You quickly assembled a team to interact with the insurance company’s construction experts. We could have easily suffered additional losses had it not been for the timely settlement you negotiated with our insurance company. Thanks to your experience, skill, diligence, and company’s reputation we were able to recover our policy limits from the insurance company. Given the co-insurance limitations in our policy, this amount far exceeded what we could have recovered on our own. This is not to mention the amount of time, effort and distraction from our own insurance agency business it would have taken us to recover any of the monies. We consider the fee of almost $62,000 that we paid for your services to be very reasonable.
You just suffered serious damage to your multi-family complex and you are wondering what to do next.
You call your insurance company and wait for an adjuster to come out hoping that they will have your best interests at heart.
You moved from the asset side of your insurance company's ledger to the liability side of their ledger.
Knowing everything you possibly can about the "fine print" of your insurance policy before you have any substantive dialogue with your insurer is an absolute necessity. Know what you are covered for and how to claim it. What you say to your insurance company's adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results.
SettlementWe will negotiate the best possible settlement.
Peace of MindWe can help you get back to your lives, family, and business sooner.
AdministrationWe cover every part in preparing and settling your claim.
TeamA team of experts on your side.
Factors To Consider
When filing a multi-family complex insurance claim, there are many factors that need to be taken into consideration. To help you navigate the process, we have put together several talking points for you to review. Having a full understanding of each of the below bullet points is crucial to documenting, filing, and successfully settling your insurance claim. If any of these questions give you pause, please feel free to reach out to us for a no-cost discussion about your claim.
Can tenants stay in the undamaged units? Liability issues may make this a dangerous idea.
Your loss of rents claim is more than just submitting lease agreements. Why?
Replacement properties. Lease purchase strategy. Is it good for you?
Is it always beneficial for your building/property to be considered a “total loss?” If not, why not?
Are relocation expenses for Section 8 Housing tenants covered?
Are your continuing property management fees covered?
Code Upgrade coverage is very important when rebuilding after a fire. How does your coverage address code coverage? Green building upgrades? If your coverage is limited, is there anything you can do about it?
What does Title 24 and handicap access mean to you and your claim?
If you place displaced tenants in undamaged units, how does it affect your rents claim?
Is there coinsurance in your policy?
If there is, what does it mean?
If there is, did your insurance adjuster tell you? If not, why not?
How is coinsurance calculated on replacement cost? On Actual cash value?
Properly managing coinsurance can prevent disaster. Not properly managing coinsurance can put you out of business!
Asbestos and lead-containing materials can have a major impact on your claim. Are you aware of how to properly address these in order to avoid future liability issues?
Hazardous materials such as asbestos and lead can be expensive to address.
You want to make sure your insurance carrier does not cut corners when addressing this issue.
Does your policy pay for removal of your tenants’ personal property? Disposal of your tenants’ property? Storage of your tenants’ property?
Are relocation expenses for HUD tenants covered?
Frequently insurance companies use independent building consultants to prepare bids. Who are these consultants? Who are they working for? Do they only work for insurance companies? Why this should be a red flag.
In a condominium, where does the unit owner’s interest end and the HOA’s interest begin?
What is your broker or agent’s role?
Will he/she be adjusting the claim?
How many claims has he/she handled?
Will his/her role be active or passive?
What is his/her background in construction?
When faced with supporting your position or the insurance company’s, where will he/she stand?
Adjusting Today is a free resource from AI covering the most current insurance topics and critical issues affecting property damage and business interruption claims. It’s written by the leading insurance experts and from the policyholder’s perspective and includes real-life examples to provide insurance agents and brokers, risk managers, attorneys, business owners and other business professionals the context and knowledge to improve disaster preparedness.