So, you’ve danced with the devil before, huh? We get it. But before you swear off public adjusters forever, let’s talk about why Premier Claims is the antidote to your past nightmares and the public adjuster you can trust.

Who Can You Trust?

Trust is a rare gem in the insurance world, but with Premier Claims, it’s our currency. We’re not your run-of-the-mill adjusters. Picture us as the Avengers of insurance claims, swooping in to save the day. Our squad of seasoned and licensed professionals knows the game better than most. With us, your claim isn’t just a file— it’s a mission.

The Dark Side of DIY

Now, let’s talk about the alternative: going solo. It’s like wandering into the lion’s den armed with a toothpick. Insurance carriers have armies of their own adjusters trained to sniff out your policy’s weakness and exploit it. You’re playing a dangerous game of chance without a heavyweight like Premier Claims in your corner. It’s not just about money; it’s about your sanity. Don’t risk losing both to the insurance sharks.

Your Captain America Shield

What makes Premier Claims the cream of the crop? Simple—our dedication to your cause. We don’t just push papers and play nice with insurers. We’re your warriors, fighting tooth and nail for every penny we think you’re owed. From the opening of your claim, we’re by your side, navigating the treacherous waters of insurance claims with you. Consider us your lifeline in the storm, your beacon of hope when all seems lost.

DON’T ROLL THE DICE—CHOOSE PREMIER CLAIMS

So, before you wave the white flag on public adjusters, give Premier Claims a shot. We’re not here to sugarcoat or spin tales. We’re here to get you results, plain and simple. Contact Premier Claims today, and let’s turn your claim nightmare into a victory dance.

Remember, in the game of insurance claims, there’s no room for amateurs. Choose Premier Claims, the public adjuster you can trust, and let’s win this together.

Protecting your commercial property goes beyond mere vigilance; it requires a proactive approach that anticipates and mitigates potential risks. Premier Claims understands the paramount importance of protecting your investments. That’s why we proudly offer cutting-edge virtual property monitoring services.

What is Virtual Property Monitoring?

Virtual property monitoring represents a paradigm shift in risk management for commercial property owners. Furthermore, by harnessing cutting-edge technology and real-time data analysis, this system provides continuous surveillance of your property’s surroundings. From tracking storm movements to assessing environmental conditions, virtual property monitoring offers unparalleled insight into potential threats. Ultimately, enabling proactive decision-making and risk mitigation strategies.

Enhanced Safety Measures

One of the primary advantages of virtual property monitoring is its ability to enhance safety measures for commercial properties. By continuously monitoring weather patterns, this system enables property owners to address vulnerabilities before they escalate into major issues. From strengthening structural integrity to implementing emergency response protocols, virtual property monitoring empowers property owners to create a safer and more resilient environment for tenants and employees alike.

Optimized Risk Management

Effective risk management is essential when protecting the longevity of a property. By providing valuable data and insights, virtual property monitoring allows property owners to make informed decisions. By analyzing historical weather patterns and forecasting future events, property owners can identify high-risk areas and implement targeted interventions to reduce exposure and protect their assets.

Timely Alerts and Response

When you collaborate with Premier Claims, our commitment to your property extends far beyond the point of restoration. Our dedicated team continuously and remotely monitors your property, providing an extra layer of protection and vigilance. This persistent care means that if a storm meeting certain parameters were to impact your property, we immediately alert you of a potential new Date of Loss and our team is prepared to act. Upon detection, our dedicated team notifies our clients, informing them of the potential loss producing event and schedules comprehensive damage assessments.

Premier Claims Partnership

In the unfortunate event of property damage, navigating the claims process can be daunting for commercial property owners. At Premier Claims, we commit to providing seamless support and guidance every step of the way. Our Licensed Public Adjusters are on hand to conduct damage assessments, work with insurance carriers, and fight for you to receive the full compensation owed to you. Furthermore, with our expertise and dedication, we actively protect your interests, allowing you to focus on rebuilding and recovery.

When you choose Premier Claims, you’re partnering with a team that is dedicated to your long-term success. With our experience, technology, and commitment to service excellence, you can trust us to keep a watchful eye on your property and keep you apprised of any potential issues that may arise.

A hailstorm hits your area, leaving a trail of damage in its wake. Amidst the chaos, you’re left wondering about the aftermath, not just in terms of property damage but also the looming uncertainty of insurance premiums. Will your premiums go up if you seek professional help in navigating the claims process?

Understanding Insurance Premiums

Insurance carriers assess several factors when calculating premiums. This includes the likelihood of future claims and the overall risk associated with insuring a property. However, it’s important to note that insurance carriers cannot legally raise premiums solely due to an Act of God, such as a hailstorm, flood, or hurricane.

Factors Influencing Premium Increases

Insurance carriers may increase premiums based on two primary factors:

Fault of the Policyholder

Premiums may increase if the policyholder is deemed at fault for the property damage. For example, if a policyholder recklessly drives a vehicle into their building, resulting in damage, the insurance carrier may raise premiums to reflect the increased risk associated with insuring the property.

Catastrophe Area

Premiums may also increase if the property is located in a “Catastrophe Area.” This designation typically applies to regions affected by severe storms, such as hurricanes or tornadoes. Areas where severe storms cause multiple claims to be filed in the area. In such cases, insurance carriers may raise rates for all policyholders in the affected area to help mitigate the financial impact of widespread damage.

The Role of Public Adjusters

Public adjusters play an important role in the insurance claims process. These professionals advocate for policyholders and assist in navigating the complexities of filing insurance claims. Contrary to common misconceptions, hiring a public adjuster should not inherently cause insurance premiums to increase.

Public adjusters work tirelessly to fight for policyholders to receive fair and equitable compensation for their losses. They possess in-depth knowledge of insurance policies and regulations. This allows them to negotiate effectively with insurance carriers on behalf of the policyholder. By leveraging their skills, public adjusters strive to earn the best settlement possible for a claim, in turn expediting the claims process. To learn more about the role a public adjuster can play in your claim, read our blog: What is a Public Adjuster?

Connect with Premier Claims

If you’re considering hiring a public adjuster or have questions about your insurance premiums, our team at Premier Claims is here to help. We comprehend the complexities of the insurance industry and pledge to serve as a trusted resource for policyholders. Contact us today for an inspection or to have your policy reviewed by our experienced team.

Working with a public adjuster should not result in an increase in insurance premiums. Insurance carriers primarily base premium adjustments on factors such as fault and Catastrophe Area designations. Public adjusters play a vital role in advocating for policyholders. Don’t hesitate to seek assistance from our team at Premier Claims, we’re here to support you every step of the way.

Is Involving Legal Professionals Necessary for Your Insurance Claim?

While the optimism of seeing the world through rose-colored glasses may suggest otherwise, the complexities of insurance claims can make legal assistance invaluable. Discover why having someone advocate for your best interests is crucial in the modern insurance landscape, where carriers aim to protect every cent.

Public adjusters typically handle claim advocacy effectively, rendering attorney involvement unnecessary. However, there are scenarios where legal assistance becomes vital:

Coverage Denial and Refusal to Negotiate

In instances where insurance coverage is denied or negotiations are refused, consider involving legal professionals. Legal professionals work to challenge denials, advocating for policyholders’ right to secure the coverage they’re entitled to. Legal professionals can also engage in negotiations with insurance carriers, striving for a settlement that is fair and reasonable.

Policy Interpretation Issues

Insurance policies often involve intricate language open to interpretation. Legal assistance becomes essential when disputes arise over policy terms. Attorneys can provide clarity on policy language, aiming to safeguard the rights of policyholders and that carriers adhere to the agreed-upon terms.

Bad Faith Practices by Insurance Carriers

Bad faith practices occur when an insurance carrier acts dishonestly or unfairly toward a policyholder. This includes unreasonably delaying claims processing, undervaluing claims, or wrongfully denying valid claims. Legal professionals can identify and challenge such practices, holding carriers accountable for acting in good faith and aiming to maintain fair treatment throughout the claims process.

Beyond the situations highlighted above, there are less apparent, yet valid reasons to consider legal counsel. Chip Merlin of Merlin Law Group, discusses one of these less apparent reasons in his blog “Insurance Company Claims Adjuster Bonus Programs and Criteria.” Some carriers may incentivize adjusters to underpay claims, making it crucial to involve legal representation. Legal professionals can file discovery motions to uncover any undisclosed bonuses that may compromise the fairness of claim payouts.

Uncovering these bonus programs may be challenging, as carriers often attempt to disguise them. An attorney, equipped with the expertise to refine discovery requests, can reveal less savory bonus programs. While not every claim requires legal intervention, having an attorney available ensures that, if needed, assistance is just a phone call away.

Explore the nuances of public adjusting claims and understand when legal involvement can make a significant difference in securing a fair and favorable settlement.

By: Ashley Balsbaugh | Associate Attorney

As hurricane-prone regions brace themselves for another potentially intense season, recent news about insurance carriers making policy changes has raised concerns among policyholders. In a surprising move, Farmers Insurance is no longer serving Florida policyholders, leaving thousands of residents in search of new coverage options. This decision serves as a stark reminder of the importance of reviewing your insurance policy before hurricane season arrives.

“Florida requires affected policyholders to receive a 120-day notice that their policies aren’t being renewed,” Ramishah Maruf, CNN. According to the state’s regulations, this provision ensures that homeowners have ample time to prepare and seek alternative coverage options before their existing policies expire. The non-renewals will play out over several months.

The Business Decision Behind Farmers Insurance’s Exit:

Farmers Insurance explained its decision to exit the Florida market as a necessary step to manage its risk exposure in the hurricane-prone state. While “Farmers is the 11th company to pull out of Florida since 2019. Farmers’ decision affects more than 100,000 customers,” Dave Elias, NBC. Individuals utilizing Farmers Insurance’s owned subsidiaries, such as Foremost Signature and Bristol West, will not experience any disruption in coverage. It is crucial for policyholders affected policyholders by the termination to review notifications and explore replacement coverage options.

Insurance Challenges in Florida:

Farmers Insurance’s departure highlights the challenges faced by insurance companies operating in Florida. Over the past 18 months, numerous insurers have imposed moratoriums on new policies, while others have voluntarily withdrawn from the market or faced insolvency. The situation is exacerbated by a legal system that some insurers claim encourages litigation abuse and excessive claims, leading to financial strain within the industry.

The Need for Legal Reforms:

Recognizing the need for change, the insurance industry successfully advocated for reforms aimed at curbing litigation abuse. Despite these efforts, insurers’ outlook remains uncertain due to the surge in lawsuits filed before the new laws kicked in. Nearly 300,000 lawsuits have flooded the marketplace, creating an enduring challenge that may force regional insurance companies out of business. While legal reforms have been implemented, market conditions continue to pose a significant challenge.

Florida’s Vulnerability to Hurricane Damage:

Florida’s geographical location and low elevation make it particularly susceptible to hurricane damage. As the Atlantic hurricane season approaches, it is crucial for homeowners to assess their insurance coverage adequately. The National Oceanic and Atmospheric Administration predicts a normal hurricane season this year, but there is still a 30% chance of an above-average season. The devastating impact of hurricanes in recent years, such as Hurricane Ian, which caused $114 billion in damage, serves as a stark reminder of the importance of being prepared.

Reviewing your insurance policy before hurricane season is crucial to ensure you have the necessary coverage and avoid potential disruptions. Farmers Insurance’s decision to exit the Florida market is a reminder for property owners to stay vigilant. By staying informed and considering replacement options if needed to protect your property during hurricane season. Remember, being proactive can make all the difference when it comes to safeguarding your property against potential storm-related risks.

In light of Farmers Insurance no longer serving Florida policyholders, Premier Claims understands the concerns and challenges faced by policyholders. With hurricane season approaching, it’s crucial to have the right coverage for your home and belongings. We recommend a third-party expert review of your policy. If you’re a Farmers Insurance policyholder, explore new coverage options well before your policy expiration date.

A new law, signifying a significant development for policyholders in Louisiana, has passed, forbidding property insurance policies from containing provisions that deny an insured individual’s right to hire a public adjuster. Before the introduction of this new law, insurance policies with anti-public adjuster clauses prevented policyholders from hiring a public adjuster. The legislation aims to provide all policyholders and businesses with greater control and expertise in navigating insurance claims.

On June 12, 2023, Louisiana Governor John Bel Edwards signed into law a bill from Sen. Royce Duplessis, D-New Orleans, and Rep. Ray Garafalo, R-Chalmette, that prohibits insurance carriers from inserting anti-public adjuster clauses into property insurance policies. The new law (SB156) in Louisiana will take effect on August 1, 2023, and allow all policyholders to hire public adjusters.

Benefits for Policyholders:

Removing the anti-public adjuster clauses is a significant win for policyholders in Louisiana. Here are some key benefits that policyholders can expect:

Expertise and Representation:

Licensed professionals with in-depth knowledge of insurance policies and claims processes, public adjusters actively operate. They can assess the full extent of damages, and strive for fair compensation per the policy.

Time & Stress Reduction:

Navigating an insurance claim can be a complex and time-consuming process. By engaging a public adjuster, policyholders can offload the burden of handling paperwork, documentation, and negotiations. This allows them to focus on other important aspects of recovery, such as restoring their property or business.

Maximizing Claim Settlements:

Public adjusters skillfully value losses accurately and ensure fair compensation for policyholders. They can help policyholders avoid potential underpayments or claim denials, leading to maximized settlements.

Rules and Regulations for Public Adjusters in Louisiana:

While the new law in Louisiana enables policyholders to hire public adjusters, it’s important to understand the existing rules and regulations governing their operations. Here are some key points to note:

Licensing:

Public adjusters in Louisiana are required to obtain a license from the Louisiana Department of Insurance (LDI). Additionally, the licensing process involves meeting certain criteria, including background checks and the successful completion of an examination.

Fee Limitations:

Public adjusters charge fees for their services, typically calculated as a percentage of the insurance claim settlement. In Louisiana, these fees are regulated and should conform to state guidelines. Policyholders should discuss fee arrangements with the public adjuster before signing any contract.

Contractual Agreements:

Public adjusters must provide written contracts to policyholders, outlining the terms and conditions of their services. The contract must clearly state the fees, scope of work, and any additional expenses that policyholders may incur during the claims process.

Prohibited Activities:

Public adjusters are prohibited from participating in any deceptive or fraudulent practices. Furthermore, they have a fiduciary responsibility, must act ethically and in the best interests of the policyholders they represent. Violations of these regulations can lead to disciplinary actions by the LDI.

Louisiana’s new law granting policyholders the ability to hire public adjusters is a significant step toward empowering individuals and businesses when dealing with insurance claims. With the expertise and representation provided by public adjusters, policyholders can expect a smoother and more favorable claims experience. By leveraging this new legislation, policyholders can navigate the complexities of the insurance world with confidence, knowing they have dedicated professionals on their side.

Premier Claims Louisiana #765044

Understanding your insurance policy can be daunting, especially when faced with complex terms like “recoverable depreciation.” For numerous policyholders, this idea might seem unfamiliar. Yet, it’s crucial for both Replacement Cost Value (RCV) and Actual Cash Value (ACV) policies. In this guide, we’ll cover recoverable depreciation, differentiate RCV from ACV, clarify payment timing for recoverable depreciation, and share key info every policyholder should grasp about it.

What is Recoverable Depreciation?

This term is often overlooked but vital in the insurance claim process. To fully understand this concept, let’s break down what it entails: Recoverable Depreciation refers to the difference between the Replacement Cost Value and the Actual Cash Value of a damaged item. The policyholder can “recover” the insurance carrier’s withheld amount after documenting repairs. Certain policies don’t pay non-recoverable depreciation to the policyholder. Understanding whether your policy includes recoverable or non-recoverable depreciation is vital when filing a claim.

Calculating Recoverable Depreciation

Understanding how to calculate Recoverable Depreciation can help policyholders gain insight into the amount they can reclaim.

1. Determine the Replacement Cost Value (RCV): This is the total cost to replace or restore the damage with similar quality and type. A licensed and experienced public adjuster, estimator or contractor are all professionals that can determine the replacement cost value of damage to your property based on current costs of labor and materials.
2. Find the Recoverable Depreciation: The Recoverable Depreciation is the difference between the RCV and ACV. Traditionally, depreciation is calculated based on the item or the product’s useful life. For example, say you purchase a washer & dryer for $2,100 with an estimated useful life of 15 years. By dividing the total cost at the time of purchase ($2,100) by the estimated lifespan (15 years), it would determine the washer & dryer to depreciate by $140 each year. Therefore, if after 5 years the laundry units ACV would be $1,400 (5 years x $140 = $700 in depreciation over 5 years. The initial purchase price $2,100 minus the $700 in depreciation = $1,400). However, this is just a very general example. When it comes to property damage and filing an insurance claim, each insurance carrier, circumstance and loss are unique and the calculation of depreciation may vary.
3. Calculate the Actual Cash Value (ACV): This involves determining the RCV and then subtracting the depreciation based on age, wear and tear, or other factors. Thus, Actual Cash Value (ACV) = Replacement Cost Value (RCV) – Depreciation.

Impact of Inflation

Inflation is an often-overlooked factor that can significantly impact Recoverable Depreciation. As the general price level of goods and services rises over time, the cost of replacing or repairing damaged property can also increase. This inflationary effect results in the Replacement Cost Value (RCV) of an item being potentially higher today than when the policy was purchased or just a few years ago. Therefore, if we calculate Recoverable Depreciation using outdated cost estimates, it might not accurately represent today’s market’s actual replacement cost. Policyholders should be aware of this dynamic and consider working with insurance professionals who actively monitor inflation trends and update valuations accordingly. Understanding and accounting for inflation in the calculation of Recoverable Depreciation ensures a more accurate and fair settlement, aligning the claim payout with the real-world costs of repair or replacement.

RCV vs. ACV: What’s the Difference?

Replacement Cost Value (RCV)

Replacement Cost Value (RCV) policies cover the cost to replace damaged or lost property without deducting depreciation. In other words, if an item is destroyed, the insurance company pays the cost to replace it with a brand-new item of like kind and quality.

- 1. Pros: Can fully cover the costs to replace or repair damaged property.
  2. Cons: Typically comes with a higher premium.

Actual Cash Value (ACV)

Actual Cash Value (ACV) policies, on the other hand, take into account depreciation. The insurance company will pay for the cost to replace the item, minus a deduction for the wear and tear or aging of the item. Essentially, ACV pays for what the item was worth at the time of the loss.

- 1. Pros: Generally offers lower premiums.
  2. Cons: May result in out-of-pocket expenses if the depreciated value doesn’t cover the full replacement cost.

When does the policyholder receive payment for recoverable depreciation?

Initial Payout

After a claim is approved, the insurance carrier usually pays the ACV first, holding back the recoverable depreciation.

Final Payout

Insurance companies generally pay recoverable depreciation after completing repairs or replacements and providing proper documentation.

Factors Affecting Payment

- 1. The quality of repairs.
  2. The timeliness of completion.
  3. Compliance with policy terms.

How to Claim Recoverable Depreciation

Policyholders with a Replacement Cost Value (RCV) policy must actively reclaim recoverable depreciation. This process involves carefully following a series of coordinated steps to ensure they receive the full entitled amount. This process is not just about understanding the numbers but also knowing how to navigate the insurance claim procedures and documentation requirements. Below are the general steps to reclaim recoverable depreciation; however, if you’re unsure of the requirements within your policy to reclaim recoverable depreciation, get your policy reviewed by our team of legal experts.

1. Complete Repairs: Work with a licensed contractor to ensure quality repairs.
2. Submit Documentation: Provide invoices and other necessary documents to your insurance company.
3. Follow Up: Regularly check with the insurance carrier to ensure the process is on track.
4. Consult Professionals if Needed: If issues arise, consider seeking professional help.

The Importance of Recoverable Depreciation for Policyholders and Insurance Carriers

Recoverable depreciation is more than just an insurance term; it’s a critical component that directly impacts a policyholder’s claim payout. Understanding this aspect is crucial for policyholders, ensuring a fair settlement that matches repair or replacement costs. Meanwhile, insurance carriers employ recoverable depreciation to align claim payments with real-world expenses and prevent overpayment.

Why it Matters to Policyholders

- 1. Financial Planning: Helps in understanding potential out-of-pocket costs.
  2. Claim Recovery: Knowing how to claim recoverable depreciation ensures that policyholders receive what they’re entitled to.
  3. Informed Decision Making: Helps in selecting the right insurance policy that suits individual needs.

Why Insurance Carriers Use it

- 1. Prevents Overpayment: By paying only the ACV initially, insurers avoid overpayment if policyholders opt not to repair or replace the damaged item.
  2. Encourages Proper Restoration: Recoverable Depreciation motivates policyholders to complete repairs or replacements to reclaim the withheld depreciation.
  3. Aligns with Actual Costs: It ensures that payments align with actual costs, providing a fair system for both parties.

Common Misconceptions

- 1. It’s Automatically Paid: Some policyholders mistakenly believe it receives an automatic payout without fully understanding the conditions.
  2. No Time Limit: There might be time constraints that require completing repairs within a specific period.
  3. All Policies Include It: Not all policies include recoverable depreciation; it depends on the type of policy and insurer.

Recoverable depreciation is more than just an insurance jargon; it’s an essential part of many insurance policies that can have significant financial implications. Whether you hold an RCV or ACV policy, comprehending the operation of recoverable depreciation and its payment timing can empower you to navigate the intricate insurance landscape with confidence. Gaining awareness enables you to make well-informed choices tailored to your unique circumstances and to secure the entitlements you deserve.Always consult with an insurance professional to understand your unique circumstances fully.

In the insurance world, there’s often a gap between policyholders’ expectations and what insurance carriers actually cover. This gap can arise from a lack of knowledge about local building codes, leading to missed items or omissions in insurance claims. Contractors may unwittingly find themselves performing uncompensated work, either due to not requesting payment for specific items or lacking awareness of allowable expenses.

Understanding Ordinance or Law Coverage

Ordinance or Law Coverage stands as a pivotal component within insurance policies, particularly when building regulations influence reimbursements for construction and repairs. The Insurance Information Institute informed policyholders that “building codes are updated periodically and may have changed significantly since a home was built. In the event of damage, a policyholder may be required to rebuild their home to the new code’s standards.” Homeowners’ policies usually include limited building ordinance coverage, which can be extended through an endorsement. This coverage requires carriers to approve repairs following local building codes, compelling contractors to address often-excluded elements like ice and water shields, drip edges, house wraps, and flashings.

Research and Communication

Empowerment lies at the heart of effective insurance claims management. This begins by investing time in comprehending local building codes and manufacturer specifications, coupled with proactive engagement with Building Inspectors. Armed with such knowledge, policyholders gain a more authoritative position when negotiating with insurance carriers. This ultimately ensures equitable compensation for essential repairs, transforming potential challenges into opportunities for a fair resolution.

Navigating Your Policy’s Stance on Ordinance or Law Coverage

One of the most prudent steps policyholders can take is a comprehensive review of their current policy to determine whether Ordinance or Law coverage is included. Overlooking this coverage could lead to unforeseen out-of-pocket expenses or suboptimal repairs that fall short of complete replacement. To locate this part of your policy coverage, “review your declarations page and the policy fine print. Not all policies list code upgrade coverage in the same way,” as advised by United Policyholders. If your policy lacks this coverage, our Premier Claims team is here to guide you toward incorporating it. We understand the significance of such coverage and its role in safeguarding your interests.

Seeking Assistance with Denied or Underpaid Claims

Navigating insurance claims can sometimes be a complex journey, especially when they’re denied due to local codes. It’s in these moments that policyholders need a steadfast partner. At Premier Claims, we stand ready to assist, armed with adept knowledge, empathy, and professionalism. Our commitment is to guide you through the claims process, ensuring that you receive the rightful compensation you deserve. Facing denied claims due to local codes is not a solitary battle when you have Premier Claims by your side.

In the realm of property insurance claims, knowledge is indeed power. Premier Claims’ dedication to education and assistance reflects our commitment to fostering a more informed policyholder community. By unveiling the intricacies of building codes and insurance coverage, we aim to empower you to navigate claims with confidence. Let our expertise serve as your beacon, ensuring that you not only understand but also assert your rights within the insurance landscape. Connect with us today to embark on a journey of knowledge, empowerment, and fair claims resolution.

Premier Claims: Your Trusted Public Adjuster