Troubled Waters - Water Insurance Claims Under Attack

Troubled Waters - Water Insurance Claims Under Attack

Non-weather related water loss insurance claims in Florida are on the rise. So says Chief Financial Officer Jeff Atwater who heads up the Florida Department of Financial Services. The problem is so great that his Florida Consumer Advocate, Ms. Sha’ Ron James called for a summit and invited all stakeholders to attend. 

Mr. Atwater is not the only one sounding the alarm on water damage claim issues and its companion Assignment of Benefits (AOB). Based on my following the news on this hot topic it seems most insurance carriers in Dade, Broward and Palm Beach county areas are all in agreement that the situation is getting out of control and in fact may be critical, requiring rate increases and further reductions in insurance property policy coverages for water losses.

 

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Managed Repair Tips and Some Personal Observations from My Recent Trip to the Caribbean

Managed Repair Tips and Some Personal Observations from My Recent Trip to the Caribbean
First I want to share some atmospheric observations and conditions that are clearly changing in the Caribbean and may play into the El Niño, La Niña narrative. On my trip last week to the Leeward Island of St Maarten I had the opportunity to visit with old clients, friends and observe changes that have occurred since my last trip in 2015. 

Parts of the Caribbean including the island of St Maarten/St Martin and South America particularly Venezuela have been experiencing severe drought over the last year. The locals I have talked with all contribute this drought to the El Niño weather conditions. But the good news is that the atmosphere seems to be returning to a more normal condition as the rains are returning and at least in the Leeward Islands the vegetation is starting to return to its lush green color one would expect to see on a tropical island. Unfortunately this drought has not been without its cost as many coconut palms and tropical floral have withered and died. This is a result of no measurable rain for a seven-month period.


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Managed Repair and Its Forbearer Option to Repair

Managed Repair and Its Forbearer Option to Repair

The following is a short primer and history lesson for the insured property consumer on these two fool’s errands. For those of us in the property insurance adjusting business, we see the storm clouds gathering given all the recent rhetoric about allowing a policyholder’s insurance company to repair their property following a covered loss.  Given our knowledge and experience, we know the likely outcome of this latest scheme to pump up underwriting profits, but my guess is not many laymen do.  Make no mistake about it, your policy premiums will not drop if these managed repair programs being touted as a savior for you and the insurance industry is approved by the Tallahassee regulators. The irony is that managed repair and its stepchild “option to repair” will most likely be bad for both the insured and the insurer. So given what may be the inevitable, let’s examine both of these repair schemes. 


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The Trouble with Insurance Company Managed Repair Claims Programs

The Trouble with Insurance Company Managed Repair Claims Programs
Insurance companies have started exercising their options to repair under many of their contracts. What this means is that they are bringing in contractors of their choice to fix the damages resulting from a property loss they cover. Let’s be honest.  They have a right to do this, but it often isn’t in the best interest of their customers when they choose to do so. Why?
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Managed Repair Insurance Claim Programs – The Real Cost

Managed Repair Insurance Claim Programs – The Real Cost

A great deal of information is being published regarding some insurance companies’ plans to implement so called “Managed Repair” programs. The rationale is that they will reduce costs (and I assume increase profits) by partnering with restoration contractors and some independent adjusting companies who supposedly will oversee the work and provide some sort of due diligence. This will lead to the latest scheme being proposed to a reduction in the cost of insurance premiums. So the most important questions we should be asking are: What’s the real cost to the policyholder and will rate increases continue despite these managed repair programs?


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Managed Repair Property Insurance Claims – Our View

Managed Repair Property Insurance Claims – Our View

For as long as I can remember, property policies had language that allowed insurance carriers to exercise their “right to repair” the policyholder’s property. There was always a catch for some of the insurers since there was generally a requirement that they had to give the policyholder 30 days notice after they received a proof of loss. Some policies may have had slightly different language, but for the most part if they missed a deadline date, they were out of luck.


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Sarasota Condo Board Experiences Runaround Before Public Adjuster Helps Negotiate Fair Settlement

Sarasota Condo Board Experiences Runaround Before Public Adjuster Helps Negotiate Fair Settlement
The public insurance adjusters at Tutwiler & Associates work extremely hard to prove why our industry profession is so valuable to policyholders. We work with potential clients and share our knowledge to guide them in their property insurance claim decision making. We strive to educate policyholders after a serious loss when they are the most vulnerable.  Case in point involves a massive electrical fire that occurred at a Sarasota condominium last August.
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Three more months of bad weather predicted for Florida - Tornados and additional claims could follow

Three more months of bad weather predicted for Florida -  Tornados and additional claims could follow
Its seems that all the weather experts I have heard are in agreement that we have at least three more months of El Niño influenced weather to look forward to. For the property owners that already have tornado damages from the last two Florida west coast storms you may be exposed to additional damages. So please don’t let your guard down.
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South Carolina Flooding – Policyholder Questions Part III

South Carolina Flooding – Policyholder Questions Part III

Here is our 3rd and final installment of questions we are fielding from the flooding in the Columbia and Charleston, South Carolina.  Hopefully we can help others seeking similar answers with flood insurance claims issues.

Q.  How much drywall damage will my flood insurance pay for? 
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"On Property" Insurance Claim Tips Blog

Tips and advice about how to properly file and protect your property damage insurance claim and get a fair settlement. We invite all readers to ask questions about their claim so our public adjusters can post answers for others to benefit. Insurance claim expert guest bloggers welcome to submit posts via our contact form.

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Tutwiler & Associates Public Adjusters, Inc.
Licensed Public Insurance Adjusters & Loss Consultants
Offices: Tampa, Orlando, Palm City, Ft. Myers, Florida; Dallas, TX; Pittsburgh, PA

Executive Office
4300 W. Cypress St.
Suite 780
Tampa, FL 33607
Phone: 813.287.8090
Toll Free: 800.321.4488

Licensed in Florida # W840088 &
Texas #1399706 plus 16 other states
and the Virgin Islands