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re: House burned to the ground; insurance Q
Posted on 10/1/19 at 7:06 am to blueboxer1119
Posted on 10/1/19 at 7:06 am to blueboxer1119
quote:
I burned down my house in Venetian Isles in New Orleans. To the ground. I maxed my insurance on everything. I was told to threaten insurance co with threat of independent adjuster and attorneys. They literally sent me a check within the week.
Did you just admit to a very serious felony on a public message board?
0
Posted on 10/1/19 at 7:07 am to soccerfüt
quote:
My point was to illustrate that an individual’s personal responsibility was not the primary concern of any Insurance Company. (And that point is indisputable)
I misunderstood you then. I agree with what you’re saying.
Posted on 10/1/19 at 7:11 am to TDsngumbo
Posted on 10/1/19 at 7:23 am to SHMILL
quote:
$210,000 (original list)
$160,000 (content maximum)
Depreciation: ?
We’ll give you $62,000
Looks like she got depreciated about 70% across the board. Did they provide a report of their depreciation? She could also have special limits on certain categories of items she claimed or no coverage. For instance, paintings, rugs, computer/data, structure, auto parts, cash, gold, silverware, guns, etc... all have limits depending on the type of loss
Also do you know what type of policy it was? if it was ACV then all they owe you is depreciated amount. If she had a RCV policy she can recoup depreciation if she replaces and submits receipts.
What insurance company was it? I might be able to give you some more direct insight
quote:
what do you do? Do you just accept the lowball offer of 62k or do you go on a rampage? It’s your word against his, right? Lawsuit?
if she has an ACV policy and they depreciated correctly, getting a lawyer or public adjuster will only lessen the money she comes away with. Although they will tell her they will get more, 99% of the time its a lie so they can collect money on the claim
quote:
“you’re lying if you don’t have documentation.”
You would be surprised what "honest" people claim on a loss...
This is my business, so you have any direct questions ask away
Posted on 10/1/19 at 7:24 am to blueboxer1119
quote:
I was told to threaten insurance co with threat of independent adjuster and attorneys. They literally sent me a check within the week.
And then those guys will take 10%+ off your settlement plus expenses right away, leaving you with less money in the end....
Posted on 10/1/19 at 7:28 am to cssamerican
So every time you get rid of something or purchase something new, you should call the company so they can send someone to come out and verify. Sounds reasonable.
Posted on 10/1/19 at 7:29 am to SHMILL
quote:
I agree, that is what they think.
But so what, she ain’t lying.
Well that settles it. Send the insurance company a link to this post.
Posted on 10/1/19 at 7:33 am to cssamerican
quote:Your contents coverage is based on a percentage of the value of your home, simple as that. you can add additional coverages if you have items that might fall under special limits or high dollar items you want to insure outside of general coverage. most carriers will not let you up your max pp coverage though
I think this is BS. If you have been paying insurance for $160,000 worth of contents and the house burns to the ground than you should receive $160,000.
The insurance was happy to take all of the premiums for years at that value without proof. If insurance works like this there should be some verification on the insurance company’s part when you select the coverage that you are not over insuring the contents.
ETA, here are some examples of items that might have limits on a HO policy. this is from a carrier of in the Northeast, but most are similar. A few limits are only related to theft with most companies. I work with about 15 nationwide.
This post was edited on 10/1/19 at 7:40 am
Posted on 10/1/19 at 7:40 am to SHMILL
If she had replacement cost, then why in the hell is she showing depreciation? If she didn’t have full replacement cost but actual cash value, she was not well informed and she is SOL.
This post was edited on 10/1/19 at 7:40 am
Posted on 10/1/19 at 7:42 am to elcid
quote:
If she had replacement cost, then why in the hell is she showing depreciation? If she didn’t have full replacement cost but actual cash value, she was not well informed and she is SOL.
you only get replacement cost when you replace...Posted on 10/1/19 at 7:56 am to NYCAuburn
quote:
You would be surprised what "honest" people claim on a loss...
Exactly. Hard fraud vs. soft fraud. Contents fraud is the most common form of insurance fraud (aside from soft tissue of course).
Posted on 10/1/19 at 7:56 am to SHMILL
I am surprised that by this point on the thread no one has mentioned the possible issue of an unoccupied/vacant home. Depending on state law and the particular policy it is possible the house nor contents are actually covered. Due to increased risk associated with unoccupied houses many if not most homeowners policies restrict coverage in these situations. Unoccupied/vacant and second houses generally require a specialized policy for coverage. I point this out because depending on the state and how the policy is written deciding to play hardball could result in a very different outcome than one might expect.
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