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Case Study: Water

Case Study: Water

A family returned home from vacation to find the interior of their home under 8 inches of water. A pipe had broken in the ceiling. They immediately called their insurance agent who directed the family to contact the carrier’s “preferred” restoration contractor. In the spirit of cooperation, the family did as directed.

The carrier’s “preferred” restoration contractor responded to perform water extraction and a damage report for the carrier’s adjuster. Through the adjuster, the contractor pushed the homeowner to sign a contract with them for the full repair of all damages. The homeowner resisted that effort knowing he needed prices, references, and scope of work to be performed before he would sign a contract with any repair contractor.

The adjuster inspected the property with his “preferred” contractor and directed him to estimate damages. The Problem: Leaving the claim evaluation to an insurance adjuster and those who work for insurance companies may end with seriously deficient results. That is what happened here. The homeowner was offered $52,000 for their building damage and $8,000 for their contents claim. No one was looking out for the devastated homeowner.

Altieri Insurance Consultants was contacted for assistance. In short, Altieri Transco personnel re-evaluated all portions of the claim; Dwelling, Personal Property, and Loss of Use coverages. We identified the damage, and then priced its repair or replacement at today’s costs regardless of when items were purchased. Altieri Insurance Consultants estimated the costs from the homeowner’s perspective using the language of the insurance policy to work for the policyholder rather than against it. We researched all avenues of recovery, including the potential to employ Florida’s Valued Policy Law since this property sat on a body of water. We were extremely successful in our recovery efforts as you will see below.

We also prepared the entire Additional Living Expense claim. Our adjuster was able to provide guidance to allow the family to budget the coverage limit and not to incur any out of pocket expenses. We compiled the necessary invoices, receipts, lease agreements, and other related documents for presentation.

The results of our efforts are illustrated below. The numbers speak for themselves as you compare the initial offers to the final paid claim:

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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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