Most homeowners have little to no experience with property insurance claims. Many of us haven’t experienced accidental damage to or loss of our property because catastrophic events like house fires or wind and hailstorms don’t happen very often. And even when they do, many people avoid making insurance claims out of concerns about how that will affect their insurance premium…
In Oliver v. State Farm Fire and Cas. Ins. Co., a case recently decided by the Minnesota Supreme Court, SJJ attorneys Alex Jadin and Tim Johnson brought home another big win for insurance policyholders. In the Oliver case, an insurance company (State Farm Fire and Casualty Insurance Company) sought to avoid its obligation to pay interest rightfully owed to a…
People whose homes are damaged by fire may face a challenging time dealing with their insurance companies. The results of major wildfires, such as the Camp Fire, have changed the way that many insurers do business. Homeowners devastated by fires have faced massive losses, from their homes themselves to the landscapes that once surrounded them. After a claim, however, or…
In California, 167,000 homeowners were unable to get their insurance policies renewed in 2018, which was an increase of 6% throughout the state. Furthermore, there was a 10% increase in the number of policies that were not renewed in areas likely to be impacted by wildfires. Of those who had their coverage terminated, 88,000 lived in areas where there was…
After you’ve made a claim, the insurance company’s adjuster will inspect your home for damage and prepare an estimate. When you receive the insurance company’s estimate, you see that it lists two amounts for “RCV” and “ACV.” How much money do you have to make repairs? ACV is an abbreviation for “actual cash value.” ACV is the actual value of…
When natural disasters strike, they may cause various forms of damage to homes and apartments. Items inside of a home or apartment may also be damaged or lost in the aftermath of a storm. A standard homeowners or renters insurance policy in the U.S. will likely cover the cost of repairing a home. It will also likely help individuals pay…
The U.S. has been hit by an unusual number of severe thunderstorms this summer. For example, on Aug. 11, a hailstorm tore through Billings, Montana, shattering windows and punching holes in roofs. This sort of damage can cost hundreds or even thousands of dollars to repair, forcing many homeowners to file an insurance claim to recover their losses. Fortunately, there…
It was a beautiful, sunny day, but you noticed that clouds were starting to form. Just a few hours later, the sky was dark and the winds were picking up. Hail fell, heavy winds tore through the neighborhood and your properties were left damaged. Fortunately, they were still standing. As a property manager, you know how quickly a storm can…
Texas leads the nation in hail damage insurance claims, according to an analysis released by the National Insurance Crime Bureau (NICB). The analysis looked at claims data from Jan. 1, 2016 through Dec. 31, 2018. According to the analysis, there were almost 2.9 million hail loss claims filed within the study period. Of those, 811,000 were filed by property owners…
Insurance claims can create financial burdens for homeowner association who have to pay often-substantial deductibles under their master insurance policies. While every insurance policy is different, many HOA insurance policies now have separate deductibles for wind and hail claims that can be as much as 1%, 2%, or even 5% of the total insured value of the property. For example,…
