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Insurance Claim Help: Business Owners Must Protect Themselves!
Too many policyholders rely on their insurance company to visit their property, inspect their claim, and provide a claim settlement for their damages. This should almost NEVER HAPPEN!
I’m not saying that there are no good adjusters out there and that they can’t be trusted, not at all. There are many excellent adjusters that do an excellent job. However, are you under the delusion that they will never make a mistake, miss hidden damages, or that they all have multiple years of experience? Not a chance.
Have you ever had a second opinion before having your car fixed? Have you or anyone you know ever needed a second opinion after seeing a doctor? A second opinion when shopping for a car, computer, or hiring a contractor? Have you ever had more than one estimate to build or repair something for your home? I’m assuming you’ve answered yes to at least one of these questions, if not more. Then why do policyholders allow insurance company adjusters to TELL THEM what they will pay on their insurance claim?
Many insurance company adjusters have attended classes to pass an insurance exam and have also attended classes to use insurance claim estimating programs. However, these same adjusters have never worked for construction company, nor have they ever repaired or built a home, and many have never repaired any damages at their own home. If you end up with this type of adjuster to assess your insurance claim damages, chances are, they will most likely miss items, materials, or construction procedures that are required to properly repair the damages.
It’s no mystery that it is YOUR property, it’s YOUR insurance policy, and it’s YOUR responsibility to ensure you protect yourself. Again, your insurance adjuster may be 100% accurate with their final analysis of your claim. Regardless, YOU should go the extra mile, have a contractor or an independent insurance appraiser provide you with a line-item, detailed insurance damage estimate that can ensure the adjuster is correct and accurate.
What Is A Line Item, Detailed Estimate?
Many contractors may use a square foot cost to replace a roof or siding on a home. However, insurance company usually require an estimate that has been detailed by separating each line-item individually. By using the replacement of a damaged roof in our example; the insurance companies will require that each process and layer of the repairs be listed. They need to view each type of material being used to ensure the insured is not upgrading what they had. Surely the insured can upgrade, but, the insured pays for the difference between what they had and what they are upgrading to. That’s the reason they wish to see all items listed separately. Here’s an example of a detailed, line-item insurance repair estimate; [I:http://www.uniquearticlewizard.com/extras/pics/claimsproimage0.gif]
The numbers in the above example are fictitious; however, it shows the basics of a Line Item, Detailed Estimate. Each line item is broken down in detail and displays the description, quantity, unit cost, and total for each separate line item. This type of detail is needed so the insurance company can review and compare each separate line item and unit costs with their own software. Having the insurance claim estimate formatted the way the insurance companies like to see them, results in a faster settlement.
In the event of an insurance claim dispute a more detailed estimate allows for a smoother, less time consuming process. It’s difficult for the insurance companies to dispute insurance claim estimates that are presented to them in the exact format that they are requesting.
Watch yourself, educate yourself, and protect yourself by obtaining a second opinion on any and all insurance claim damages you incur. Obtaining insurance claim help makes good sence. If you won’t look out for yourself… who will?
Joe Brennan is President and owner/operator of Insurance Claims Group, Inc., a national independent adjusting, appraisal, and umpiring firm. We will answer your claim questions FREE – Ph: 919-669-9111 . Get Insurance Claim Help , by visiting http://www.insuranceclaimsgroup.com , or http://www.insuranceappraisalumpire.com
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