Providing you with yet another intriguing hint on your insurance plan or insurance claims. I am aware that it might be challenging to get genuinely passionate about a subject. But I can tell you right now that this one has the potential to be pretty logical.
Okay, let’s start by acknowledging that insurance firms often get a terrible rap. They take too long, don’t want to make payments, and pay insufficiently. And that is a characteristic of both the procedure and the sector. However, how much should those payments be, and on what basis are they made?
Additionally, it is founded on the idea of indemnification, which states that you should only be compensated for losses up to their full value. The balance is in that the issue is that either we or they might be viewed as unreasonable.
- So, is this the insurance company’s lowest offer? Is that reasonable?
- Is the damage estimate they entered into their own estimating system their true estimate of damages?
- Or does it cost what the contractor claims it can?
It’s typically their contractor, too. I’ll tell you right away that it’s probably none of those, though it might absolutely be a mix of all of them. You’ve now received three estimations.
Let’s say an insurance company offered me $5,000, so you did the customary thing and gave me your estimate. Then, for a total cost of, let’s say, 2000 more dollars, all the contractors arrived, totaling about 7000.
You’ve used one of those contractors your entire life, and you feel very, very comfortable around them. If they came highly recommended, for example. They were members of a family who lived next door and had done labor for them.
However, the value of each person is essentially the same. They are all rather close together. And I don’t want to obtain poor-quality work, so I don’t want to utilize the insurance company contractor.
Price is unimportant. It’s about the fact that I want the work done well. That is actually how the policy provides indemnification.
This means that in an ISO HO3 guideline, the word reasonable appears 14 times. Now, I doubt that all of you adhere to that policy.
Just to recap, it’s a rather simple form. It’s a sensible policy. However, if they used the word “fair” 14 times, that indicates that it serves as the policy’s main tenet. If it appears 14 times, it must mean something. Not by chance, I may add.
The policy is therefore genuinely owed for reasonable. Given that all three of your contractors are in the range of 7, even if the insurance company’s estimate of $5,000 were accurate, they cannot compel you to engage their services. Because they are unable to reject us, we are confident in our position.
You have completed your work and exercised your efforts to demonstrate that a contractor you are at ease with should receive a payment of $7,000 as an acceptable sum. And notice that you were able to convince three of them.
Therefore, it is not about money. Nearly reasonable. It has to do with timing, quality, and comfort. They will be working inside your home, so please listen.
You’ll have to live with the effects of the repairs for a considerable amount of time because they may occasionally be neglected.
Reasonable is part of that indemnification, thus reasonable is absolutely what the policy is responsible for.
You can email me at faq-info@majoradjusters.com and if you’d like, I’ll even make a suggestion about it.
