On Property Insurance Claim Tips Blog

Florida Chief Financial Officer comments that Public Adjusters at fault for Hurricane Michael claim settlement delays. But not so fast.

Florida Chief Financial Officer comments that Public Adjusters at fault for Hurricane Michael claim settlement delays. But not so fast.

Not surprisingly, CFO Jimmy Patronis’s statement to the press has caused a lot of interest especially from the media, some of whom were in attendance when his comments were made. Following both print and internet articles of the CFO’s opinion, I have gotten a number of calls from various media folks across the state asking me to respond. As I explained to one reporter, I do not know where the CFO got his facts to support this pronouncement. But given the gravity of his words, I think he should have enlightened folks with some credible facts and figures. The comments I have read and heard is that the press and the public is not buying what he had to say including the reporters I spoke with who share my confusion about where the data (or anecdotal evidence) is coming from.

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How the appraisal process may help you settle your Hurricane Michael damage claims

How the appraisal process may help you settle your Hurricane Michael damage claims

We were happy to contribute to the 1 year anniversary of Hurricane Michael with information on appraisal as policyholders continue to try and settle their property claims. Thank you Panama City News Herald for running this article: How the appraisal process may help you settle your Hurricane Michael damage claims

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Numerous Hurricane Michael Claims Still Unsettled

Numerous Hurricane Michael Claims Still Unsettled

Our adjusters continue to battle for fair claim settlements for Hurricane Michael policyholders. It takes patience and persistence. Note todays article: 10 Months after Michael Florida Still Doesn’t Know Wy So May Insurance Claims Are Open . If the state wants some insight into why these claims remain outstanding, they only need to speak with our public adjusters and the law firms in Florida who are fighting these claims on a day to day basis. If you still have an outstanding claim or are unhappy with your settlement, give us a call. You may have more options that you think.

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Policyholder Question – Was My Overhead & Profit Calculated Properly for My Property Insurance Claim?

Policyholder Question – Was My Overhead & Profit Calculated Properly for My Property Insurance Claim?

Q. In my case, the insurance adjuster added $10,300.00 to my Irma hurricane claim to cover Overhead & Profit. This amount and the ACV were paid to me by Frontline upfront under my Replacement Value hurricane policy. The recoverable depreciation was held back until the work was completed. I required six trades to complete the work...roofer, painter, solar system, plumber, gutters and garage door. I did not hire a general contractor. I dealt with each trade directly. After the roof and painting were completed this past April (2019), I filed my claim for about $1,700.00 additional expenses relating to the roof and painting, plus the recoverable depreciation relating to the roof and painting (approx. $7300.00 RD). There was no dispute with respect to the $1,700.00 add'l expenses. The balance of the work (gutters, garage door, etc.) will be completed this winter/spring. My out of pocket expenses paid to the roofer and painter was only about $400.00 more than the ACV plus recoverable depreciation. Frontline clawed back almost all of my Overhead & Profit recovery relating to the roof and painting and offset it against the Recoverable Depreciation. The result was that I received a check for about $400.00, rather than a check for $9000.00 that I expected ($1,700 add'l expenses plus $7300 recoverable depreciation). Frontline's explanation is that I am only entitled to receive the amount of my out of pocket expenses so, to achieve this result, they can claw back some, or all, of the Overhead & Profit amount previously paid. The effect of this is that older homes with higher depreciation such as our 45 year old bungalow will have almost all, if not all, of the previously paid O & P clawed back, while a newer home with lower depreciation, like my neighbor's 4 year old home, will have very little of the O & P clawed back. In both cases we have acted as our own general contractor. Has my recoverable depreciation claim been properly handled? My home is in Florida. Thank you

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Policyholder Question – Public Adjuster Fee

Policyholder Question – Public Adjuster Fee

This is a frequent question we get after a policyholder has tried to handle their own claim and learns the settlement amount will not return their property to its prior condition.

Q. Does a public adjuster get paid on the full amount of the claim or just the disputed amount?

A. If a prior payment was made before the PA was hired, the PA should not be paid a fee on that amount. Basically, a PA should only be paid on new money they were able to recover after they were hired.

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The Independent and Impartial Appraisal: Can the appraiser discuss their opinions and findings of the loss with their policyholder client before the appraisal panel begins their deliberation?

The Independent and Impartial Appraisal: Can the appraiser discuss their opinions and findings of the loss with their policyholder client before the appraisal panel begins their deliberation?

A policyholder wrote in and recently asked:

Q. I’m hoping you can help me with an answer to a quick question. I hired a public adjuster to do an insurance appraisal because the insurance company has been jerking me around. The public adjuster will not share the dollar amount of his appraisal with me. Is that standard practice? He is stating that there is a clause in my policy that requires the appraiser to be independent and impartial, which then prohibits him from sharing his appraisal value with me. I think he is incorrect and is simply waiting for the insurance company’s appraiser to submit his value before writing up his own. Can you please advise? Thank you.

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The Property Insurance Claims Games Continue for Hurricane Michael Policyholders

The Property Insurance Claims Games Continue for Hurricane Michael Policyholders

Read an excellent feature article by the Tampa Bay Times this weekend on how policyholders are still being denied claims dollars that will help them recover from Hurricane Michael. Our public adjusters continue to battle and negotiate for homeowners and business owners. Some insurance companies are very professional while others continue to play the deny and delay game.

 https://www.tampabay.com/florida/2019/06/26/hurricane-michael-destroyed-their-homes-then-the-insurance-heartache-began/

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Policyholder Question – Will the bank holding my mortgage release my insurance settlement?

Policyholder Question – Will the bank holding my mortgage release my insurance settlement?

When a homeowner files an insurance claim, the last thing they expect is having to include their mortgage holder on the check. But this is usually the case and cause settlement delays and confusion depending on how the mortgage holder processes the settlement. The following is a related insurance claim question we answered submitted by a policyholder.

Q. I have a VA loan through TD Bank whose main office is in Lewiston, Maine. I live in Florida and retained a public adjuster to help me deal with my insurance claim. I suffered severe damage from Hurricane Michael on 10/10/18. Do you think I will have any problems with the bank releasing insurance proceeds directly to me seeing as it could be an inconvenience for the bank with me living so far away? Also, what records will the insurance company require if I do some of the work myself and have others help me?

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Adjusting Expectations for Hurricane Michael Insurance Claims

Adjusting Expectations for Hurricane Michael Insurance Claims

It’s been just over three (3) months since Hurricane Michael decimated Panama City, Mexico Beach and Port St. Joe causing billions of dollars in damage in just those areas alone.  Michael was the strongest hurricane to ever strike the Florida Panhandle, reaching back to the beginning of even fragmentary historical records in 1851. Let’s not forget the thousands of people affected in northern areas of Florida such as Blountstown, Marianna and the many other towns throughout Georgia, South Carolina, and North Carolina where it pummeled thousands trying to recover from Hurricane Florence a month earlier, not to mention Virginia where the remnants of Michael caused 5 deaths.  

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Hurricane Michael Damage and the Building Moratorium

Hurricane Michael Damage and the Building Moratorium

As Hurricane Michael damage recovery moves into the new year, we continue get deluged with property insurance claim questions from frustrated policyholders. Right now, we seem to be at the stage where policyholders have received settlement offers they feel are too low to fix their damage or where property owners feel their insurance company is not being responsive. This is especially true with commercial claims and the business community in the Panhandle as evidence in this article Local Businesses Say Insurance is Taking Too Long on Claims. Now there’s a good way to kill off the small business community!

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