Independent Public Adjuster Success Story: 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.
Independent Public Adjuster Proves Carrier Valuation Flaws
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.
Newspaper Clipping – Historic House Fire, NC
The Senior Public Adjuster began his valuation of the loss by consulting with experts in the field of construction that matched the custom home. The Independent Public Adjuster also worked closely with the insured. After all, the basic principal of homeowner’s insurance is to restore the property back to its original condition with items of like, kind and quality. The amount offered by the insurance company was to low to properly replace the home.
After much deliberations between the parties, the Independent Public Adjuster submitted proof of their findings. A Senior General Adjuster from the insurance company eventually agreed with the Public Adjuster’s findings and the proof provided. The Independent Public Adjuster’s efforts thereby ensured that the policyholder received the proper amount that was due for the fire damages.
Independent Public Adjuster Obtains 82.73% More
The Independent Public Adjuster’s tireless efforts culminated in a substantial victory for the homeowner. By meticulously examining the insurance policy and thoroughly documenting the damages, the adjuster was able to secure a settlement that far exceeded the initial offer from the insurance company.
Key Achievements:
- Dwelling Coverage: The adjuster successfully negotiated a settlement for the maximum policy limit of $674,000 to cover the cost of rebuilding the historic home.
- Debris Removal: An additional $21,400 was secured to cover the expenses associated with clearing the property of debris and preparing it for reconstruction.
- Landscaping Damage: The full policy limit of $33,700 was obtained to restore the damaged landscaping to its pre-fire condition.
The combined total of these settlements amounted to $729,100,
a significant increase of $330,100 (82.73%)
over the initial offer from the insurance company.
This remarkable achievement highlights the value of hiring an experienced Independent Public Adjuster. By leveraging their expertise, knowledge, and negotiation skills, public adjusters can help homeowners maximize their insurance claims and recover the compensation they deserve.
With the invaluable assistance of an experienced Independent Public Adjuster, the insured has made significant progress in their claim for the dwelling portion of their fire loss. Through diligent investigation, meticulous documentation, and strategic negotiation, the adjuster was able to secure a fair settlement that will enable the homeowner to rebuild their beloved home.
While this is undoubtedly a positive development, the journey towards full recovery is not yet complete. The contents and personal property portion of the claim is currently under negotiation. The adjuster remains committed to advocating for the insured’s best interests and ensuring that they receive the maximum compensation possible for their personal belongings.
- Also see:
Private Adjuster In NC Increases Business Claim Settlement By $136k - Fire Claim Adjuster Increases Homeowners Payout By 134.78%
- Benefits Of Hiring A Public Insurance Adjuster
- NC Public Adjuster
