Fire Insurance Claims examples: When faced with unfortunate disasters that damage your property, the only savior sometimes is the thought that you are well insured. We will explore 8 Fire Insurance Claims Examples & Success Stories where the policyholder obtained the services of a Public Insurance Adjuster.
Filing a fire insurance claim on your own can be tough at times and you can end up with less than what you deserve. Many times, claims can be denied by insurance companies as well as incorrect interpretations of the policy that can reduce your fire claim by hundreds of thousands of dollars.
Here is where public insurance adjusters can step in and fight on your behalf. Being licensed professionals, your public adjuster can negotiate with the insurance companies when claim decisions by the carrier are incorrect, and/or when the value of the loss is low-balled by the insurance company adjuster.
8 Fire Insurance Claims Examples
Here are some examples of fire insurance claims where public insurance adjusters have obtained more for the benefit their clients:
- Historic Home, NC: A historic home, insured for $674,000 was destroyed by a large fire. The owner of the house hired his daughter to act as his attorney. For more than a year, the attorney was kept waiting with little progress. After much frustration, the owner’s daughter decided to hire an Independent Public Adjuster. The Independent Public Adjuster was hired to ensure that there was a proper valuation of the loss. The adjuster’s job was to collect all available proceeds due on the claim.
From the start, there was a disagreement between the policyholder and the insurance company adjuster regarding the proper valuation of the fire damage. The first disagreement was over the costs to rebuild the custom built home. In addition, there was disagreements regarding the policyholder’s personal items damaged throughout the home. The carrier believed they owed $399,000 to rebuild the home itself. However, the insurance company adjuster working on the case did not properly calculate the value of the various fixtures in the home, as well as the accurate reconstruction costs required to rebuild such a dwelling.
In the end, the Independent Public Adjuster settled the Dwelling portion of the claim at the policy limits of $674,000, plus an additional $21,400 for debris removal, and the full $33,700 limit in the policy for damaged landscaping. A total Dwelling payout of $729,100. The result was an increase of $330,100 (82.73%) more than the insurance company believed they owed on the claim. - Southeast Dairy Products: When a raging fire burnt down the warehouse of Southeast Dairy Products Corporation, the company called in their insurance claim inspector. After making the necessary inspection, only $77,000 was offered by the insurance company. The services of a public insurance adjuster was then sought by Southeast Dairy Products, who managed to settle the claim for 150% more than the initial offered amount.
- Salisbury Lumber: Severe extensive damage due to fire resulted in a net loss of $10,000,000 for the manufacturing unit of Salisbury Lumber. The owner found it difficult to prove the extent of damage suffered. Proving the income loss and additional expenses as they had to relocate temporarily was something their public insurance adjuster provided. The adjusters helped the company get the full policy limits.
- Homeowners Dwelling: An electrical surge fire was behind the property damage to a large residential property. The public insurance adjuster engaged by the property owner and assessed the damages of the 5,000 square foot property thoroughly. The insurance claim was settled at $650,000 more than originally offered by the insurance company.
Residential Damage: A malfunctioning air-conditioner resulted in a huge electrical fire in a residential home in Safety Harbor. The owner was offered an amount by the insurer that was way below the actual damage. Engaging a public insurance adjuster proved to be the right thing for the owner to do. She was extremely pleased to recover more than $300,000. The settlement allowed her to rebuild her home.- Apartment Complex Fire: Almost 51 buildings were destroyed in a major fire at Kings Park Garden Apartments. The large-scale destruction received huge media attention. The public insurance adjuster hired by the complex secured $4,723,030.00. This amount resulted in gain of $1,716,440.00 more than the $3,006,590.00 initially offered by the insurance company.
- Condo Complex: The insurance company refused to pay for full damages after a fire destroyed part of a condo complex. The company’s adjuster reviewed the damage and felt it did not warrant a claim. Subsequently, the property owner hired a public insurance adjuster who examined the policy in detail. The public adjuster determined that the damage was in excess of the deductibles. A final settlement of $212,856.72 was made to cover the loss in rent and property damage.
- Apartment Complex: In this example a 12-unit apartment complex caught fire. Three interior units had extensive smoke and water damage. The property owner filed a claim and expected a quick resolution through the claims process. But, the insurance company adjuster determined that the fire damage to the structure did not meet the deductible set forth in the business insurance policy. The fire claim was denied.
Public Adjuster was hired to advocate on behalf of the insured. The Public Adjuster created a comprehensive damage analysis of the structure. A recent change in building code, combined with the public adjuster’s interpretation of a provision in the policy of insurance, proved that the fire and smoke damage did exceed the deductible. A claim for loss of rents was also submitted. The insurance company was forced to pay a total of $212,856.72 for damages to the building and loss of rent.
Consider A Fire Insurance Claims Adjuster
These above Fire Insurance Claims Examples & Success Stories were the result of the policyholder obtaining the services of a Public Insurance Adjuster. Insurance adjusters often wrongfully deny home and business claims for fire damage. If your claim has been denied, you received a low-ball offer to complete repairs or if you’ve been required to participate in an Examination Under Oath, then you should consider hiring an experienced public adjuster.
If you have suffered a large fire, or any loss type, you should consider speaking with a public insurance adjuster. One call is all you need to find out where you stand. The above fire insurance claims examples should make you wonder if you are being treated fairly.
Call me today at 919-400-6440 to have all your claim questions answered at NO COST.
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