matching Coverage Endorsements into their policies. Unbeknownst to many of our clients, when their policy was renewed, the renewal had the endorsement which reads: Coverage A – Dwelling and Coverage B – Other Structures Limited Matching Sublimit We will repair or replace undamaged property due to mismatch between undamaged material and new material in adjoining areas if repairs or replacement are reasonable according to items a. through c. below. In determining the extent of the repairs or replacement of items in adjoining areas, we will consider all relevant factors, including, but not limited to: a. The cost and/or expense of repairing or replacing the undamaged portions of the property; and b. The degree of uniformity of appearance that can be achieved without such cost and/or expense; and c. The remaining useful life of the undamaged portions of the property. The total Limited Matching Coverage is 1% of the Coverage A limit of liability for repairs or replacements of any undamaged part of the building or its components solely to match repairs made to damage as a result of a covered loss. This limit includes costs for tear out and debris removal. This limit of liability does not increase the Coverage A or Coverage B limits of liability shown on the Declarations page, nor does it apply to damage otherwise limited or excluded in the policy. What does this mean? It means that you are paying higher insurance premiums for less coverage. These endorsements and limitations in your policy are detrimental and could cost you large sums of money for needed repairs should you have a claim for property damage. To add insult to injury, some policies have a $10,000 water damage limit which includes mitigation and mold coverage. So, no matter how much damage you sustain, your claim settlement would be limited to only $10,000 with this coverage. What about my roof? I previously wrote about the roof depreciation schedules that insurance companies have implemented. If you sustain damage to your roof and it needs replacement, the amount of coverage to your roof will be depreciated by the age of your roof. If you have a roof depreciation schedule in your policy, you will not be able to recover any of the depreciation that would be deducted, which could leave you with large out of pocket expenses to complete your repairs. What can you do? The bottom line is … make sure you understand and know the coverage in your insurance policy. Contact us today for a free policy review and learn how we can help. |
