Insurance/Recovery Tips
Replacing Cash and Savings Bonds
Many of us found out the hard way that fire safes just don't help in a firestorm. Worse yet, many of the things we keep in there usually aren't covered by insurance. Here are a few tips for replacing these items.
If you can find fragments of your currency (paper or coin) you can turn it in the Federal Government and they can replace it. Check out their website for details:
http://www.moneyfactory.gov/section.cfm/8/39 (for paper money)
http://www.ustreas.gov/education/faq/coins/sales.shtml#q10 (for coins)
If you had stock certificates usually the corporation has their own procedures. For example here is the clause form the Time Warner website:
To replace lost savings bonds, follow the procedures outlined on the Federal Reserve's website:SECTION 4. Lost, Destroyed and Mutilated Certificates.
The holder of any certificate representing any shares of stock of the Corporation shall immediately notify the Corporation of any loss, theft, destruction or mutilation of such certificate; the Corporation may issue to such holder a new certificate or certificates for shares, upon the surrender of the mutilated certificate or, in the case of loss, theft or destruction of the certificate, upon satisfactory proof of such loss, theft or destruction; the Board, or a committee designated thereby, or the transfer agents and registrars for the stock, may, in their discretion, require the owner of the lost, stolen or destroyed certificate, or such person's legal representative, to give the Corporation a bond in such sum and with such surety or sureties as they may direct to indemnify the Corporation and said transfer agents and registrars against any claim that may be made on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
http://www.ustreas.gov/education/faq/markets/redemption.html#q3
Underinsurance is not your fault!
MOST FIRE SURVIVORS WILL FIND THEY ARE UNDERINSURED —THROUGH NO FAULT OF THEIR OWN!
The insurance companies, not you, ALMOST ALWAYS determined your coverage amounts. They are the experts—THE “NUMBERS PEOPLE”—not you. Underinsurance, in our opinion, is a result of clever insurance company marketing strategy to protect the insurance industry and not you.
Insurance companies employ sophisticated and robust computer programs, such as Marshall & Swift, to determine your coverage amount. Certain uses of these programs, intentional or unintentional, can create significant inadequate coverage amounts. Since the 2003 firestorm, we have demonstrated that the Marshall & Swift program has the capacity of determining almost exactly, to within a few thousand dollars, the dollar number it would cost to rebuild your totally destroyed home.
Letter Writing Tips
Early on in a claim, most people do not need to get an attorney involved for writing simple letters to the insurance company. Sending a letter on an attorney’s letterhead can raise red flags at the insurance company. If the insurance company thinks you’re represented by an attorney, they can no longer talk to you directly. Until the time that an attorney is clearly needed, stick to these simple letter writing tips.
When writing to your insurance company, a brief, non-threatening letter tends to have the best results. Ask your question or make your statement in as few words as possible. If you can ask or say it in one sentence, you have probably written the perfect letter. Too many words gives the insurance company too many words to possibly use against you rather than for you.
A letter could be, in its entirety, “You promised to send a payment check in the amount of $ XX,XXX a week ago. I have not received it. When can I expect to receive the payment? Thank you for your prompt attention.” Or, you could write, “I received a copy of your edited compilation of my personal property inventory. I noticed that you deducted excessive and unreasonable depreciation from many of our items. Please correct the depreciated amounts or set up an appointment with me to properly assess the depreciated amounts. Thank you for your prompt attention in this matter.”
The following is another example of an effective, one sentence letter that conveys the message and gets the job done:
[Date]
Policy: [Policy number]
Claim: [Claim Number]
Date of Loss: [Date of Loss]
Loss Address: [Address]Dear [Adjuster or Adjuster’s supervisor]:
Please send us a copy of our entire insurance policy since our records were lost in the recent fire.
Sincerely,
[Your name]
Debris Removal after a disaster
For those of you who are new to this adventure, you're probably thinking about removing the debris. Here are some tips you should think about before starting the process.
TIP: FROM OUR EXTENSIVE EXPERIENCE WITH FIRE LOSSES, ANY “DOCUMENTATION” OF YOUR HOUSE PREPARED BY AN AGENCY MAY NOT BE SUFFICIENT PROOF TO YOUR INSURANCE COMPANY ABOUT THE EXTENT OF YOUR DWELLING AND PERSONAL PROPERTY LOSS.
Before your debris is removed—AND if you want to preserve your ability to achieve a full and fair settlement of your loss—you must do some quick but CAREFUL “FORENSICS” to answer questions your insurance company will have regarding the size of your home and the quality of your house construction and your possessions.
For more go to:
Public Adjuster May NOT be Your Best Choice
For those of you who are new to disaster recovery, we offer this suggestion regarding public adjusters.
A public adjuster, for a percentage fee up to 33% of your insurance claim, works for you, not the insurance company. A public adjuster is licenses and regulated by your state.
Although a public adjuster will offer to save you the frustration of completing the seemingly endless paperwork required by your adjuster, you still must be 100% involved in the process because only you know your loss. The public adjuster may offer to give you the “inside dope” of the insurance claims settlement process. With the Internet and advocacy groups available, all information you will need to settle your claim is available for free.
During our recent experiences in the 2007 California wildfires, we have seen insurers pay policy limits with minimal paperwork from you. Most fire survivors can handle all the paperwork themselves, particularly with the free disaster recovery resources on hand to help. Why give up a hefty portion of your claim for work and information you will probably do and find yourself?
If you are thinking above hiring a public adjuster, please consider the following [Click HERE for more]
Handout12-PublicAdjusterMayNOTbeYourBestChoice.pdf
