Insurance Commissioner Mike Chaney issued the following statement.
Damage caused by severe storms and tornadoes is covered under standard homeowners and business insurance policies, as well as the optional comprehensive portion of an auto insurance policy.
“Many people have seen damage and loss because of the severe storms that we’ve seen in the last week,” said Insurance Commissioner Mike Chaney. “Let your insurance company know the extent of the damage. If you are not staying on the property, make sure your insurance representative knows where and how to contact you.”
Follow these steps when filing a claim:
· Prepare to file an insurance claim by gathering all relevant policy numbers.
· File your claim as soon as possible. Your policy may require that you make the notification within a certain time period.
· Be aware, if a widespread disaster has occurred, the company may set up special procedures.
· Be sure you cooperate fully with the insurance company. Ask what documents, forms and data you will need to file a claim. Keep a record of all conversations with insurance companies, creditors or relief agencies.
· If your home is damaged to the extent that you can’t live there, ask your insurance company if you have coverage for additional living expenses.
· Take photographs/video of the damage. Inventory your home for damaged or lost items before your adjustor arrives. This will speed up your claim process.
· Make the repairs necessary to prevent further damage to your property (cover broken windows, leaking roofs and damaged walls).
· Don’t have permanent repairs made until your insurance company has inspected the property and you have reached an agreement on the cost of repairs. Be prepared to provide the claims adjuster with records of any improvements you made prior to the damage.
· Maintain any damaged personal property for the adjuster to inspect.
· Ask the adjuster for an itemized explanation of the claim settlement offer.
· Be patient and assist claims adjusters assigned to your case. Small losses may be settled quickly; extensive claims will take longer.
· Save all receipts, including those from the temporary repairs covered by your insurance policy.
22 comments:
Not mentioned:
#1: These people are not your friends.
#2: Bend Over!
@10:48
He is so right they just finished with me and I am permanently damaged. Adjusters or technicians as they are now called are some of the lowest class of people
About 10 years ago I had an open claim with my insurance company in Florida. For an unknown reason they sent me an additional check for about $1,500, even though they had previously settled in full.
I sent the check back to the adjuster with a letter explaining that the check was sent by mistake.
A few months later they notified me of a non-renewal of my policy.
I didn't even receive a thanks for returning the check.
About 15-20 years ago we had a roof torn up by wind. We didn't just get an adjustment, we got a whole new roof. Our State Farm agent made a few calls for us, arranged for quick inspection by adjuster, then we got a check quickly. It pays off to use a high quality company and agency.
After my most recent storm damage to my roof and filing a claim, I learned that State Farm had changed the way they determine my deductible.
It was my fault for not knowing they had stopped the flat deductible rate and now use a percentage of the value of the home (or a percentage of the insured amount) as the deductible. And the new formula always will make the deductible higher than the flat amount that was previously in the policy.
Of course State Farm is not in business to replace roofs. They're in business to make money.
I say it was my fault for not knowing, but in all the crap mail we get from them, they slipped that one in on me.
Your best hope will be if Tate asks Biden for a disaster declaration. FEMA and SBA are reasonable in their damage assessments. Insurance companies will find a way to f you over.
Commissioner Cheney, You are in a very powerful position. Go to the legislature and have them outlaw these terrible storms!!!!!
Snake Farm implemented a percentage wind/hail deductible several years ago. Many other home insurance companies do not have a seperate wind/hail deductible. They usually are strong enough to implement industry wide changes. You can mark it down, tighter restrictions are coming on roofs via higher deductibles and actual cash value settlements after a certain age. It’s already being done in the commercial insurance sector.
2:39 and 4:13, I'm glad you have had good experiences with State Farm. My last two claims with State Farm resulted in my filing litigation against my own insurance company and on the last claim being one step before filing litigation.
I plan to change companies even if I have to pay more in premium. I spend too much time writing letters, talking with attorneys, etc. simply to get a fair offer.
Is the commissioner gonna give out free storm detectors to everyone?
Allstate and State Farm are horrible.I switched to travelers and love it now
@8:18 - my deductible for my hail damage is a flat $1000.00
@9:57 - maybe it's you - I'm about to get my 3rd roof paid for by State Farm in the last 18 years. Nary a squabble, adjuster came out, had a check that day.
The best homeowners insurance on the market is written by Chubb. Expensive, but worth it.
Like a good neighbor my ass--
7:53 Maybe it is me. But I got the fair offer after I fought State Farm. I only have my cars with SF. My home is with Chubb. Chubb ain't cheap but they write checks without a fight. File the claim, get a check.
Go ask the people in Amory if they can say the same about State Farm.
Don't forget this advice from an adjuster posted to Reddit: https://np.reddit.com/r/personalfinance/comments/43iyip/our_family_of_5_lost_everything_in_a_fire/cziljy3/
7:53 - That's a lie. State Farm does not 'come out and issue a check' that day or any other day. And what you thought was a $1000 deductible has been passe for at least six years.
State Farm requires inspection, review of the estimate and estimator's company, proof of the job being done (final inspection by State Farm) and issuance of a check to the roofing company jointly with the policy holder, minus the deductible, according to the formula they employ.
Wrong again, tonto. The State Farm adjuster checked my roof, wrote up his report and printed the check in front of my house within 1 hour of being there. If you have a mortgage, I would guess that the check is made out to the homeowner and the mortgage company together. I don't, so it was made out to me. And my deductible has been $1000 since around Katrina. It was $500 before that. Try again, genius.
4:10 PM They printed a check in front of your house? For how much?
7:57pm - about 18k - the guy actually had a laser printer in his truck!
It is the job of the insurance company to accept your premium.
Hey Mark, that is an excellent link you sent. I copied the text to save for future reference.
Thanks so much.
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