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Russ
USA
75 Posts |
 Posted - 03/31/2004 : 15:19:39
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| I agree with John, I never look to under pay any claim. I always pay as much as I can pay under the policy.I also work for myself. I'm surely not going to underpay myself. Most Vendors are paying 65% for flood losses and all they are concerned with is having the claim handled properly (the first time). I always give every benefit to the insured and try to make the insured understand the differences between their flood policy and their homeowners.There is a big difference.I disagree with the notion that Adjusters hurry the insured's to close due to payroll issues. Most Vendors will give an adjuster an advance at the beginning of a large event, for expenses until the claims start closing and the pay checks start coming in! Have a great day!!! |
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LarryW
USA
126 Posts |
Posted - 03/31/2004 : 16:45:22
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| John, Thanks for clarifying that. Admittedly my information was dated from an NFIP meeting back when they started the WYO program. Perhaps I misunderstood the presentation. Any idea what the %s involved may be? |
Larry Wright |
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Admin
547 Posts |
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katadj
USA
315 Posts |
Posted - 04/02/2004 : 10:57:08
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Looks like the proverbial potato is really getting hot. May even get cooked.
Heard the other day that the NFIP requested ALL of the carriers to reopen their claims on a "pro bono" basis.
Guess what the answer was? Was not there, do not know, but can imagine.
Would you reopen every claim you handled at "No Charge", incur the travel costs, the housing costs, rework the claim, deal with irate insured's and still maintain? Sure am glad I was working in New Orleans at the time.
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johnpostava
USA
35 Posts |
Posted - 04/02/2004 : 10:58:23
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I read the last article from the News Observer where a property manager stated her settlements for 60 or so "rental units" were 30-50% low. I'd like to know how much of the descrepancy was due to the fact NFIP pays ACV on non-primary residences or limits coverage in elevated structures in V zones? There are so many variables when it comes to flood coverage that many of these flood victims who had never been flooded simply didn't know what they were covered for and were broadsided when the adjusters showed up. Between bashing the adjusters or the software they use is like wanting to blame the messenger for the bad news.
Changes to the NFIP are coming, folks and probably better and faster pay for adjusters. Those of you that may want to consider coming back to the flood adjustment arena, we may be holding a 3-day flood claim seminar in Orlando later this year. We need 50 qualified adjusters (licensed in their state with over 3 years experience) who have a real desire to learn flood and want to do it right. We had one 4-5 years ago and over 100 adjusters learned alot about flood and had a good time doing it. Contact me if interested. |
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KileAnderson
USA
875 Posts |
Posted - 04/02/2004 : 12:50:06
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| From reading the question and answer aticle, it is apparent that most of the people have no idea what flood insurance is. Especially the elderly gentleman that thinks he is owed to totally tear down and rebuild his house from 3ft. of water. I am very interested to see what is going to happen when the reviews of the claims are completed. I'm willing to bet that the people still won't be happy with the answers. Flood policies are only a bandaid. Not a lifesaver. |
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marthur20
2 Posts |
Posted - 04/02/2004 : 13:17:42
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John,
I would be interested in the flood coverage seminar you suggested. I am based in Sarasota and perhaps we could get C/E credits for the training. I am flood certified, but as yet have not worked a flood. Please let me know if you plan the get together !!!
Thanks,
Mike Arthur
marthur20@aol.com
quote:
Originally posted by johnpostava
I read the last article from the News Observer where a property manager stated her settlements for 60 or so "rental units" were 30-50% low. I'd like to know how much of the descrepancy was due to the fact NFIP pays ACV on non-primary residences or limits coverage in elevated structures in V zones? There are so many variables when it comes to flood coverage that many of these flood victims who had never been flooded simply didn't know what they were covered for and were broadsided when the adjusters showed up. Between bashing the adjusters or the software they use is like wanting to blame the messenger for the bad news.
Changes to the NFIP are coming, folks and probably better and faster pay for adjusters. Those of you that may want to consider coming back to the flood adjustment arena, we may be holding a 3-day flood claim seminar in Orlando later this year. We need 50 qualified adjusters (licensed in their state with over 3 years experience) who have a real desire to learn flood and want to do it right. We had one 4-5 years ago and over 100 adjusters learned alot about flood and had a good time doing it. Contact me if interested.
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Red
24 Posts |
Posted - 04/02/2004 : 18:07:44
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John:
I would bet you are right. When you figure the items with the greatest amount of depreciation and then factor in the rest of the items that had to be replaced I can see a large sum. Especially if the carpet was over a year or two old in rental property you know the depreciation is going to be a chunk. So I can see 25% below what it is going to take to(fully) repair with no problem. Then comes decks on all of these buildings there's another bunch of money that can't be included in the estimate but you can be the insured and others is including that in their figures. I am wondering, How many of these claims were combination wind and flood claims. Could it also be that the adjusters working some of claims were working them as wind and flood and didn't write the estimates correctly. |
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mtmone
2 Posts |
Posted - 04/03/2004 : 08:58:45
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| Hello! I think I am the property manager that was mentioned in the News and Observer. I just wanted to clarify that the estimates i gave for shortfalls in repair costs had taken into consideration the coverage limitations of the flood policy. I do feel that out here on the coast, we do try to educate ourselves as best as we can on our insurance coverage. My past experience with adjusters is that they are usually caring and take the time to educate the insured as they go throught the adjustement process. There were a few adjusters in this storm that seemed really "green" and did not even know how to relate BFE to what they were seeing on-site. But most of the adjusters, as I have said over and over, were going by what they had been instructed would be covered. The interpretations by NFIP? is what made them feel as if "their hands were tied". I am very sorry if the adjusters have felt that they have been made out to be the bad guys :( With no one to appeal to, it is hard for the homeowner not to "shoot the messenger". Just so you don't feel alone, building inspectors, contractors, salespeople, and property mangers have also taken the heat. I have been impressed by the integrity shown by many adjusters (some in this group)by being willing to share how things work and where they see the need for improvements in the system. Hopefully most won't see the airing of these issues as insureds being whiners. I know personally the reason I feel as if we must solve these problems is for the folks that have quietly taken checks and gone on to make do the best they could. I think it is great that the folks in Maryland were close enough to DC to get attention to this if it helps those in the midwest or gulf coast suffer less. Thanks for helping us and trying to make things better for everyone. |
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katadj
USA
315 Posts |
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KileAnderson
USA
875 Posts |
Posted - 04/03/2004 : 09:35:11
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| If that lady got $56K and she has $70K in damage it sounds to me like she got a pretty good flood settlement. Why don't these articles ever mention that the policy is heavily restrictive and is paid on an ACV basis? It sounds to me like the media, the homeowners and the policticians are all feeding off of each other to blow this thing way out of proportion. |
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Reconstruction Man
124 Posts |
Posted - 04/05/2004 : 09:31:40
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JohnProvosta,
4-3-2003 You Said:
"There are so many variables when it comes to flood coverage that many of these flood victims who had never been flooded simply didn't know what they were covered for and were broadsided when the adjusters showed up".
Most homeowners we know do not have a clue about the [legal or otherwise] specifics of their policies except for what their monthly payment obligation is.
Most are clueless as to the carriers obligation
if that "need" ever comes up. Most do not have a legal (for policy interpretation) or construction (for repair interpretation) business background.
In Miami, during the Hurricane Andrew rebuild, I heard that if an Agent could not prove that a separate plain language form (the homeowner signed off on), that made it obviously clear what ACV and depreciation means, was on file, then RCV was always (judicially) defaulted to.
What is presently disturbing is a local Allstate agent in Brownsville, Texas has 50ish% of his clients on ACV policies. To me, that is an odd number of ACV policies in such a weather volitile area.
Interestingly enough, another Allstate agent just a mile away has 2-3ish% ACV clients.
I feel Brownsville residents are set up for a personal financial disaster to occur. Our chance of getting hit by a hurricane is 41% so far this year, and boy-oh-boy if ACV has been explained in a manner just to make a sale, and, "The Big One" hits, well, a lot of mortgage company's are gonna' be fixer-upper homeowners.
And a lot of "bad" consumer word-of-mouth advertising is going to happen...and take it's course. |
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goose
57 Posts |
Posted - 04/05/2004 : 09:42:55
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| Please post links supporting your acv statistics. |
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Ghostbuster
476 Posts |
Posted - 04/05/2004 : 11:32:26
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You have just made a bald faced heresay lie! I was at Andrew and ACV payments were made up front per the policy provisions and the RCC was paid when properly due.
I opin that you should be banned from this website. |
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Johnd
USA
110 Posts |
Posted - 04/05/2004 : 11:53:17
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| Ghost, ReconMan suffers from; "studium immane loquendi" or an insatiable desire for talking. If we ignore him, as we all should, he will simply go away. There is a lesson here for all you "young-uns" out there. This is what a liar with a contractors "license" looks and talks like, read, learn, beware. |
John Durham
sui cuique fingunt fortunam |
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"Isabel", is a Hot Potato headed behind?
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