Loss adjusters settlement offer

markc1184

Firstly, apologies if this is not the correct place for this question.

I'm hoping someone can help me out with a query about settlement offers. I'm wondering if a settlement offer is made can I then counter this? There was an offer made after a burst immersion tank caused a fair bit of damage at home. This caused damage to ceilings, walls, decor, electrics and other items in the house. The estimates we have got ourselves just for replacing the flooring with as close to like for like as possible take up between 70-80% of this offer alone. If I was to collect quotes and estimates for the work that will be needed can I then counter the offer made or will that even make a difference to this offer. From the itemised section attached to the offer everything that we are looking to have replaced is included it just seems like the prices quoted are extremely low.

Any help is appreciated.
Mark

Sue Pa Key Pa

markc1184 wrote: »

Firstly, apologies if this is not the correct place for this question.

I'm hoping someone can help me out with a query about settlement offers. I'm wondering if a settlement offer is made can I then counter this? There was an offer made after a burst immersion tank caused a fair bit of damage at home. This caused damage to ceilings, walls, decor, electrics and other items in the house. The estimates we have got ourselves just for replacing the flooring with as close to like for like as possible take up between 70-80% of this offer alone. If I was to collect quotes and estimates for the work that will be needed can I then counter the offer made or will that even make a difference to this offer. From the itemised section attached to the offer everything that we are looking to have replaced is included it just seems like the prices quoted are extremely low.

Any help is appreciated.
Mark

OP, I can advise further, but I just need to clarify something. Are you saying that the loss adjuster has estimated the repairs & replacement of the damage or has he/she adjusted the estimate you provided for consideration?

exaisle

In cases where there is any kind of substantial claim, I'd always suggest that the homeowner/claimant/policyholder engage the services of their own loss adjuster to negotiate on their behalf. Having dealt with many claims over the years, I've never known them not to earn their fees (usually about 10%).

markc1184

Sue Pa Key Pa wrote: »

OP, I can advise further, but I just need to clarify something. Are you saying that the loss adjuster has estimated the repairs & replacement of the damage or has he/she adjusted the estimate you provided for consideration?

Thanks for the reply. The adjuster has estimated the cost of repair and replacement.

Sue Pa Key Pa

markc1184 wrote: »

Thanks for the reply. The adjuster has estimated the cost of repair and replacement.

Firstly, as the above poster suggested, I would get a public loss assessor to act on your behalf. I'm in the insurance business for many many years and even I would engage one if I had a claim. They are a special breed of terriers who know how to put the skids on any loss adjuster chancing his arm

Ignore totally what the insurer's loss adjuster has 'estimated'. His job is to evaluate and justify estimates YOU submit in support of your claim. If you don't want to use your own assessor, gather estimates from contractors, suppliers and retailers and give them to the loss adjuster. He cannot dismiss or cut your estimates without verifying to you why they are not reasonable

markc1184

Thank you both Sue Pa Key Pa and exaisle.

Sue Pa Key Pa

markc1184 wrote: »

Thank you both Sue Pa Key Pa and exaisle.

Not associated with them, but these lads are good

http://www.balcombes.ie/

iainBB

100% with lads above large claim the insurance company is out to save money, get an independent guy on your side to ensure they are not pulling a fast one.

Use to work in this area myself.

kkelliher

Sue Pa Key Pa wrote: »

If you don't want to use your own assessor, gather estimates from contractors, suppliers and retailers and give them to the loss adjuster. He cannot dismiss or cut your estimates without verifying to you why they are not reasonable

I worked in this space for many years and the only way to turn the tables is to get quotes from local builders and submit them all. It is up to the insurance company (loss adjuster) to show it can be done for less and when pushed (or brought to ombudsman) they would have to show that the work can be done for less ie. get a builder to actually provide a quote to do it. They currently use a computer system to cost it which takes no account of the actual building under discussion and is based on average costs as apposed to what insurance is supposed to do which is get you back to where you were before the incident.

The problem with a loss assessor (appointed by you and paid by you), is that they generally approach the system in the same manner as loss adjusters. One goes high one goes low and they settle in the middle. The loss assessors fee (which is generally charged at a % plus VAT) cannot be included in the claim so this also needs to be account for.

markc1184

Thanks again for the loss assessor suggestions. Better offer on the table now even after the assessor gets their share. Hopefully can get the house back to some sort of normality soon.

ejabrod

kkelliher wrote: »

I worked in this space for many years and the only way to turn the tables is to get quotes from local builders and submit them all. It is up to the insurance company (loss adjuster) to show it can be done for less and when pushed (or brought to ombudsman) they would have to show that the work can be done for less ie. get a builder to actually provide a quote to do it. They currently use a computer system to cost it which takes no account of the actual building under discussion and is based on average costs as apposed to what insurance is supposed to do which is get you back to where you were before the incident.

The problem with a loss assessor (appointed by you and paid by you), is that they generally approach the system in the same manner as loss adjusters. One goes high one goes low and they settle in the middle. The loss assessors fee (which is generally charged at a % plus VAT) cannot be included in the claim so this also needs to be account for.

100% on this. Have dealt with insurance companies assesor after serious damage to our house. Guy (from OSG) was a complete díckhead and gave a valuation of €630 (before excess) and it was 'set in stone' total damage was €3,400, went the route of getting valuations from 3 different builders and had to go to the ombudsman. Was paid €3,200 in the end.