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The insurance settlement process is a stressful and tedious process. It can consume a lot of your time. If you attempt to accept the daunting task without the assistance of an experienced advocate who has a strong understanding of insurance settlement practices in the state in which you are insured, the process could be an absolute disaster.
Rimco Construction has helped many homeowners navigate the process and have guided several customers through the insurance indemnification process as part of their service.
All insurance companies are not equal, meaning the premiums they charge coincides with the different levels and coverage and respective limits, as well as, underwriting, and actuarial risks. If a homeowner pays a significantly lower premium, chances are, their coverage level will be lower as well. We have seen our customers encounter some surprises that was revealed after a catastrophic event occured. It could be a higher deductible, a deductible based on a percentage of the homes replacement cost, an absence of building code upgrade a/k/a ordinance coverage or a 10 year ACV clause on the roof, which forces the homeowner to pay up to 50% copay.
Insurance companies employ actuaries and their sole job is to calculate risks in exchange for the premium charged, as well as, creating revenue streams for the insurance company. The insurance adjuster plays a big role in the profit and loss of the insurance company portfolio. The insurance adjuster is the person that comes out and assesses the damage, their primary purpose is to settle claims for the lowest amount and to close your file as soon as possible. Most major insurance companies use an estimating software called Xactimate by Xactware. The program was designed to stream line the claims process to save insurance companies money. Xactimate can be manipulated by an adjuster to lower or raise the amount paid on a claim. The areas where we see it often is on an adjusters material quality grading . Xactimate uses good, better, best quality scenario with regards to material and quality. I have seen numerous claims where the adjuster comes out and notes the home owner has construction grade entry level windows but the reality is they have a premium Pella or Gerkin window just that one misclassification can impact the claim $3000-$4000 per window, if there are 4-5 windows it adds up quick. Another area we see discrepancy is siding, if the homeowner has a high grade vinyl siding and the adjuster places a standard grade siding quality in the estimating program, that program is going to short change the homeowner by not truly indemnifying the policyholder. On an average sized home this amount is anywhere from 2800.00 to 4200.00 dollars. You can imagine if this process occurs on two to four hundred claims in a large Cat area (catastrophic area) the insurance company saves a great deal of money. The other mistakes we have caught is instances where an adjuster missed a large percentage of the damage. If the adjuster is assigned 15 homes to see and adjust in a 8 hour day, something usually will be missed! Rimco Construction having a tremendous working knowledge of indemnification , construction and real estate will see that your voice is heard and are indemnified for your losses. You pay good money for the premiums charged with the hopes the damages are repaired. Rimco Construction works hard to achieve a fair settlement for the actual damages you incurred and attempts to replace them with like and kind quality. We want to put everything back using quality, materials and craftsmanship you had prior to the storm damage.
When it comes to your home, lets face it all homeowners have strong emotional ties, this is your castle for goodness sake. You could be the shrewdest negotiator but something happens when it comes to your property and negotiating a claim. It seems as though there is a breakdown in the analytical, tactical and objective traits, you get the feeling of being cheated, your agent who sold you the policy is now taking a pro insurance company stance and now you are livid. This is where most homeowners have a disconnect and do not follow the rules of engagement.
Do you self a favor and let our team document and quantify the damage. We will strategically and professionally exercise the the rules of engagement to get you indemnified properly.