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Last Post 01/19/2009 8:24 AM by  Tom Toll
Anyone want to guess the real story here?:
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kmerian
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01/18/2009 8:42 PM
     
     Another news story about evil insurance companies and/or clueless adjusters.
     
    It is obvious that the first estimate was too low, it is also clear her contractors estimate is ridiculous.
     
    She never mentions a re-inspect
     
    I am thinking probably an ACV policy and a roof about 15 years old?
    Tim Wieneke
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    01/19/2009 2:31 AM
    Caveat of not having read her policy - but she's right on the coast so I'm guessing she had to get an endorsement for hurricane wind coverage. $5,000 was not the estimate, but the settlement after estimate and deductible. Did you see the size of that massive house with 3 car attached garage in that video? I'm guessing she had ACV and a deductible based on a percentage of the property's value....and that house probably appraised for quite a bit.

    That being said, I reinspected a claim in a southern Illinois ice storm after a Cat adjuster who literally called me and said he had no idea how to estimate masonry damages and came up with about $7,000.00 for the total claim. This was a tree trunk (not branch) that broke in half and went through a ceiling into a great room with masonry exterior. My reinspect came to about $22,000 which was much closer. He was a staff CAT adjuster (won't say who) - not an IA. And this carrier prides themselves on not using IAs but using their highly trained CAT team - good call...
    Tom Toll
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    01/19/2009 8:24 AM
    Another black eye for adjusters, created by an unknowing homeowner. Not knowing what the policy is makes it difficult to even discuss this. From looking at the video I would guess actual repairs to this home would be in the neighborhood of $35,000.00, less her deductible and depreciation, if it is indeed it is an ACV policy. Of course the attorney is going to ride it for all he can get which gets his fee up there. Apparently the adjuster handling the claim did not explain his estimate to the homeowner and it appears he/she did not know how to scope and write a legitimate estimate. We do, of course, have to be careful second guessing claims other adjusters handle, unless we are assigned a re-inspect.
    Success is not final, failure is not fatal: it is the courage to continue that counts.
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