This has nothing to do with the VPL, but rather the issues that go back to 2004, when carriers were not inspecting claims in a timely manner. So the state mandated that residential claims must be paid with 90 days of the date of loss and at replacement cost if the policy holder has RCV.
I could be wrong, but I was under the impression that the Fla Legislature and/or Gov. Crist required that companies remove the policy language that stated that the carrier could pay only ACV until the damages were repaired. It’s been industry practice to pay ACV until the actual “replacement” occured. The claimant here may have something depending on the timing.
FL ST: 627.7011 states: (3) In the event of a loss for which a dwelling or personal property is insured on the basis of replacement costs, the insurer shall pay the replacement cost without reservation or holdback of any depreciation in value, whether or not the insured replaces or repairs the dwelling or property.
This law wnt into effect on October 1, 2005. Wilma hit on October 24, 2005. The law was in effect at the time of the peril.
HERE’S THE NEW LAW AGAIN, LAW TRUMPS ANY POLICY ENDORSEMENT OR LANGUAGE! PRESENT IT TO YOUR CARRIER, IF THEY REFUSE TO PAY RCV UP FRONT, CALL A PUBLIC ADJUSTER OR A LAWYER AND YOU’LL GET MORE $$$!!
FL ST: 627.7011 states: (3) In the event of a loss for which a dwelling or personal property is insured on the basis of replacement costs, the insurer shall pay the replacement cost without reservation or holdback of any depreciation in value, whether or not the insured replaces or repairs the dwelling or property.
Thank you, PJ. I did in fact contact my attorney on Monday. That’s why it is interesting to me that this article was posted on Tuesday. I’ve been shaking my head wondering what on earth I was missing – and I’ve been in this business for 30 years! Makes a person ashamed of our own industry sometimes.
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The policy responds differently to a Total Loss than it does to a Partial Loss.
This has nothing to do with the VPL, but rather the issues that go back to 2004, when carriers were not inspecting claims in a timely manner. So the state mandated that residential claims must be paid with 90 days of the date of loss and at replacement cost if the policy holder has RCV.
Interesting. The Clms Adj told me if I didn’t get the repairs completed w/in 90 days, then I only get ACV??
I could be wrong, but I was under the impression that the Fla Legislature and/or Gov. Crist required that companies remove the policy language that stated that the carrier could pay only ACV until the damages were repaired. It’s been industry practice to pay ACV until the actual “replacement” occured. The claimant here may have something depending on the timing.
FL ST: 627.7011 states: (3) In the event of a loss for which a dwelling or personal property is insured on the basis of replacement costs, the insurer shall pay the replacement cost without reservation or holdback of any depreciation in value, whether or not the insured replaces or repairs the dwelling or property.
This law wnt into effect on October 1, 2005. Wilma hit on October 24, 2005. The law was in effect at the time of the peril.
Thank you Robert!
VICTIM:
HERE’S THE NEW LAW AGAIN, LAW TRUMPS ANY POLICY ENDORSEMENT OR LANGUAGE! PRESENT IT TO YOUR CARRIER, IF THEY REFUSE TO PAY RCV UP FRONT, CALL A PUBLIC ADJUSTER OR A LAWYER AND YOU’LL GET MORE $$$!!
FL ST: 627.7011 states: (3) In the event of a loss for which a dwelling or personal property is insured on the basis of replacement costs, the insurer shall pay the replacement cost without reservation or holdback of any depreciation in value, whether or not the insured replaces or repairs the dwelling or property.
Thanks Robert. I believe you have resolved the issues on this subject. Let’s move on.
Thank you, PJ. I did in fact contact my attorney on Monday. That’s why it is interesting to me that this article was posted on Tuesday. I’ve been shaking my head wondering what on earth I was missing – and I’ve been in this business for 30 years! Makes a person ashamed of our own industry sometimes.
THE INTERNET IS A GREAT PLACE TO LEVEL THE PLAYING FIELD WHERE GOLIATH HAS BEEN WHIPPING DAVID FOREVER, BETTER DAYS ARE COMING!
GOOD LUCK VICTIM