Policyholders many times wonder when they are eligible to receive reimbursement above ACV in their claim?
ACV is the Actual Cash Value that is initially agreed upon in the claim. There is a holdback which is a known figure to the policyholder. Generally, the policy states this figure must be incurred. As explained in the attached White Paper, incurred begins when a contract is signed with a builder to repair the property.
Hence, holdback money should be released upon providing a valid contract with a licensed builder.
This is the scenario in the best of circumstances. As a note, even though this is the definition for this wording, many times Insurance Companies do not follow this thought process.
It is helpful to always know your rights and responsibilities.
Public Adjusters are licensed by the state and well versed in the area of claim recovery and can assist with this and other issues relating to your claim.
Sometimes properties can get hit by more than one storm during a Monsoon Season. Questions arise about claims and how they need to be properly filed for full reimbursement.
When damage occurs a second time to a property that has not been fully compensated for the first loss, no new claim needs to be opened. The subsequent damage is added to the original claim, as the insurance company had not satisfied their duty to the insured prior to the second storm.
Information below from National Underwriters verifying this statement.
Should your property suffer damage this Monsoon Season, AJR Public Adjusters available to assist with full recovery from insurance company for all your losses.
Call AJR first to ensure your interests are properly represented. 602-795-5227
Given our current Monsoon Season, here are some tips from the Insurance Information Institute regarding preventing water losses to your property. Try to take precautions now to prevent water damage to your property.
Below is an example from a client of AJR who suffered water damage and a picture of the ominous looking clouds we are experiencing in the Valley right now.
Water damage is one of the most common and costly disasters affecting U.S. residences, accounting for billions of dollars in losses to homeowners and renters annually. However, consumers can protect themselves with the right amount and type of insurance coverage.
The next time you find yourself with an insurance claim, Call AJR first. We will help you report your claim. Our involvement ensures you will receive all that you are entitled to in your policy while we maximize your claim $.
Why settle for anything but THE BEST?
Call Arizona’s Best Public Insurance Adjuster with your next claim. 602-795-5227
Once again AJR has assisted and helped a policyholder with an insurance claim to maximize their recovery. There is no greater compliment than having clients wanting to let others know about their great experience. We thank you. Happy Holidays.
As Monsoon season has passed here in Arizona, we at times still are experiencing rains of significant proportions. Clients have recently asked us about damage that has occurred over the years due to Monsoon Seasons.
A HO policy 00 03 05 11 with and endorsement of HO 32 32 06 12, states that constant repeated discharge, seepage, or leakage of water excluded. This coverage pertains to repeated wind-driven rain that causes hidden damage, mainly rot, and water damage to insulation that cannot be seen.
There is an exception for mold that is hidden behind walls that applies to water caused by heating, plumbing, air conditioning system, sprinkler system, or household appliance, or storm drain or water steam/sewer pipes off premises. The endorsement excludes water caused by repeated seepage or leakage. Wind driven rain is not repeated leakage or seepage, it is forced by the wind. Wind-driven rain is excluded under the water exclusion. Therefore this is not a covered loss.