Valentine’s Day is more than just a celebration of romantic relationships. It’s an opportunity to nurture a relationship with something equally important—your insurance policy. While insurance might not be the most exciting topic, understanding and appreciating your policy can bring peace of mind and financial security. This Valentine’s Day, learn to love your insurance policy and feel confident in the coverage you’ve chosen.

Strengthen Your Relationship

Know What You’re Covered For

The first step in loving your insurance policy is understanding what it covers. Take the time to thoroughly read through your policy documents and/or discuss them with a licensed professional. Pay close attention to key details such as property damage coverage, liability coverage, and any additional endorsements or riders that may be relevant to your property use. Understanding your coverage limits and exclusions can help you avoid surprises in the event of a claim.

Assess Your Risks

Every property faces unique risks, whether it’s due to the nature of the industry, the location of the property, or other factors. Conduct a risk assessment to identify potential threats to your commercial or residential property, such as fire, theft, natural disasters, or liability claims. Once you understand your risks, you can work with your insurance carrier to tailor your policy to provide adequate protection against those specific threats.

Review Your Policy Regularly

Just like relationships, insurance policies require regular attention and maintenance. Review your policy annually or whenever there are significant changes to your business or property. This could include renovations or expansions, changes in inventory or equipment, or updates to local building codes and regulations. Keeping your policy up-to-date allows you to have the right coverage vs. right amount of coverage.

Ask Questions

Don’t hesitate to ask for assistance when navigating your insurance policy. While your insurance carrier can offer valuable insights, sometimes you may require additional support to fully grasp the complexities of your coverage. That’s where a team like Premier Claims can step in. With our team of licensed public adjusters and legal professionals, we’re dedicated to helping policyholders fully understand their policy. Whether you’re unsure about a particular clause in your policy, need clarification on a claim process, or simply want experienced guidance, our team is here to provide personalized support. To have your policy thoroughly reviewed by our team of licensed professionals, submit your policy here: https://premier-claims.com/policy-review/

Consider Additional Coverage

Depending on your needs, you may want to consider additional coverage options beyond the basic property and liability insurance. Evaluating your specific risks and considering additional coverage can provide added peace of mind. For example, as hail season quickly approaches, it’s important that your insurance policy protects your property against any damage that hail may bring. Learn more about hail damage coverage in our blog: https://premier-claims.com/blog/commercial-property-hail-damage-coverage/

Document & Maintain Records

In the event of a claim, having thorough documentation can make the process smoother and help you fight to receive fair compensation. Keep detailed records of your property, including photos, receipts, and inventory lists. Maintain copies of insurance policy documents, correspondence with your insurance carrier, and any relevant contracts or agreements. Being organized and prepared can help expedite the claims process and minimize possible disruptions to your business operations.

Stay Informed

Insurance regulations and industry standards can change over time, so it’s important to stay informed about developments that may affect your coverage. Being proactive can help you make informed decisions about your insurance policy and allow you to be adequately protected. We recommend that you subscribe to updates from your insurance carrier and participate in industry associations, so that you can stay informed of relevant news and developments in your area. We believe that knowledge is not just power but a path to peace of mind. Stay connected, stay informed, and let our team be a resource for you. For ongoing industry updates, subscribe to our blog: https://premier-claims.com/resources/blog/

By following these tips, you can develop a deeper understanding and appreciation for your insurance policy. Ultimately, giving you the confidence to face whatever challenges are thrown your way. This Valentine’s Day, take a moment to show some love to your insurance policy. It’s a relationship worth nurturing for the security and protection of your property.

Understanding when to hire a public adjuster is the first strategic move in your claim process. Every decision plays a role in the pursuit of fair compensation for your property damage. We unravel the layers of timing – from the initial moments of property damage to the complexities of denied claims.

Timely Claims Assistance

Understanding the Role of a Public Adjuster

Before going into the timing aspects, it’s crucial to comprehend the role of a public adjuster. These professionals act on behalf of policyholders, assessing and negotiating insurance claims aiming to earn a fair compensation for property damage. Their experience in the claims process can make a significant difference in the outcome.

Immediate Action after Damage Occurs

Swift action is vital when property damage occurs. While policyholders might be tempted to start the claims process independently, involving a public adjuster from the start can streamline the process. A public adjuster’s early involvement aims to make a thorough assessment of the damage, setting the stage for a comprehensive and well-documented claim.

Before Filing a Claim

Policyholders often question when is the right time to bring in a public adjuster. Ideally, it’s before filing a claim. By consulting with a public adjuster beforehand, you benefit from their expertise in evaluating policy coverage, estimating potential damages, and strategizing the most effective approach. This proactive step can significantly impact the outcome of your claim.

Denied or Underpaid Claims

If your insurance claim has been denied or you feel the compensation offered is inadequate, it’s not too late to hire a public adjuster. These professionals excel in reevaluating claims, identifying discrepancies, and negotiating on behalf of policyholders. Their involvement can lead to a fair resolution and the compensation you rightfully deserve.

Complex Claims and Policy Understanding

Insurance policies can be intricate, and navigating complex claims requires a deep understanding of the language and nuances within. Hiring a public adjuster becomes crucial when faced with intricate claims, aiming for every detail is thoroughly examined, and your interests are protected.

Premier Claims encourages policyholders to consider engaging a public adjuster early in the process or, if needed, at any point when challenges arise. Our team stands ready to provide the expertise and guidance necessary for the intricacies of the claims journey. Don’t wait; connect with Premier Claims today for a smoother, more informed claims experience.

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

Garner Industries

Lincoln, Nebraska
Hail & Wind Damage
December 2021

Our team stepped in after the initial claim had already been filed with the insurance carrier. Following a deep-dive investigation and thorough research, we discovered previously overlooked damage to another section of the roof. We also pinpointed a more accurate date of loss that aligned better with favorable deductible terms. After fine-tuning the claim and negotiating up-to-date costs for materials and labor, we achieved a 570% increase in the claim’s value—all within just 5 months.

Insurance Carrier Offer: $162,000

Premier Claims Settlement: $1,085,000

Luxtor Self-Storage

Prescott, Arizona
Hail Damage
February 2022

Before even filing a claim for hail damage to a high-end self-storage facility, our team was already on the case. Within a week of initiating the claim, we coordinated a joint inspection with the insurance carrier. Despite receiving a ‘reservation of rights’ letter from the carrier—a common delay tactic—we pressed on. We assessed the damage to all four buildings and submitted a comprehensive estimate. Although the insurance carrier countered with lower estimates, we stood our ground. The result? A robust final settlement of $1,428,000 in just 3 months, which even included the cost of private security during the restoration process.

Insurance Carrier Offer: Stated No Coverage Available

Premier Claims Settlement: $1,428,000

When dealing with water damage, it’s crucial to understand the severity and potential risks involved. Water loss is classified by contamination level. Its class denotes damage extent and evaporation rate. As your trusted public adjusters, we provide crucial information about water loss categories and classes, guiding you through challenges.

Water Loss Categories:

Category 1:

Category 1 water loss is considered the least severe, as it originates from a sanitary water source with minimal health risks if ingested or inhaled. Common examples include broken water supply lines, sink or tub overflows with no contaminants, melting ice, and broken toilet tanks.

Category 2:

Category 2 water loss involves water with contamination, posing a potential risk of illness upon contact or consumption. This type of water may harbor unsafe levels of microorganisms, nutrients, and organic or inorganic matter. For instance, overflows from washing machines, discharge from dishwashers, or toilet bowl overflows can fall into this category.

Category 3:

The most severe category, category 3 water loss, contains highly contaminated water with pathogenic, toxigenic, or harmful agents, such as sewage or floodwater from external sources. It can be caused by events like tropical storms or weather-related disasters.

Water Loss Classes:

Class 1:

As for Class 1 water losses, they impact a limited part of a room or area, or involve larger spaces with minimal moisture absorption. Moreover, this class presents the least amount of water, absorption, and evaporation.

Class 2:

Category 2 water loss, also known as gray water, involves water containing contamination, posing potential health risks. It may harbor unsafe levels of microorganisms, nutrients, and organic or inorganic matter. Examples of this type include overflows from washing machines, discharge from dishwashers or washing machines, and overflows from toilet bowls.

Class 3:

In a class 3 water loss, water may have come from overhead, resulting in saturated ceilings, walls, carpets, insulation, and sub-flooring throughout the entire area. Consequently, this class involves the greatest amount of water.

Class 4:

Class 4 water losses occur when materials with low permeance porosity, such as hardwood, plaster, brick, and concrete, are affected. These cases often have deep pockets of saturation, necessitating longer drying times and specialized methods.

Jimmy Marlow from Action News Jax reported in Jacksonville, Florida that “Regency Square Mall, once a bustling retail destination in the 90s and early 2000s, has now fallen into a state of disrepair. The mall’s roof has caved in, leading to extensive water damage and the spread of mold, raising concerns for both tenants and the local community.” Being proactive when it comes to water damage is imperative. Understanding the categories and classes of water loss is essential for assessing the severity of damage and implementing the appropriate recovery measures. As your premier public adjusting firm, we are here to support you through the challenges of water damage, providing expert guidance and compassionate assistance every step of the way. Together, we’ll navigate the complexities of water loss and ensure we restore your property to its fullest potential.

Confidential Religious Center

Orlando, Florida
Hail Damage
April 2021

From the start, our team uncovered undeniable evidence of hail damage to the 1,020-square metal roof. In an attempt to stall the process, the insurance carrier issued a ‘reservation of rights’ letter, suggesting the claim might not be sufficiently covered by the policy. They also sent an engineer and their own adjuster for further evaluation. To counter this delay tactic, we conducted a thorough legal review of the policy to confirm coverage and compiled a comprehensive estimate based on our investigations. Despite an ACV policy with endorsements, we successfully negotiated a final settlement of $1,162,000 for a complete roof replacement. After the settlement, and considering the property’s age, we advised the policyholder on upgrading to an RCV policy for more comprehensive future coverage.

Insurance Carrier Offer: Stated No Coverage Available

Premier Claims Settlement: $1,162,000

The Coronavirus has significantly affected the stock market, leading to a sharp and rapid decline in average returns. The forecast indicates further deterioration before any improvement. Given the indefinite duration of the pandemic, the market is likely to continue its decline, contributing to a global economic recession expected to be fully established by the end of 2020. In this article, I’ll discuss how the stock market trend impacts insurance claim payments.

S&P 500 2020 Average Annual Return to Date: -17.55%

NASDAQ 2020 Average Annual Return to Date: -11.81%

Dow Jones 2020 Average Annual Return to Date: -20.53%

According to Marco Trends the market has an average annual return rate of -16.63%, compared to a 11.08-15.4% average return in the previous decade within the same indexes. And while the current rate of return for these markets has stabilized, somewhat – according to Market Watch, the current average rate for the three indexes is 1.05%, and it will take the market some time to recover.

Forecasters predict a further drop in stock market returns by the end of Q2 and the beginning of Q3, which is causing concern. Analyst Charles Dumas suggests that we should regard the notion of the economy rebounding swiftly once the pandemic subsides as unlikely and counterintuitive. This perspective rests on the reality of more than 700,000 jobs lost solely in the United States.

Stock Market impact to insurance and property claims

A common belief is that insurance carriers make their profits by charging and accepting premiums. These premiums are then taken into a pool from which both claims are paid and profits are drawn. And while this isn’t entirely inaccurate, insurance carriers are only marginally profitable if they rely on premiums alone. Insurance carriers, like any business and investor, have shareholders and rely upon the stock market. Insurance carriers profit by investing premiums in stocks for returns before paying claims from the premium pool.

Ultimately, with the stock market in a current downtrend, insurance carriers must find another way to keep profits up. This means the industry is likely to see an increase in denied claims and underpaid claims.

What can a policyholder do? Premier Claims offers not only complimentary policy reviews, but risk-free denied and underpaid claim reviews. Premier Claims offers a comprehensive service, including pre-contract legal and insurance review. Once a client contracts with us, our services encompass legal oversight, meticulous estimating using professional software, and persistent negotiation until claims are maximized.

Concerned your claim was underpaid, or receive a denial?

Need to make sure your policy covers what’s needed?

Contact us at info@premier-claims.com or 877.219.0049, or use our Claims Intake page to upload your documents and request your free review today!

Learn to Love Your Insurance Policy