60 Minutes: Key Takeaways from “After the Hurricane” report

60 Minutes:
Key Takeaways from “After the Hurricane” report

The Devastation of Hurricane Helene & Milton: Lessons from the Past

In the wake of the recent destruction from hurricanes, thousands of homeowners are not just picking up the pieces of their lives—they’re bracing for a new kind of storm: the battle with their insurance carriers. While families are still reeling from the devastation, a darker, more troubling reality is unfolding. Will their insurance policies—the safety nets they’ve invested in for years—come through when they need them most?

If history is any indication, the answer might leave you unsettled. CBS’s recent 60 Minutes exposé on Hurricane Ian revealed how insurance carriers systematically underpaid or outright denied policyholders. They altered damage assessments to reduce payouts. With Hurricane Helene and Milton’s damage mirroring, if not exceeding, Ian’s, homeowners must now confront the possibility that they, too, could face the same unfair treatment.

As you begin the recovery process, it’s crucial to know how to protect yourself from an industry that may prioritize profits over people.

What Happened After Hurricane Ian?

According to the episode, many policyholders found that their damage reports were mysteriously altered, underestimating the destruction to their properties. As the whistleblowers interviewed in the episode noted, insurance carriers deployed tactics that included modifying damage estimates—sometimes drastically—to minimize the compensation owed to homeowners. A contractor featured in the episode shared, “The damage was clear, but what wasn’t clear was why the estimates didn’t match reality anymore.”

The Harsh Reality of Insurance Payouts Post-Hurricane

As evidenced in the 60 Minutes episode, policyholders from Hurricane Ian are still battling their insurance carriers for the compensation they were promised. These delays and reductions in payouts can be financially crippling at a time when people need help the most. 

The question on everyone’s mind now is: Could this happen again with Hurricane Helene & Milton? Unfortunately, the current insurance climate suggests that it’s not just a possibility, but a strong likelihood.

How You Can Protect Yourself

Given the current landscape, there are several things policyholders should keep in mind when navigating the claims process after a Hurricane:

  1. Document Everything: Take extensive photos and videos of all damage before making any repairs. Your documentation will serve as evidence if your claim is disputed or reduced.
  2. Get an Independent Assessment: Hiring a public adjuster to assess the damage and provide an objective estimate may be worthwhile. This can safeguard you against any lowball offers or claims modifications. Contact our experienced team today to have your property inspected.
  3. Don’t Settle Too Soon: As we reflect on our experience with policyholders during Hurricane Ian, it’s important for policyholders to feel empowered to review every offer they receive from their carrier. Levi Warren, our Adjusting Manager, advises, “The most common mistake I see is accepting a final award too quickly. With all the emotions involved in your claim, it’s easy to want to rush through the claim process to make yourself whole again. Be sure to take your time and review the estimate you receive from your carrier to make sure nothing is missing.”
  4. Seek Professional Help: Public adjusters, like those at Premier Claims, can fight on your behalf to negotiate with your carrier. They understand the tactics insurers use to minimize payouts and can help hold them accountable, aiming to take the stress off your plate.

Hurricane Helene and Milton: Prepare for a Fight

As we watch more hurricane devastation unfold, property owners must brace themselves for the physical recovery and the potential financial battle ahead. In many cases, it’s not about how much damage was done but how much insurers are willing to acknowledge.

We encourage policyholders to stay informed, know their rights, and reach out to professionals when in doubt. The lessons from Hurricane Ian should serve as a grim reminder: proactively know the coverage and rights within your policy so you know when it’s time to defend your claim. 

Premier Claims is Here to Help

At Premier Claims, we advocate for policyholders like you to receive fair compensation from their carriers—making the restoration process as smooth as possible. Our experienced team manages every aspect of your insurance claim, from damage assessment to negotiating with insurers, so you can focus on recovery.

If you’ve been impacted by Hurricane Helene or Milton, contact Premier Claims today. You don’t have to go through this alone.

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Get a Policy Review: Protect Yourself from Carrier Tactics

How Do You Know You’re Properly Covered in the Event of a Disaster? Answer— You Don’t!

We’ve all got a million and one things on our plate, and who has the time to sit down and dissect an insurance policy, right? Here’s the cold, hard truth— neglecting that policy review could be the decision that haunts you when disaster strikes. 

A storm rolls in, lightning cracks, thunder roars, and suddenly your business is flooded, your investments ruined. You’re knee-deep in water scrambling to salvage what you can, all while the clock ticks down. 

What if you had taken the time to get that policy review?

What if you had known the ins and outs of your coverage like the back of your hand?

Maybe, just maybe, you could have avoided the nightmare altogether. 

Insurance Carriers Are Pros at Taking Your Money

Here’s the kicker— insurance policies are notorious for their labyrinthine language and sneaky loopholes. That “Act of God” clause? It might not cover as much as you think. And those exclusions buried in the fine print? They could leave you high and dry when you need help the most.

Not all insurance claims have a happy ending, but it is possible to increase the likelihood of a happy ending relatively easily. Enters the Public Adjuster: the unsung heroes of the insurance world. Public adjusters, like those at Premier Claims, are armed with the knowledge and expertise to navigate the murky waters of your policy. 

Still not convinced? Consider this— The time you invest in that policy review could be the difference between a smooth claims process and a never-ending nightmare. Not to mention that a policy review will only take seconds of your time. Picture yourself sailing through the storm, confident and prepared, while others flounder in the chaos. 

Intrigued? Concerned? Good, it’s time to take action. 

Face the beast head-on, arm yourself with knowledge, and take control of your claim. Because when disaster strikes you’ll want to be the one calling the shots, not the other way around.

Reach out to Premier Claims today and let us guide you through the murky waters of insurance policies. Your future self will thank you – trust us, we’ve seen it all. 

Remember, ignorance may be bliss, but it’s a one-way ticket to disaster. Allow our team of experts to evaluate your insurance policy and ensure your property is properly protected. By submitting your policy, you’ll gain valuable insight on how to optimize your coverage for maximum benefit. Don’t let it cost you everything. Submit your policy for review today: https://premier-claims.com/policy-review/

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Why Insurance Claims Are Denied and Underpaid

Navigating insurance claims can feel like deciphering a cryptic puzzle. You file a claim expecting support, only to face the frustration of either a denied or underpaid insurance claim. Ever wondered what causes these outcomes? Join us as we unveil why insurance claims sometimes fall short and how you can proactively protect your rights.

Profit Pressures and Claim Outcomes

Insurance companies prioritize profit, which directly impacts their bottom line. This focus can lead to underpaid claims as they seek to maintain financial health. Your claim could be denied or underpaid for a multitude of reasons. Here are five of the most common:

Policy Exclusions

Policies often contain specific exclusions that limit coverage for certain events or circumstances. Your claim may be denied or only partially paid if it falls within one of these exclusions. If your current policy falls short, exploring alternative options is crucial to better prepare for the future. Our team is ready to assist you in finding the right coverage with the right carrier. To ensure that your property is adequately protected, submit your insurance policy for a complimentary review: https://premier-claims.com/policy-review/

Incomplete Documentation or Incorrect Information

Insufficient evidence or documentation to support your claim can result in underpayment or denial. Keep records, receipts, and photos to substantiate your claim. Incorrect or incomplete information provided when filing a claim can lead to delays or denials. Ensure all details are accurate and supported by documentation.

Misinterpretation of Policy Language

Insurance policies can be complex, and misinterpreting the language or terms can lead to misunderstandings about coverage entitlements. When was the last time you went through your insurance policy? One might think that insurance carriers purposely design policies with sneaky language and jargon that the average policyholder doesn’t understand.

Delay in Reporting

Failing to report a claim promptly after an incident can raise suspicions and lead to increased scrutiny or denial. Report claims as soon as possible to avoid complications! To learn more about when to file a claim, read our blog: When Is the Right Time to File a Property Insurance Claim?

Pre-existing Damage or Conditions

Claims for damage that existed before the policy period or was caused by pre-existing conditions may be denied as they do not meet the coverage criteria. Accurate documentation of the damage to your property and the date of loss is key! We recommend ensuring that your property is routinely inspected to help mitigate this type of denial. Updated documentation of your property’s condition can be a huge asset throughout any claims process.

Understanding Your Coverage Inside Out

Misunderstanding policy coverage often leads to claim denials. Policies are filled with industry jargon and fine print that can be challenging to decipher. Knowing your coverage thoroughly can prevent surprises and ensure you receive entitled benefits.

Leveraging Claims Expertise

Navigating claims processes alone is daunting. Our team of licensed professionals dedicates itself to maximizing your claim and advocating for your rights. Their extensive experience tends to ensure clarity and fairness throughout negotiations.

The Role of Public Adjusters

Similar to going to court without a lawyer, facing an insurance claim without a public adjuster may put you at a disadvantage. Public adjusters, like those at Premier Claims, specialize in claims management, offering critical support in understanding your rights as a policyholder. Premier Claims has a fully equipped team that tackles every aspect of the claims process for you.

Understanding why claims are underpaid or denied empowers you to secure fair treatment from your insurance company and prepare for future claims. Leveraging expertise, knowing your policy, and seeking professional support enable confident navigation of the claims process.

Take Charge of Your Claims Process Today.

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Understanding Different Types of Adjusters

In the aftermath of property damage, navigating the insurance claims process can be a daunting task. Throughout the property claims process, a policyholder may come into contact with three different types of adjusters. Understanding the different roles of independent, insurance, and public adjusters and how their functions can impact a claim is crucial when dealing with property damage and insurance claims.

Types of Adjusters & Their Role in a Claim

Independent Adjuster 

Independent adjusters are professionals hired on a case-by-case basis by insurance carriers to assess and manage claims. Their primary objective is to provide an unbiased evaluation of damages and determine what they consider to be a fair settlement. Notably, independent adjusters are not employees of the insurance carrier, aiming to maintain neutrality in their assessments through impartial inspections. Since independent adjusters are engaged by insurance carriers, there exists a potential for financial allegiance, as their compensation is directly linked to these carriers.

Insurance Adjuster

Insurance adjusters, also known as private adjusters, are employed directly by insurance carriers. Their responsibilities include investigating claims, evaluating damages, and negotiating settlements on behalf of the insurance carrier. Understanding their role is crucial for policyholders seeking transparency in the claims process. Insurance adjusters bring in-house expertise possessing in-depth knowledge of their company’s policies. 

Allegiance to Insurers: 

Policyholders should be aware that insurance adjusters represent the interests of the insurance carrier, emphasizing the importance of seeking outside advice when necessary. 

Public Adjuster

Public Adjusters, like those at Premier Claims, work exclusively for the policyholder. Their primary role is fighting for policyholders to receive a fair and just settlement from the insurance carrier. Public adjusters act as advocates, guiding policyholders through the complexities of the claims process. 

Working Together

In certain claim scenarios, the collaboration between an insurance adjuster and a public adjuster can prove instrumental in achieving the best outcome for the policyholder. The insurance adjuster, employed by the carrier, brings expertise in policy details and internal processes. While the public adjuster, who actively serves as your dedicated advocate, ensures they fully represent your interests. This cooperative approach aims to streamline the claims process, leveraging the strengths of both adjusters to navigate complexities and utilizing all the resources available to you. Hopefully, bringing you peace of mind during your claims journey. At Premier Claims, we aim to seamlessly orchestrate this collaboration to provide you with a well-rounded claims management experience.

 

Navigating the intricate landscape of different types of adjusters is a crucial aspect of the claims process. Whether it’s an independent adjuster providing unbiased assessments, an insurance adjuster representing the carrier’s interests, or a public adjuster advocating for the policyholder, understanding these roles is key to achieving a fair and satisfactory resolution.

At Premier Claims, our mission goes beyond claims management; it’s about empowering you with knowledge. For more insights and assistance tailored to your needs, connect with our team today.

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Additional Living Expenses for Commercial Properties

Owning commercial property comes with its own set of challenges, especially when unforeseen events disrupt business operations. Additional Living Expenses (ALE) coverage, often overlooked by commercial property owners, can be a crucial aspect of recovery. Premier Claims is here to shed light on ALE coverage for commercial properties.

Understanding Additional Living Expenses (ALE) for Commercial Properties

Navigating Commercial ALE

Additional Living Expenses (ALE) for commercial properties serve a purpose similar to its residential counterpart. In the event of covered perils, such as fire, flood, or other disasters, ALE can provide financial support for temporary relocation and ongoing business operations.

Business Interruption and ALE

What your insurance carrier may not explicitly outline is the interplay between Business Interruption (BI) coverage and ALE. While ALE is designed for the physical relocation of the business, BI coverage addresses financial losses resulting from the interruption. It’s crucial to understand how these two components work together as they aim to provide comprehensive coverage for your commercial property.

Coverage Limitations

Commercial property insurance policies may not thoroughly detail the limitations of Additional Living Expenses coverage. Your insurance carrier may not expressly communicate what expenses are covered and the extent of reimbursement. It’s imperative to review your policy with a keen eye for those details or seek professional guidance to avoid potential gaps in coverage.

The Importance of Detailed Documentation

Temporary Relocation Costs

Your insurance may not stress enough the importance of documenting not only the costs associated with temporary relocation but also the impact on business operations. Detailed records of expenses such as equipment rentals, storage, and the logistical aspects of maintaining or relocating operations are crucial for a smooth claims process & recovery.

Communication Protocols

Keep your insurance carrier informed about any changes in your business’s status or unexpected expenses. Open and transparent communication can expedite the claims process and prevent potential disputes.

Seeking Professional Guidance

At Premier Claims, we understand the intricate needs of commercial property owners. Our specialized expertise goes beyond conventional insurance knowledge to address the unique challenges faced by businesses during property damage incidents. We commit to standing by your side, providing comprehensive guidance tailored to your properties and business needs, aiming to thoroughly assess and document every aspect of your commercial ALE claim. Our goal is not only to secure the coverage you deserve but to make the claims process as seamless as possible.

For commercial property owners, Additional Living Expenses (ALE) coverage is an often overlooked but critical component of insurance. Understanding the intricacies of ALE for commercial properties empowers you to safeguard your business during challenging times. Premier Claims is your dedicated partner, offering not only guidance but also  proactive advocacy to navigate the complexities of commercial ALE claims.

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