General Homeowner (HO) Insurance Claims Info

[CarlsbadMtnBiker]

cow_tipping ..

to clarify further, the Actual Cash Value is determined by market value which is assessed quickly by a licensed RE appraiser minus the value of the land. The actual home/building is the “improvement” to the land. The land is simply the raw land or lot value.

Although the insurance company needs the “market comparison” approach, if they used a “cost value approach”, then the improvements would more accurately be assessed based on the cost to rebuild. However, they get the rebuild cost from a builders (Licensed General Contractor) type estimate which is as accurate as you can get as these are the guys that are going to swing the hammers.

Also remember that the insurance company will pay the greater of the appraised value (improvements only) or a rebuild contractors estimate less depreciation.

—————-

Also on a separate note,

If you have any problems with your insurance company, you can call 1-800-927-HELP or http://www.insurance.ca.gov – CA Ins. Commissioner Steve Poizner is very consumer sided and will ensure any carrier with repeated complaints gets their act together.

[Bubblesitter]

For those who lost their houses, my thoughts are with you.

With the rebuilding, you will need to aggressively stand up for your rights. Complain if needed directly to the insurance commissioner. You will have to be very proactive.

This is a very sobering story from Bloomberg

http://www.bloomberg.com/apps/news?pid=20601203&sid=aIOpZROwhvNI&refer=i…

Victims of the Cedar file were victimized a second time around. Insurance companies will be slow-rolling and nickel&diming all the way out.

Good luck.

Bubblesitter

[Bubblesitter]

For those who lost their houses, my thoughts are with you.

With the rebuilding, you will need to aggressively stand up for your rights. Complain if needed directly to the insurance commissioner. You will have to be very proactive.

This is a very sobering story from Bloomberg

http://www.bloomberg.com/apps/news?pid=20601203&sid=aIOpZROwhvNI&refer=i…

Victims of the Cedar file were victimized a second time around. Insurance companies will be slow-rolling and nickel&diming all the way out.

Good luck.

Bubblesitter

[Bubblesitter]

For those who lost their houses, my thoughts are with you.

With the rebuilding, you will need to aggressively stand up for your rights. Complain if needed directly to the insurance commissioner. You will have to be very proactive.

This is a very sobering story from Bloomberg

http://www.bloomberg.com/apps/news?pid=20601203&sid=aIOpZROwhvNI&refer=i…

Victims of the Cedar file were victimized a second time around. Insurance companies will be slow-rolling and nickel&diming all the way out.

Good luck.

Bubblesitter

[Bubblesitter]

Here’s the clickable link

http://www.bloomberg.com/apps/news?pid=20601203&sid=aIOpZROwhvNI&refer=insurance

[Bubblesitter]

Here’s the clickable link

http://www.bloomberg.com/apps/news?pid=20601203&sid=aIOpZROwhvNI&refer=insurance

[Bubblesitter]

Here’s the clickable link

http://www.bloomberg.com/apps/news?pid=20601203&sid=aIOpZROwhvNI&refer=insurance

[CarlsbadMtnBiker]

To my fellow San Diegans, if you have lost your home, I am very sorry for your loss. If can be rebuilt and the underinsurance problems of the 2003 Cedar fire should be much less on this one. The CA DOI made some good changes … bottom line … know your actual coverage limits and all the benefits you have coming…

File that claim to get the process started and know your actual coverage limits ……..

Most polices also provide an additional 5% above and beyond the Coverage A (building) for debris removal, 10% for building code upgrade requirements and 5% for trees, shrubs and plants. Ask your insurance company to provide all of these limits in writing with proration for inflation (if applicable.) Also request a certified copy of your policy on day 1. These requests alone will serve to convey the message that you intend to claim all benefits available to you.

For Example, a policy with $500K in Coverage A would actually have $875K after the applying the extented replacement cost coverage now triggered by FEMA. Additional to this would be another $43,750.00 for debris removal, $87,500.00 for code upgrades, and $43,750 for trees, shrubs and plants.

Finally, most policies give a straight 10% for appurtenant structures (detached garages, sheds, barns, fencing, walls, etc.) In this example, it would total $50K.

Total available coverage excluding personal property and additional living expense = $1,100,000.00

Stay safe out there !! ….

-CMB

[CarlsbadMtnBiker]

To my fellow San Diegans, if you have lost your home, I am very sorry for your loss. If can be rebuilt and the underinsurance problems of the 2003 Cedar fire should be much less on this one. The CA DOI made some good changes … bottom line … know your actual coverage limits and all the benefits you have coming…

File that claim to get the process started and know your actual coverage limits ……..

Most polices also provide an additional 5% above and beyond the Coverage A (building) for debris removal, 10% for building code upgrade requirements and 5% for trees, shrubs and plants. Ask your insurance company to provide all of these limits in writing with proration for inflation (if applicable.) Also request a certified copy of your policy on day 1. These requests alone will serve to convey the message that you intend to claim all benefits available to you.

For Example, a policy with $500K in Coverage A would actually have $875K after the applying the extented replacement cost coverage now triggered by FEMA. Additional to this would be another $43,750.00 for debris removal, $87,500.00 for code upgrades, and $43,750 for trees, shrubs and plants.

Finally, most policies give a straight 10% for appurtenant structures (detached garages, sheds, barns, fencing, walls, etc.) In this example, it would total $50K.

Total available coverage excluding personal property and additional living expense = $1,100,000.00

Stay safe out there !! ….

-CMB

[CarlsbadMtnBiker]

To my fellow San Diegans, if you have lost your home, I am very sorry for your loss. If can be rebuilt and the underinsurance problems of the 2003 Cedar fire should be much less on this one. The CA DOI made some good changes … bottom line … know your actual coverage limits and all the benefits you have coming…

File that claim to get the process started and know your actual coverage limits ……..

Most polices also provide an additional 5% above and beyond the Coverage A (building) for debris removal, 10% for building code upgrade requirements and 5% for trees, shrubs and plants. Ask your insurance company to provide all of these limits in writing with proration for inflation (if applicable.) Also request a certified copy of your policy on day 1. These requests alone will serve to convey the message that you intend to claim all benefits available to you.

For Example, a policy with $500K in Coverage A would actually have $875K after the applying the extented replacement cost coverage now triggered by FEMA. Additional to this would be another $43,750.00 for debris removal, $87,500.00 for code upgrades, and $43,750 for trees, shrubs and plants.

Finally, most policies give a straight 10% for appurtenant structures (detached garages, sheds, barns, fencing, walls, etc.) In this example, it would total $50K.

Total available coverage excluding personal property and additional living expense = $1,100,000.00

Stay safe out there !! ….

-CMB

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