Insurance Advice: Never Take The Adjusters Word For It!
Many policyholders will rely on the adjuster sent by their insurance company to arrive for a meeting, inspect the claim damages, and provide an estimate for what they believe is a fair settlement of the claim. This is a mistake of enormous proportion that should almost NEVER HAPPEN! Insurance advice rule number one is… Don’t Let It Happen!
I’m not insinuating that there isn’t any good, hard working, professional adjusters remaining out there. I’m also not insinuating that all the adjusters are not trustworthy, or that all adjusters are trying to cheat people. There are many professional and courteous adjusters that go above the call of duty for many policyholders. However, are we so blind an delusional to think that an adjuster can’t make mistakes, that there will never be an adjuster that misses hidden damages, or that every adjuster who works for your insurance company has multiple years of experience with the type of claim on your building? Not Very Likely!
You’re most likely one of those people who have had a second opinion before having your car fixed. Possibly you or someone you know has needed a second opinion after seeing a doctor, second opinion when buying a car, a computer, or even hiring a contractor? Most people have had more than one estimate to build a deck, replace windows, or have a new room put on their home. I’m assuming you and most everyone you ask has answered “YES,” to all or one of these questions. Then why is it that policyholders allow adjusters to basically “TELL THEM,” what they will receive for their insurance claim?
Most insurance adjusters have learned how to pass an insurance claim exam and learned how to use an insurance estimating program… but have never worked on an insurance repair job. Many have never built or repaired a home, nor have they ever worked for any type of Construction Company. Chances are they will miss something needed to properly complete the repairs of your claim.
Let’s face it, no one needs insurance advice to realize that it’s YOUR property, it’s YOUR insurance policy, and it’s YOUR responsibility to protect yourself. Again, your adjuster may be dead on with his/her analysis. Regardless, you should have a contractor or insurance claim professional provide you with a detailed, line item insurance claim estimate to compare with the insurance company’s estimate.
What Is A Detailed, Line-Item Estimate?
Many contractors may use a square foot cost to replace a roof or siding on a home. However, insurance companies usually require an estimate that has been detailed by separating each line-item individually. By using the replacement of a damaged roof in our example; the insurance companies will require that each process and layer of the repairs be listed. They need to view each type of material being used to ensure the insured is not upgrading what they had. Surely the insured can upgrade, but, the insured pays for the difference between what they had and what they are upgrading to. That’s the reason they wish to see all items listed separately. Here’s an example of a detailed, line-item insurance repair estimate;
The numbers in the above example are fictitious; however, it shows the basics of a Line Item, Detailed Estimate. Each line item is broken down in detail and displays the description, quantity, unit cost, and total for each separate line item. This type of detail is needed so the insurance company can review and compare each separate line item and unit costs with their own software. Having the insurance claim estimate formatted the way the insurance companies like to see them, results in a faster settlement.
In events when their is an insurance dispute; by issuing the more detailed estimate provides a much smoother, less time consuming process. It’s much more difficult for your insurance company to dispute a insurance claim estimate that is submitted to them in the format that they have requested.
Watch out for yourself, protect and educate yourself, and always seek insurance advice by obtaining a second opinion. This should be the first thought on any and all insurance claim damages you happen to incur. If you fail to look out for yourself… Nobody Will?
Joe Brennan is President and owner/operator of Insurance Claims Group, Inc., a national independent adjusting, appraisal, and umpiring firm. We will answer your claim questions FREE – Ph: 919-669-9111 . Get Insurance Advice , by visiting http://www.insuranceclaimsgroup.com , or http://www.insuranceappraisalumpire.com