An Eye For Damage Helps

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Archive for the 'Forced Placed' Category

14
May

Elderly Need Assistance with Damage Claims !

Wowza,  I had the special opportunity to speak at a Senior Center today. I was shaking in my boots to start, but as engaged as they were I had to be sure they understood my role. Amazing to hear 1st hand that over 10 of them had paid their Homeowners Insurance for OVER 15 years and NEVER filed a claim for anything. They just fixed things theirselves with their OWN money. Well today they learned what types of damages are covered, and who to call for assistance. ——-> Thanks Ameenah Henderson for your PROACTIVE Approach at sharing our industry with your community !!!!!!!!!

If we do not take care of the Elderly in our specific Communities WHO WILL ????????

They just avoid filing claims, because they do not understand the process. Also they are SCARED, and or left to handle a policy that used to be taken care of by their spouse before they passed !

I felt so great letting them know that there is help, and that they do not have to deal with a damaged property due to living on a FIXED income……..

posted by Tish Grant in All Risk,Broad Policy,Business Owner Policy 2,Business Owner Policy 3,Comercial Package Policy (Broad),Commercial Package Policy (Basic),Commercial Package Policy (Special),Condo Policy,DP 1 / Investor,DP 2 / Investor,DP 3 / Investor,Forced Placed,Renters Policy,Standard Fire Policy,Vacant Policy and have No Comments
05
Mar

Know your ENDORSEMENTS !

Which do you have ?

Which should you have ?

What are you waiting for ?

I was sitting here thinking which out of the 3 endorsements that I explain to my insured is THE MOST IMPORTANT ?

However for the life of me, I could not come up with either being more important than the other. Truly a policyholder would be better off having something and NOT needing it, rather than NEEDING something and not having it. In consideration of the cost of the endorsements, I say just spend the money and adequately insure yourself.

So quickly I will touch on the 3 endorsements that I give details on when providing a Policy review.

Sewer Backup & Sump Pump – this endorsement is needed if the policyholder wants to be “made whole” after experiencing damage from the sewer line backing up into their lower level bathroom, laundry room, and or shower. This water is very nasty water, ( Category 3 ) and needs to be professionally cleaned and addressed. All structural materials need to be removed from the property and replaced with new material. Needless to say this can be a very costly loss to go through. Another area where this endorsement plays key is with the Sump Pump area of the property. If the Sump Pump fails to perform ( no matter what the failure ) then this endorsement kicks in to ensure that the policyholder is “made whole”.  Without the endorsement as a part of their coverages, the cost of the damages fall into the policyholder’s lap. In Maryland this endorsement is so important, that it is mandatory that Insurers offer it.

Personal Property Replacement – this endorsement is needed if the policyholder has damage to personal items when experiencing a covered loss. Personal items, and or personal contents pretty much means a policyholder’s STUFF. With out this endorsement a policyholder will be paid to go out and replace their items based off how much they originally spent to purchase them, MINUS how long they had them/used them. ( depreciation ) This payment is called Actual Cash Value. If a policyholder wants to have the correct amount of money needed to replace the loss/damaged items then the Personal Property Replacement endorsement is a must. The same depreciation formula will be applied, yet the insurance company would owe to make up the difference once you provide them with the receipt proving that you replaced the items. If a policyholder wants similar like, kind, and quality of their items this endorsement is key.

Law & Ordinance – this endorsement is needed if the policyholder has damages so extensive that there is a rebuild required. In the rebuild, whatever is required to bring the property up to code will be an additional expense to the policyholder. This expense is not taken care of in the original coverages. All that is taken care of in the original coverages is the cost to replace the property with what was already there. No additional code requirements, and or upgrades will be included. Therefore, this endorsement provides a cushion of funds just in case those “snags” present themselves during the rebuild process.

As stated in the  beginning of this post, I can not decide which ( if any ) is more IMPORTANT than the other. Depending on the loss suffered a policyholder could find themselves in a really tight situation without one of these. Which brings me back to the old saying ” What You Don’t Know Won’t Hurt You ” …… this saying is so false it hurts !!!

 

Tish Grant

443-307-5108

posted by Tish Grant in All Risk,Broad Policy,Business Owner Policy 2,Business Owner Policy 3,Comercial Package Policy (Broad),Commercial Package Policy (Basic),Commercial Package Policy (Special),Condo Policy,DP 1 / Investor,DP 2 / Investor,DP 3 / Investor,Forced Placed,Renters Policy,Standard Fire Policy and have Comments (2)
30
Dec

My HomeOwners Insurance is “PAID” in my Mortgage

Hmmmmm….. To escrow or not to escrow THAT IS THE QUESTION

  • Escrow of the taxes & insurance on your property is NOT exactly bad, but you should be involved. ( Monitor it )
  • IF YOU MISS/FALL BEHIND  on a few mortgage payments, you’d better BEWARE  !!!!
  • Things Happen ** so let’s just speak on the topic of “tough times”. It is not the end of the world, SO WHAT, you fell behind on a few payments. You are “playing catch up”……and you notice that your monthly payment has INCREASED. This is easily mistaken for being the direct result of “playing catch up”, but IT IS NOT  !!!
  • Need to know info:  The Mortgage Company has the right to Insure its investment. They do not have to keep paying the company that you picked. Most often times the Mortgage Company picks who they want. The Insurance Company that they pick gives them a brand new policy which protects the amount that you owe on your mortgage. This brand new policy takes place of the policy that you had, because you did not have enough money in your escrow to make the bi-annual payment to the Insurance Company that you picked. This brand new policy does not cover YOUR clothes, furniture, dishes, electronics, kids toys, and so on. This brand new policy does not cover providing you a place to live while your home is repaired from a fire, pipe burst, tree falling on it, vehicle crashing into it, and so on. THIS BRAND NEW POLICY ONLY REBUILDS THE PROPERTY.
  • Unfortunately, most folks have NO IDEA that they have this type of brand new policy until they experience a life changing loss  !!!!!

MY GOAL IS TO CHANGE THAT………….WHY ???

because I have personally come face-to-face with 4 families that had this type of policy thus far this year. Fire had totally destroyed each one of these families homes and belongings. Would you agree that in the midst of this LIFE CHANGING LOSS, finding out that the Insurance Policy only covers the Mortgage Company was DEVASTATING news ?

Tish Grant

Md Licensed Public Adjuster

posted by Tish Grant in All Risk,Broad Policy,Condo Policy,DP 1 / Investor,DP 2 / Investor,DP 3 / Investor,Forced Placed,Standard Fire Policy,Vacant Policy and have No Comments
25
Aug

EARTHQUAKES, HURRICANES, & DAMAGE….OH MY !!!!

Well it has begun, the buzz is arising, this thing is REAL !!!
Where were you when the EARTH shook ?
What went through your mind ?

As strange as the event felt while in the moment, the feeling in the pit of your stomach just after was REAL. If you were away from your home, you more than likely wondered how did my home “hold-up”. The rumble was intense enough to cause damage to several properties, and the contents within them. Now the harsh reality is that majority of theses properties ARE NOT COVERED !!!!
Earth movement is typically an exclusion on policies, so therefore the policyholder would have to request that they’re policy be ENDORSED to include such a PERIL.  What do I mean by ENDORSED ? Well another way to look at it would be “cushioned” or “accessorize”. When a policy is ENDORSED there is an additional premium paid for the coverage that would more than likely be excluded. When you pay for the coverage it OVERRIDES the exclusion.
If you have experienced damage, and would like to have assistance with navigating the fine print of your policy to find out if you have the coverage that you need, send me an email  TishGrant@EyeForDamage.com
YOU NEED TO KNOW………….the HURRICANE is coming.
This is yet another PERIL that has specifics. You may be a policy holder that has an automatic adjustment of the deductible just because of the damage being caused by the HURRICANE. If you are, this IS NOT A GOOD ADJUSTMENT………………it surely does not get SMALLER. I would love for you to know & understand this prior to the damage happening.  So shoot me an email, and allow me to help.
No obligation, and this can be done over-the-phone………….STAY SAFE this week

posted by Tish Grant in All Risk,Broad Policy,Business Owner Policy 2,Business Owner Policy 3,Comercial Package Policy (Broad),Commercial Package Policy (Basic),Commercial Package Policy (Special),Condo Policy,DP 1 / Investor,DP 2 / Investor,DP 3 / Investor,Forced Placed,Renters Policy,Standard Fire Policy,Uncategorized,Vacant Policy and have No Comments
12
Jul

Why do I need a Policy review….I trust my agent !

The Illinois Appellate Court also pointed out that an insurer does not have a duty to review the adequacy of an insured’s coverage when a policy is renewed. On the contrary, the Court explained that insured parties have the burden to know the contents of their insurance policies. An insurer does not have a duty to suggest full coverage, even when the insurer knows the coverage provided is inadequate.

By Kharee Shorter on Tuesday July 12th 2011

posted by Tish Grant in All Risk,Broad Policy,Business Owner Policy 2,Business Owner Policy 3,Comercial Package Policy (Broad),Commercial Package Policy (Basic),Commercial Package Policy (Special),Condo Policy,DP 1 / Investor,DP 2 / Investor,DP 3 / Investor,Forced Placed,Renters Policy,Standard Fire Policy,Vacant Policy and have No Comments
05
Jun

My Homeowners Insurance is PAID in my mortgage payment

Hmmmmm….. To escrow or not to escrow THAT IS THE QUESTION

  • Escrow of the taxes & insurance on your property is NOT exactly bad, but you should be involved. ( Monitor it )
  • IF YOU MISS/FALL BEHIND  on a few mortgage payments, you’d better BEWARE  !!!!
  • Things Happen ** so let’s just speak on the topic of “tough times”. It is not the end of the world, SO WHAT, you fell behind on a few payments. You are “playing catch up”……and you notice that your monthly payment has INCREASED. This is easily mistaken for being the direct result of “playing catch up”, but IT IS NOT  !!!
  • Need to know info:  The Mortgage Company has the right to Insure its investment. They do not have to keep paying the company that you picked. Most often times the Mortgage Company picks who they want. The Insurance Company that they pick gives them a brand new policy which protects the amount that you owe on your mortgage. This brand new policy takes place of the policy that you had, because you did not have enough money in your escrow to make the bi-annual payment to the Insurance Company that you picked. This brand new policy does not cover YOUR clothes, furniture, dishes, electronics, kids toys, and so on. This brand new policy does not cover providing you a place to live while your home is repaired from a fire, pipe burst, tree falling on it, vehicle crashing into it, and so on. THIS BRAND NEW POLICY ONLY REBUILDS THE PROPERTY.
  • Unfortunately, most folks have NO IDEA that they have this type of brand new policy until they experience a life changing loss  !!!!!

MY GOAL IS TO CHANGE THAT………….WHY ???

because I have personally come face-to-face with 4 families that had this type of policy thus far this year. Fire had totally destroyed each one of these families homes and belongings. Would you agree that in the midst of this LIFE CHANGING LOSS, finding out that the Insurance Policy only covers the Mortgage Company was DEVASTATING news ?

Tish Grant

Md Licensed Public Adjuster

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posted by TishGrant in Forced Placed and have Comment (1)
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