Homeowners Claims Articles

Public Insurance Adjuster Tip: Preparing both Real & Personal property inventories

Articles - Homeowners Claims

After a firestorm, or other catastrophic event, you are faced with making an inventory to provide to your insurance company. It may be for Commercial or Residential Real and Personal Property.

“Real” Property is a category which includes: Structures and Land (which is usually not covered except for: “Trees, Shrubs, & Landscaping” and perhaps “Agricultural” land. “Personal” Property typically includes such items as: Personal and/or Business Inventory and Equipment, and almost anything that you bring to the building and properrty, that is either your home or business... other than almost all motorized vehicles.

Usually, a specific list is not available, unless there was a rider to the insurance policy for something of extreme value, such as some expensive jewelry, coin collection, gun collection or other types of expensive assets.

Step 1: Creating the inventory list

So, when you are faced with creating an inventory of assets in order to recover for Personal Property, you are often starting from scratch. Here's what can help:

1. List by Location - This listing method is the easiest to use when you're trying to keep your assets in chunks. Simply walk into a room and list everything in it. Don't count anything in another room until you're ready to do that other room.

2. Prepare a list by type or by use, for example: what do you wear, what rooms had music, books, and what was the special china you used on holidays. If you or someone in your family has photos taken in your home or business, or videos, these can also help you to build your inventory list.

Step 2: Proof and replacement value

1. Now you need to collect, as best you can, proof of ownership and reasonable replacement costs. Visa transactions, photos, or videos can help establish existence of that same Property.

2. Finding the prices for the same or if not available, then comparable (“like kind and quality”) items and getting current “Replacement Cost Value” (“RCV”) pricing, including tax can help to “make the case” for the values you are honestly owed.

Should you decide at some point in time to retain a Public Insurance Adjuster, it becomes REAALLY important that you choose a licensed Public Insurance Adjuster who is an experienced "pro", who will truly represent YOUR interest, FULLY and with no conflict (relationship with a general contractor or the like).

REMEMBER... If you are not sure that your claim settlement is complete and paying you fully, or if you become dissatisfied with your insurance settlement or realize that it is or may have been seriously under-paid, or even unsure whether or not it was all-inclusive and paid fully or not, AND EVEN IF you feel that it was properly and completely paid, DO NOT STOP THERE. Unity Adjustments - Public Adjusters will meet with you at that time, and perform a Free Claim and Settlement evaluation with and FOR YOU, at no cost and without any obligation on your part!

Timelines and Statues of Limitations

You've had a catastrophe in your life, and you turn to your property insurance policy. One of the most important items in the claim process is knowing the deadline for submitting the claim; and if necessary, to "demand Appraisal", and then if still necessary, to file any lawsuit. This is called the "Statute of Limitations." One definition is: "A law that sets the time within which parties must take action to enforce their rights." Without meeting the deadlines, your claim could be dead!

Statutes of limitations for filing claims can vary from State to State. It usually starts at the day of the disaster, then runs for some period after that. When that period of time expires, all claim submission is ended.

As of this writing, there are States that allow property insurance policies to require claims to be settled within 1 year. Some States require policies to allow up to 2 years. In some instances, State legislatures can extend the Statute ofLimitations. There are some cases where an extension to double the statute of limitations time period has been passed.

Statues of Limitations also may vary:

In length of time
By claim type

Also, there are various activities which have a Statute of Limitations window. For example, Statutes of Limitations for:

Filing a claim
Arbitrating a claim
Settling a claim

In general, filing earlier is better. Why is this? In general, the earlier you file, the earlier you can recover. Also, in "Appraisal" (arbitration) or litigation, the cases filed earlier will generally get into the resolution process first.

And, if you are dissatisfied with your insurance settlement, it doesn't have to stop there. Unity Adjustments Public Adjusters will perform a Free Claim and Settlement evaluation at no obligation. You deserve to Get Fully Paid For ALL You're Owed.

Actual Cost Value (ACV)

To maximize your recovery, it is vital to understand Actual Cash Value and the rights you have regardingActual Cash Value. Actual Cash Value coverage is a property valuation method that says your policy will pay to replace your home, business and property belongings with items of "like kind and quality" at current prices, MINUS all of the applicable (and very subjectively-determined) Depreciation.

Actual Cash Value coverage is a policy condition you need to determine if you have. Actual Cash Value (depreciated ReplacementCost Value) policy coverage is usually less favorable than Replacement Cost Value coverage, since it compensates you for the replacing/repairing of the damaged real and personal property at a depreciated amount.

As an example, if your bedroom furniture is destroyed in a flood, an Actual Cash Value policy will consider the usage and age of the property, and pay you for the depreciated cost of replacing it with like kind and quality.

Here are some tips to help you recover the most legitimate payment from your Actual Cash Value policy:

Find your proof of purchase. Receipts are best, otherwise create a detailed description of model number, date of purchase, and other details to describe the lost item. Photos or videos of both the real and personal property are also very helpful as records of your lost/damaged property. You might also have canceled checks or charge card records, or maybe warranty information describing them.
Take photos of the damaged or destroyed property. Before you discard the damaged property, take photos or video to show the destroyed condition.
Get written estimates or bids before talking with the adjuster. Go shopping for the item in question. Get proof of pricing and Replacement Cost Values.
Prepare a List of Actual Losses. Include furniture, appliances, clothing, paintings, artifacts, food and equipment, regardless of you intent to replace the objects.
Prepare Your Claim. Write down the itemized damages on your claim. Be sure to attach photos, contractor estimates (in extreme) detail, and detailed descriptions, receipts, and proof of your losses.
Try to fully recover for your damages. But, don't believe that any settlement is final, or that any settlement is fair. It is common for insurance companies to offer settlements at the lowest range of their payout scale.

Replacement Cost Value (RCV)

To maximize your recovery, it is vital to understand Replacement Cost Value and the rights you have regarding Replacement Cost Value. Replacement-cost coverage is a property valuation method that says your policy will pay to replace your home, business and property belongings with items of "like kind and quality" at the current prices, and except for collectible items, will replace them with "new for old."

Replacement Cost Value coverage is a policy condition you will need to determine if it was "endorsed" onto your policy. Not all insurance companies offer ReplacementCost Value. Or, if they do, it will likely cost you a little more than Actual Cost Value ("ACV", often called and defined as "depreciated replacement value") policy coverage.

Payment based on the ReplacementCost Value of damaged property is usually more favorable than Actual Cost Value since it compensates you for the actual and current cost of replacing, or if reasonable repairing, the damaged property. As an example, if your television is destroyed in a flood, a replacement cost policy will pay you for the full cost of replacing it with a new television of like kind and quality.

Here are some tips to help you recover the most money with your Replacement Cost policy:

Find your proof of purchase. Receipts are best, otherwise create a detailed description of model number, date of purchase, and other details to describe the lost item. Photos or videos of the property(both real and personal) are also very helpful as records of your property. You might also have canceled checks or charge card records, or maybe warranty information which describes the property.
Take photos of the damaged or destroyed property. Before you discard the damaged property, take photos or video to show its/their destroyed condition.
Get written estimates or bids before talking with the adjuster. Go shopping for the item in question. Get proof of pricing and replacement cost values.
Prepare a List of Actual Losses. Include furniture, appliances, clothing, paintings, artifacts, food and equipment, regardless of your intent to replace the objects.
Prepare Your Claim. Write down the itemized damages on your claim. Be sure to attach photos, contractor estimates (in very complete detail, and detailed descriptions, receipts, and proof of all of your losses.
Try to fully recover for your damages. But, don't believe that any settlement is final, or that any settlement is fair. It is common for insurance companies to offer settlements at the lowest range of their payout scale.

More Articles...