Insurance

[CATNAPSzzz]

Would like to have input, comment or experience of other second home owners as regards dealing with your insurance company. Our impression, discounting communcation problems and the work load, is that we are being "stonewalled" to put it bluntly. 3 days after the adjuster examined our home for damage from Floyd we received a check. This time the adjuster was at the house on 14 Sept to examine and photograph damage. Despite many phone calls, discussions and promises the company has not given the faintest hint of coming up with any numbers for a settlement offer let alone the actual money...if any is due after the deductable. Realizing that the latest storm has thrown a monkey wrench into the proceedings we still see no reason why specific time frame promises such as "I have your file on my desk and will get back to you in an hour and a half" have gone by the boards. Having to return to the states has not made this process any easier and not being in communication with our agent in Marsh Harbour has doubled the problem. We realize patience must be an enforced virtue in these times of widespread damage and therefore a multitude of claims but have a suspicion...we hope unfounded, that because of the vast dollar amount of claims facing the insurers they might be deliberately slowing down and holding up the procedure in order to convserve cash payouts. Tell us we are wrong and that you have had a better experience thus far.If so, how did you do it?

[Remer Lane]

I think you're wrong to assume something insidious is going on. The volume of claims, not the dollar amount, is probably slowing things down. I suggest trying to involve your agent in MH if you can, particularly if it's Insurance Management, with whom I have had good experience. I think you need the patience to which you refer with two storms so close together.

[Kimberly]

CAT, I understand your frustration, but do think that all is well here. Nassau Underwriters, for example, processed claims on Harbour Island within three days of Frances, and then again post-Jeanne.

I'm sure that the sheer volume of wreckage throughout the country is just taking an overwhelming toll on available manpower.

[Rub-a-Dub-Dub]

Typically, insurers don't delay payouts to conserve cash inasmuch as they are required to establish loss reserves as soon as they know what the loss is likely to amount to. Once the reserve hits their balance sheet, paying the claim is not of much consequence. The second storm can throw a monkey wrench into the process. Assuming that there was damage from the first storm, and also damage from the second, then the deductible applies to both losses individually and irrespective of the other (World Trade Center losses had the same problem). Therefore, allocation of the damage between the two storms can be important, i.e., the insurer will likely try to spread the cost of repairs as nearly equally between the two losses as possible to maximize the application of the deductible; said another way, to minimize the amount they have to pay after the deductible. There is also possibly a question as to whether the dwelling suffered damage from Jeanne because it was not intact after Frances, may give the insurer a point to argue that had the dwelling been properly repaired and/or protected, the Jeanne loss would not have been so great. Every time I hear that "You're in Good Hands With Allstate," or "Nationwide is on your side," I want to puke. Reminds me of doing business with someone who says, "I'm just a country boy" - grab your wallet, watch, rings and anything else in easy reach.


Would like to have input, comment or experience of other second home owners as regards dealing with your insurance company. Our impression, discounting communcation problems and the work load, is that we are being "stonewalled" to put it bluntly. 3 days after the adjuster examined our home for damage from Floyd we received a check. This time the adjuster was at the house on 14 Sept to examine and photograph damage. Despite many phone calls, discussions and promises the company has not given the faintest hint of coming up with any numbers for a settlement offer let alone the actual money...if any is due after the deductable. Realizing that the latest storm has thrown a monkey wrench into the proceedings we still see no reason why specific time frame promises such as "I have your file on my desk and will get back to you in an hour and a half" have gone by the boards. Having to return to the states has not made this process any easier and not being in communication with our agent in Marsh Harbour has doubled the problem. We realize patience must be an enforced virtue in these times of widespread damage and therefore a multitude of claims but have a suspicion...we hope unfounded, that because of the vast dollar amount of claims facing the insurers they might be deliberately slowing down and holding up the procedure in order to convserve cash payouts. Tell us we are wrong and that you have had a better experience thus far.If so, how did you do it?

[tlwatts]

I actually got a call from my agent tonight at 7:00PM EST JS Johnson in Marsh Harbour. He told me that an adjuster was being sent. This is for damage from Francis not Jeanne. I experienced great service after Floyd. I appreciated the phone call tonight from him as I am sure he has bigger problems than mine at the moment. Time will tell. They are asking for 2 estimates for the damage which they did not ask for after Floyd. It is probably good that they are as I have been told that the contractor rates have gone up dramatically after Jeanne (don't have my bill yet but will know when I get it). Two deductibles will apply to these two storms. If you repaired damage after Francis and experienced more with Jeanne you better have your receipts or repair bills available and or pictures. Most policies state that you have a duty to protect your property from further damage---that would include replacing shingles etc prior to the adjuster coming but take pictures of the damage before you repair it so you have proof to show them what it was like before you fixed it.
I am an insurance agent in the US and I can tell you that this is the test as to whether or not you have a good insurance company and agent. Unfortunately the communication lines have been so decimated by these 2 storms that it makes the job harder for the agent and the company and for us, the policyholder.