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.
Over the years we have encountered future clients who state, “Oh the contractor said they will assist with my claim. They will talk to the Insurance Company and negotiate figures”
This is deemed as the UPPA — Unauthorized Practice of Public Adjusting and a ruling was upheld in Texas pertaining to this act. Read further a blog presented by NAPIA, (National Association of Public Insurance Adjusters), specifically spelling out how this ruling was reached and the ramifications of such practice.
Policyholders always want to be informed by the individuals representing them, what their representation involves. Always remember, only licensed Public Insurance Adjusters and lawyers are able to represent you with insurance property claims.
Recently we have received many phone calls from insureds who have suffered property claims but are experiencing a situation that is occurring more and more.
Today a call came in and the man mentioned:
He lived in an area where a weather disaster struck months ago. A sales person representing an”adjuster’ rang his doorbell and said he could help him with his roof problem.
He was told that the adjuster would contact him
The adjuster would bring in his “sister” company to write the estimate.
It is recommended the insured use the sister company
This adjuster was going to charge an inflated fee for the services, and also made it known that this fee (25%) was due whether the insured used his contractor or not. When these sister companies complete repair for the property basically this may be considered double dipping, or kickback payments.
You always want to make sure:
The Public Adjuster you hire has a current license in the State.
The Public Adjuster, their firm, has solid real reviews. (Not just Joe Smith “they did a good job”)
The Public Adjuster is charging a fair fee for their services. Typical percentages range from 10 – 15%.
The Public Adjuster may disclose their relationship with other companies they plan to bring in to submit your claim, you may want to use caution when you are made aware of this.
AJR Public Adjusters is an Arizona Licensed Public Insurance Adjuster with over 30+ years representing policyholders with insurance claims.
AJR is proud to announce another client wanted to share their outstanding experience with our representation. Click on link to read Kevin Ross’s @BBBArizona testimonial. Below are pictures from right after the fire and repaired photos. AJR assisted Kevin in maximizing his recovery to enable him to repair his garage in a timely fashion.
As they say in life, “anything you say can and will be used against you.” To ensure you are properly represented with an adjuster who has over 30+ years experience, with your next insurance claim, contact AJR Public Adjusters first to ensure maximum recovery for your claim.