Property Insurance and Disaster Recovery - Series Part 1

Whether man- made or naturally occurring, a disaster can imperil even the most rock- solid business. Not shockingly, the very survival of a business often hinges on how quickly and how completely it is able to recover from the catastrophe.

In today’s competitive environment, it is easy to get wrapped up in the daily details of running a business. While this mind- set helps get the job done, it can be overdone, particularly when it leads to tunnel vision. As recent disasters have vividly demonstrated, the choice between focusing on daily operations and planning for future disasters is no choice at all — planning is essential to the survival of the enterprise.

As such, developing a disaster recovery plan and assembling a team to implement that plan, before the loss occurs, is invaluable. While generally no single disaster recovery plan will be right for every business, this week we bring you some insurance and property considerations that require prompt action when a disaster occurs.

 

Damaged Home? How To Get An Insurer To Pay Up - Part 3

Tornadoes. Hurricanes. Wildfires. Over the past decade, insurance companies have paid more than $450 billion in property damages to policyholders. But now, some insurers are looking for ways to limit their losses by denying claims and sticking homeowners with the bill.

Today's tips conclude simple and valuable steps you can take to help make sure you get paid when filing a property claim.

Consider hiring a public adjuster: If the claim is large, you might want to hire a public adjuster.

Public adjusters work for policyholders, not the insurance company. Typically, they are veterans of the insurance industry or they worked as contractors or engineers. In most cases, they are paid with a percentage of the claim, usually 5% to 15%. They can prepare objective estimates, describe the extent of the losses to the insurance adjuster and help you withstand pressure from insurers to settle.  Often, policyholders accept low-ball offers from insurers because they don't know what they're entitled to, don't realize how much repairs cost or they're just worn down.

 

If all else fails, get help.  If your claim is turned down, you can lodge a complaint with your state regulator. Or hire an attorney to take a look at the denial letter. And if you succeed in proving your claim, it doesn't have to cost you too much money.

 

 

 

 

 

Damaged Home? How To Get An Insurer To Pay Up - Part 2

Tornadoes. Hurricanes. Wildfires. Over the past decade, insurance companies have paid more than $450 billion in property damages to policyholders. But now, some insurers are looking for ways to limit their losses by denying claims and sticking homeowners with the bill

Visit our Blog Site over the next 2 days to learn some simple and valuable steps you can take to help make sure you get paid when filing a property claim.

 

Move fast. Prevent further damage -- but don't disturb the evidence:  Gather information as quickly and completely as possible. Try to make sure you uncover and document every bit of damage.

Many policies require prompt and early notice of a claim and in some cases, insurers may deny claims that were discovered later.

Especially in the case of disasters that cause widespread damage, it helps to contact insurers early on so you're at the top of the adjuster's list.

Board up broken windows, but don't start cleanup or other significant work until after the insurance adjuster comes.

Do not throw out damaged belongings until they have been examined and recorded by your insurer. That carpet that was ruined when a pipe burst may be a moldy mess but resist the urge to kick it to the curb until the adjuster gets there and tells you it's okay to dispose of it.

Also, if you have to live in a hotel for a while, or a rental apartment, keep the receipts. Those expenses should be reimbursed.

 

 

 

 

 

 

Damaged Home? How To Get An Insurer To Pay Up - Part 1

Tornadoes. Hurricanes. Wildfires. Over the past decade, insurance companies have paid more than $450 billion in property damages to policyholders. But now, some insurers are looking for ways to limit their losses by denying claims and sticking homeowners with the bill.

Visit our Blog Site over the next 3 days to learn some simple and valuable steps you can take to help make sure you get paid when filing a property claim.

Document your holdings: Technology has made it easy to keep track of your belongings -- and the condition of your home.

Now, you can do a walk through with your smartphone and take photos or videos of your furniture, electronics, appliances, everything of value, including the home's physical features. Then email the visual evidence to yourself so you won't lose it.

Pay particular attention to documenting architectural details. Many policies have exclusions that enable insurers to turn down claims for wear and tear. If a roof is in poor condition, for example, and gets blown off in a storm, the insurer can say it was not maintained and it won't pay for the resulting water damage.

Keep records of previous repairs and maintenance so you can prove that the windows, roof, siding and other home features were in good shape. You can even take photos of these records in case you lose the hard copies in a disaster.