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Case Study: Panama City Beach Condominiums Hurricane Damage

Case Study: Panama City Beach Condominiums Hurricane Damage

A condominium complex in Panama City Beach, with two 18 story towers and additional community buildings, was significantly damaged by Hurricane Michael in October 2018. After applying some board up measures to scores of blown out windows and sliding glass doors throughout each floor of both towers and then realizing if they were going to stand any chance at a successful financial recovery, the Board of Directors of the association hired Altieri Insurance Consultants to assist them with the overwhelming mission of navigating their insurance claim to a positive resolution.

As the insurance company deployed countless “experts” into the investigative stages of their property, (“experts” who clearly had no intention of reporting all the damage sustained by the buildings), Altieri Insurance Consultants deployed their own personnel to circumvent many of the obstructive methods used to minimize the claim, identified all of our damage, and proved those damages to the insurance company beyond reproach, such that they were able to recover over $16 million even after applying the 7 figure hurricane deductible and depreciations withheld as allowed for by our policy of insurance.  

Within the first weeks after the hurricane, while so many other properties in the community who were on their own without Altieri’s representation struggled mightily financially, Altieri Insurance Consultants had over $4 million dollars in the association’s hands to begin temporary mitigation repairs.  When the carrier came back a few weeks later and asserted they overpaid the entire claim at $4 million, Altieri stood in there, proved why the insurance company was wrong to omit massive areas of damage from their estimates and caused the carrier to properly pay for damages that the carrier had improperly identified as falling under very small, sub-limited amounts of coverage within the insurance policy.

On a claim of this magnitude in damage and cost, Altieri Insurance Consultants, within several months of operation, improved our recovery from $4 million to $16 million. Altieri Insurance Consultants were able to provide this association with the peace of mind that they had the claim headed in the right direction, had put money in their client’s hands to withstand any potential negotiation duration, and used the Altieri Insurance Consultants methods of damage analysis blended together with their superior knowledge of the favorable insurance policy language, to recover from our insurer all funds needed to put our property back as good as it was or better prior to Hurricane Michael coming to Panama City Beach. 

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About The Author: Raymond A. Altieri, Jr.
Raymond A. Altieri, Jr. - Chairman & CEO

As a property insurance claims professional since 1980, Mr. Altieri leads the firm at Altieri Insurance Consultants in all matters of property claim adjusting and community outreach. His decades of property claim adjusting experience assure the firm’s clients they are well represented, whether they have suffered a multi-million-dollar commercial loss or have lost their home.

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