This is a classic example of why we need Public Adjusters…To help put individuals like these in their place, and assist insureds get paid fairly and quickly!
Thx for your thoughts on the issue at hand. It is nice to see some \”Level Headed\” balanced comments. There are just too many cry babies with an axe to grind commenting to these posts. State Farm is following the rules here, plain and simple. If 2% of their claims ends up questionable, thats better than the industry brings to the table. They are still the benchmark for overall operational quality in this industry.
Although there was no storm damage
to my home in North Georgia, I did
have a pipe burst. It took two months
to get an adjuster out. When the
adjuster came there was a Restoration
company with her. I had no choice
about who repaired my home and the
restoration company came in with a
sledge hammer and knocked out my
kitchen cmpletely. They replaced my
hardwood flooring with low grade
materials) They cut my new cabinets
too short and they are awful. Now
they want me to go to Home Depot
with $13000 and purchase. replacement
cabinets. (Ha! Ha!) They gave me
$1500, to repair the new flooring.
I have complained to the presidents
office six times to no avail, the
state insurance commissioner says
they can\’t do anything. The governor
give won\”t reply. DOES ANYONE HAVE ANY
SUGGESTIONS on what to in Georgia?
I\’m don\’t know the exact percentages, but I think you are close with 30%. The agent\’s commission comes out of that, which is around 15%, and is in line with most homeowner\’s policy commissions.
So the carrier gets about 15% for servicing the policy, and then 3% or so of the loss total for claim handling.
From comments you have made in the past that 20% general contractor\’s Overhead & Profit is not enough to survive on, would you agree that 15% is not exactly \”lucrative\”?
Hello Joe,
We have several cases we are consulting on involving many adjusters using preferred remediation companies that ARE NOT experienced in this type of work. We have two cases in Ga. were these so called carpet cleaning companies come in and do contractors work and have no certification or permit to do so, leaving the home owner to clean the mess up. We are finding this more and more hiring of substandard contractors and using carpet cleaning companies to do specialized mold, water damaged remediation projects. All in the name of saving the insurance company money. This could not be saving the insurance company money because they are now being sued for bad faith. I think the insurance industry needs to verify there preferred vendors credentials and make sure their certified in the appropriate industry work they are undertaking. You may e-mail us at rhollister@environmentaladminastrators.com and we will try to get you pointed in the right direction
295000 claims settled, 1100 of which required engineering reports, and 500 of those still open. What a heck of an accomplishment by the largest property and casualty insurer in America. Wonder
when those two birds went on the attorneys payroll, and what the punishment
will be for handing over confidential policyholder documents that may include private data.
\”So the carrier gets about 15% for servicing the policy, and then 3% or so of the loss total for claim handling.\”
I believe that receiving 33% of billions and billions of other peoples dollars, and having ZERO dollar risk for \”servicing\” NFIP claims, is a much, much sweeter deal for insurers verses their typical book of business business.
Also it seems some need to try to mimic their catastrophe loss claim [denial, footdragging, lowballing] \”adjusting\” strategies with their daily loss claim settlement strategies.
Too many hands in the accounting cookie jar/profit pot are gonna\’ get stuck…
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This is a classic example of why we need Public Adjusters…To help put individuals like these in their place, and assist insureds get paid fairly and quickly!
gk,
Thx for your thoughts on the issue at hand. It is nice to see some \”Level Headed\” balanced comments. There are just too many cry babies with an axe to grind commenting to these posts. State Farm is following the rules here, plain and simple. If 2% of their claims ends up questionable, thats better than the industry brings to the table. They are still the benchmark for overall operational quality in this industry.
Although there was no storm damage
to my home in North Georgia, I did
have a pipe burst. It took two months
to get an adjuster out. When the
adjuster came there was a Restoration
company with her. I had no choice
about who repaired my home and the
restoration company came in with a
sledge hammer and knocked out my
kitchen cmpletely. They replaced my
hardwood flooring with low grade
materials) They cut my new cabinets
too short and they are awful. Now
they want me to go to Home Depot
with $13000 and purchase. replacement
cabinets. (Ha! Ha!) They gave me
$1500, to repair the new flooring.
I have complained to the presidents
office six times to no avail, the
state insurance commissioner says
they can\’t do anything. The governor
give won\”t reply. DOES ANYONE HAVE ANY
SUGGESTIONS on what to in Georgia?
dude…but they are the \”good neighbor\”….LOL
Roger,
I\’m don\’t know the exact percentages, but I think you are close with 30%. The agent\’s commission comes out of that, which is around 15%, and is in line with most homeowner\’s policy commissions.
So the carrier gets about 15% for servicing the policy, and then 3% or so of the loss total for claim handling.
From comments you have made in the past that 20% general contractor\’s Overhead & Profit is not enough to survive on, would you agree that 15% is not exactly \”lucrative\”?
Hello Joe,
We have several cases we are consulting on involving many adjusters using preferred remediation companies that ARE NOT experienced in this type of work. We have two cases in Ga. were these so called carpet cleaning companies come in and do contractors work and have no certification or permit to do so, leaving the home owner to clean the mess up. We are finding this more and more hiring of substandard contractors and using carpet cleaning companies to do specialized mold, water damaged remediation projects. All in the name of saving the insurance company money. This could not be saving the insurance company money because they are now being sued for bad faith. I think the insurance industry needs to verify there preferred vendors credentials and make sure their certified in the appropriate industry work they are undertaking. You may e-mail us at rhollister@environmentaladminastrators.com and we will try to get you pointed in the right direction
295000 claims settled, 1100 of which required engineering reports, and 500 of those still open. What a heck of an accomplishment by the largest property and casualty insurer in America. Wonder
when those two birds went on the attorneys payroll, and what the punishment
will be for handing over confidential policyholder documents that may include private data.
One may wonder who all is going to be found guilty of intentionally defrauding the general public.
Mark, you said;
\”So the carrier gets about 15% for servicing the policy, and then 3% or so of the loss total for claim handling.\”
I believe that receiving 33% of billions and billions of other peoples dollars, and having ZERO dollar risk for \”servicing\” NFIP claims, is a much, much sweeter deal for insurers verses their typical book of business business.
Also it seems some need to try to mimic their catastrophe loss claim [denial, footdragging, lowballing] \”adjusting\” strategies with their daily loss claim settlement strategies.
Too many hands in the accounting cookie jar/profit pot are gonna\’ get stuck…
-rogerpoegc@yahoo.com
Stay tuned for an unethical claim handling fiasco involving an auto accident.
Nearly 5 years in the making and no end in sight.
“Deny, Delay and Don’t Pay, Like a Good Neighbor”
Webcast coming soon.