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Message
Homeowners Insurance Low-balling on Estimate
Posted on 6/26/19 at 2:30 pm
Posted on 6/26/19 at 2:30 pm
Have a water claim with my homeowner's insurance and I finally got the appraiser's estimate.
Several items are lowballed bad. They've got removing the hardwood floors at $1.83 a sq ft. A contractor I had out today laughed at that. They've got installation of wood floors at $2.82 sq ft. Where on earth am I supposed to find someone to perform good work for these prices?
How should I handle this? send them estimates from contractors who are bidding the job? Will they just concede if I have like 3 estimates all over these low ball prices?
Several items are lowballed bad. They've got removing the hardwood floors at $1.83 a sq ft. A contractor I had out today laughed at that. They've got installation of wood floors at $2.82 sq ft. Where on earth am I supposed to find someone to perform good work for these prices?
How should I handle this? send them estimates from contractors who are bidding the job? Will they just concede if I have like 3 estimates all over these low ball prices?
15
Posted on 6/26/19 at 2:31 pm to SirSaintly
What shitty company insures you?
Posted on 6/26/19 at 2:33 pm to SirSaintly
quote:send in your contractors quote, if its not crazy, then they will probably pay it. Estimator probably just used Xact or something to just use the stock numbers
How should I handle this?
Posted on 6/26/19 at 2:33 pm to SirSaintly
Get Gordon and get it done.
Posted on 6/26/19 at 2:33 pm to SirSaintly
quote:
How should I handle this? send them estimates from contractors who are bidding the job? Will they just concede if I have like 3 estimates all over these low ball prices?
Get you some messicans and remove the hardwoods yourself... use the cost savings to have someone install the new floor
This post was edited on 6/26/19 at 2:34 pm
Posted on 6/26/19 at 2:33 pm to SirSaintly
Lawyer up.
Posted on 6/26/19 at 2:34 pm to KosmoCramer
quote:
Lawyer up.
So waste money? he hasnt been denied anything yet
Posted on 6/26/19 at 2:35 pm to SirSaintly
Look at their estimate as a starting point only. They haven't done a real world appraisal and you shouldn't accept it as such.
Send them actual quotes/bids from real contractors that you would use and ask them to adjust their numbers and approve the actual contractors estimate. Getting 3 would be great but not necessarily required.
If they don't (and it's significant money/difference) then submit a final proof of loss with documentation and demand payment under threat of suing them for breach of contract and bad faith. They will pay for actual repair/replacement costs if it is not unreasonable (assuming you have RCV coverage and not ACV/depreciation coverage which would be very strange for a residential homeowner's policy).
Send them actual quotes/bids from real contractors that you would use and ask them to adjust their numbers and approve the actual contractors estimate. Getting 3 would be great but not necessarily required.
If they don't (and it's significant money/difference) then submit a final proof of loss with documentation and demand payment under threat of suing them for breach of contract and bad faith. They will pay for actual repair/replacement costs if it is not unreasonable (assuming you have RCV coverage and not ACV/depreciation coverage which would be very strange for a residential homeowner's policy).
This post was edited on 6/26/19 at 2:39 pm
Posted on 6/26/19 at 2:35 pm to SirSaintly
have you tried sending contractor quotes to your homeowner insurance adjuster and have a big boy discussion about said issue?
Posted on 6/26/19 at 2:40 pm to SirSaintly
Submit 2-3 quotes from local contractors. There also could be additional damage once they start to open the space up. Take lots of pictures.
as others stated, no need to "lawyer up" until they reject. Also read up on your copy of your insurance policy. know what it says.
as others stated, no need to "lawyer up" until they reject. Also read up on your copy of your insurance policy. know what it says.
Posted on 6/26/19 at 2:49 pm to SirSaintly
Get estimates from flooring contractors to do the work.
Send copies of said estimates to adjuster. Have a conversation with the adjuster about the estimates you got all being higher than the adjuster's estimate.
As long as you're replacing with the same type of material (ie. not trying to replace damaged 5/16" thick oak floors with 3/4" brazilian cherry) and the contractor isn't trying to gouge the insurance company on their material and labor costs per sq ft, then the adjuster will most likely approve the additional money.
Send copies of said estimates to adjuster. Have a conversation with the adjuster about the estimates you got all being higher than the adjuster's estimate.
As long as you're replacing with the same type of material (ie. not trying to replace damaged 5/16" thick oak floors with 3/4" brazilian cherry) and the contractor isn't trying to gouge the insurance company on their material and labor costs per sq ft, then the adjuster will most likely approve the additional money.
Posted on 6/26/19 at 2:51 pm to SirSaintly
quote:
They've got removing the hardwood floors at $1.83 a sq ft. A contractor I had out today laughed at that. They've go
quote:
They've got installation of wood floors at $2.82 sq ft.
You do know there is a difference, right?
Posted on 6/26/19 at 2:58 pm to SirSaintly
They usually lowball in hopes people just cash the check and do it themselves, which happens a lot. If you turn in bids from reputable flooring contractors they will pay up.
Posted on 6/26/19 at 3:02 pm to elposter
quote:
(assuming you have RCV coverage and not ACV/depreciation coverage which would be very strange for a residential homeowner's policy).
There are some really cheap folks out there who refuse to pay the minute fee for the replacement cost endorsement. I literally just got off the phone with someone who is having issues as a result of this
Posted on 6/26/19 at 3:08 pm to SirSaintly
state farm?
dirtiest in the game. have been busted several times by feds for screwing customers and people still use them, lol
dirtiest in the game. have been busted several times by feds for screwing customers and people still use them, lol
Posted on 6/26/19 at 3:11 pm to SirSaintly
(no message)
This post was edited on 2/7/25 at 7:27 pm
Posted on 6/26/19 at 3:12 pm to SeeeeK
quote:
state farm?
Ameriprise through Costco.
We have replacement value. They're giving us $8.00 a sq ft for the replacement of wood floors, which is decent. It's the tear out and install their low balling. I'll send them the estimates from 3 contractors and go from there.
Posted on 6/26/19 at 3:14 pm to SirSaintly
quote:
Homeowners Insurance Low-balling on Estimate
because that's how they became billion dollar companies
TMYK
Posted on 6/26/19 at 3:36 pm to SirSaintly
quote:
. They're giving us $8.00 a sq ft for the replacement of wood floors, which is decent. It's the tear out and install their low balling. I'll send them the estimates from 3 contractors and go from there.
Honestly looking at the figures, it might be your contractor. A lot of them see insurance and see $$$.
Posted on 6/26/19 at 3:50 pm to NYCAuburn
quote:
Honestly looking at the figures, it might be your contractor. A lot of them see insurance and see $$$.
good to know. we haven't chosen a contractor yet, but the company that came out today seemed to think the cost for ripout and install was low.
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