FRIVOLOUS INSURANCE CLAIMS

Insurance companies agree to insure clients against their monetary losses incurred due to unexpected occurrences.

Any claims for unexpected occurrences that trigger an insurance claim should be carefully considered in an effort to determine whether such an insurance claim might be considered “frivolous” by an insurance company.

An insurance company may consider an insurance claim to be frivolous if the insured claim is not much more than the estimated cost to either repair or replace the insured damage. 

For example a $600 dollar insurance claim for which the client will only receive $100 in insurance benefits because of a $500 deductible might not be in the best, long run interests of the insured. 

When submitting any insurance claim, be certain to consider the long run impact such a claim will have on future insurability. 

As soon as a client is involved in an unexpected, insured occurrence, it is wise to discuss that occurrence in detail with your insurance agent.

For more information, contact either Andrea Shearer, Tessa Everman, or Burton Heginger at Triplett Companies at phone number 515/232-5240. 

NATURAL DISASTER INSURANCE

Natural disasters may be defined as involving Mother Nature and her fury!  Natural disasters particularly often include wind damage and flood damage.  Of course, hurricanes and cyclones often cause additional damages due to power outages.

 

Flood insurance is available through both private and government programs.  The dollar premiums for such insurance coverage however are becoming more and more expensive as storms become increasingly prevalent.

 

Generally speaking homeowner insurance policies do not cover flood damage caused by a natural disaster.  Flooding caused by frozen pipes may or may not be covered in a homeowner policy, but reimbursement for such damages is normally accompanied by a homeowner cost-sharing mechanism, known as the deductible!

 

Wind damage is normally covered by homeowner insurance policies, but wind damage cause by a hurricane or cyclone may involve deductibles based on a percent of the home’s actual insured value.

 

Several points to remember about natural disaster insurance coverage and claims you submit for reimbursement for that damage.

 

1.  Review your coverage with your insurance agent so you fully understand the coverage you have for flood, hail, wind, etc. damage.

2.  Review the type of deductible you have for any “natural disaster” insurance coverage.

3.  Record your insurance policy number and your insurance agent information in several places other than your home.

4.  Maintain an accurate record of the contents of your home detailing the type of

possession, the cost of the possession, and when and where it was purchased.  This
record could be both a video and fact record.  An online application that might help
guide you in this effort is available at the Insurance Information Institute’s website
 >www.iii.org/software<.  Search for the home inventory” application. 

5.  Maintain an accurate, written record of your conversations with the claims adjuster who reviews the natural disaster to your home and personal property. 

 

Understand your insurance coverage and how to proceed when a disaster occurs. Contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) or more information.

 

PROPERTY INSURANCE REPLACEMENT COST

“Replacement cost” insurance is a type of property insurance coverage that generally pays for the “depreciated” value of the damaged property.

 

Subsequently, the actual cost of restoring the property would most likely require additional funding from you to renew the property to its condition at the time of the loss.

 

If you find yourself in this situation, be sure to complete the repairs on the damaged property as soon as possible as most policies have a time limit for payout.  Also maintain accurate records regarding all expenditures incurred in the restoration of the property.

 

Call or e-mail Mike, Andrea, or Tessa at the Triplett Companies today for additional insight and information regarding the “replacement cost” clause of your property insurance policy.

Mold Exclusion

Most all insurance companies (carriers) have a “mold exclusion” in their property insurance offerings.

 

Mold damages should be covered as long as the “mold causing” event was due to an insurance-covered event, such as flooding, rainwater coming through windows broken during a hail storm, etc. 

 

Should your insurance company turn down your claim for mold-related repairs, consider hiring a “mold remediation” company to determine the age and source of the mold.  Of course, such a service may cost several hundred dollars. 

 

Call or e-mail Mike, Andrea, or Mandee at the Triplett Companies today for additional information and help in determining your mold insurance coverage.