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+--- Thread: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? (/showthread.php?tid=246099)
Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - Dennis S - 09-09-2020
i don't see how it is worth it to go to court, so what can a lawyer threaten? What can the Insurance Commissioner do? Safeco sent a check for $1,700 for a $7,600 estimated job and zero for a $8,500 roofing job.
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - macphanatic - 09-09-2020
Don't sign anything and don't cash the check. Read your policy to see any specific deductibles or exclusions. Some policies may have specific deductibles for certain perils.
Then call them to discuss. If you don't get an acceptable answer, speak with a lawyer. Just make sure that it's one that deals with insurance issues. Lawyers, like other professions, are not jack of all trades.
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - Zoidberg - 09-09-2020
(Dennis -- this is a personal rant and rather despondent, so don't read if you're looking for a happy solution to your situation)
Speaking as someone who went through a lot of shit thanks to Katrina (2005), there's hardly anything to be done. I'm not going to rehash details but I distinctly remember getting 1/3 of my insurance settlement from the mortgage company (long story) and being told I needed to finish 2/3 of the job before they'd dole out the next 1/3. When we pointed out the math wasn't right on that, they told us to either ask the contractor for credit or borrow from family.
Several thousand phone calls, at least 50 affidavits, notarized estimates, two lawyers, and five years later, nothing had improved. The State was overwhelmed with complaints, calls, and cases.
My Dad's business had gotten back up and running and he got a friend at the bank to help me get a loan to finish the work on my house. Six years after Katrina, we were able to sell it, and pay back the bank. We basically signed a waiver to not sue them so they're release the remainder of our insurance money so we could pay back the bank, our contractor, and my Dad.
Insurance did okay by us; our local insurance agent (here in AR not back in LA) got the insurance company to help directly. That was State Farm.
The mortgage company that fucked us over so badly was Chase Mortgage. We had just switched to them earlier in 2005 to take advantage of something, a lower rate maybe. I don't know. Couldn't have known but it was a big mistake.
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - Robert M - 09-09-2020
Dennis,
Mac is correct. Don't sign any documents, i.e. check, release, you name it. Immediately find and speak to a 3rd party adjuster and, if necessary, an attorney.
Robert
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - mattkime - 09-09-2020
Zoidberg wrote: The mortgage company that fucked us over so badly was Chase Mortgage.
How was the mortgage company involved?
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - PeterW - 09-09-2020
How about asking your local agent (you know, the guy who’s getting about 10% of your annual premium) to explain in simple terms why you are getting such lousy service from his company. A lawyer won’t help if you have a policy that requires arbitration and it’s a little late to be checking coverage and exclusions. You have what you have; now figure out why they think they can get away without paying.
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - bazookaman - 09-09-2020
mattkime wrote:
[quote=Zoidberg]The mortgage company that fucked us over so badly was Chase Mortgage.
How was the mortgage company involved?
If you HAVE a mortgage than the bank technically owns the house. SO any money you get from insurance you have to sign over to the bank and they decide how much you get and when you get it. Its VERY frustrating.
We had the same issue with the tree in our house. Even though we were eventually made whole. It took almost exactly a year and endless calls and frustrations. The insurance company turned out to be the shining light. The mortgage copamny was an absolute shitshow.
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - rjmacs - 09-09-2020
It depends a lot on your state.
If you didn't have an independent adjuster perform the initial estimate, consider consulting one. You want the adjuster to work for (and represent) you with the insurance company.
If your state has strong consumer protections, contacting the insurance commissioner may also be worthwhile. I would avoid lawyers as long as possible, because it's rare to recover legal fees in these cases and every dollar taken out of your settlement is a dollar you don't have to rebuild.
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - mattkime - 09-09-2020
bazookaman wrote:
If you HAVE a mortgage than the bank technically owns the house.
Is it like this everywhere? My name is on the title.
Re: Homeowner's insurance paying too little on storm damage. What can State Insurance Commission or a lawyer even do? - Dennis S - 09-09-2020
The check expires 11/3/20. Will I be forced to accept it then or lose it? Are they required to reissue it if we haven't agreed to the settlement yet?