Posts Tagged ‘hazard claims’
State Your Claim! Detecting, Documenting and Writing Claimable Reports – Part 2
December 9, 2010
State Your Claim! Detecting, Documenting and Writing Claimable Reports – Part 2
A picture is worth a thousand words, right? So now that you know what to look for, it’s time to start shooting—your camera that is! Start by snapping photos of any and all suspicious activity, such as water damage on a ceiling or cracks in a wall. You should begin by shooting the home’s exterior, leading into its interior. And when in doubt, take the shot anyway. Because it’s always better to have too much than not enough. Click. Click. Click!
Make your photos even better by adding an adhesive arrow to the property that appears to be damaged. So, when you see that crack on the wall, stick an adhesive arrow on the wall pointing towards the damage and shoot. Same thing goes for that missing cooktop or cabinet hardware—just stick it and click it—and you’re good to go.
Say This, Not That: Words to Use to Get That Claim Approved
Providing servicers with an accurate, detailed, claimable report is your number one goal. To best accomplish that, you’ll need to step inside the mind of an insurance adjuster. And that means learning to speak “claimable” language. The insurance industry recognizes some words and phrases over others. So, start speaking their language by using detail-driven adjectives and phrases that leave room for interpretation. For example, instead of stating your opinion about how certain damages occurred as in, “the carpet was ruined in the living room due to cigarette burns” just say, “carpet damage” or “carpet needs to be replaced.” By avoiding judgment on how the carpet came to be damaged, there’s a better chance that the file will be successfully claimed and its dollars recovered.
Insurance Industry Language to Use:
- Discolored
- Missing
- Damaged
- Broken
- Graffitied
- Vandalized
- Burglarized
Non-Descriptive, Terms of Judgment to Avoid:
- Neglected
- Undetermined
- Unknown
- General wear and tear
Closing the Case
Writing a more claimable report is easy when you know what to look for and the right insurance industry language to use. But no matter how good of a Claims Detective you may be, not all claims will be filed because not all perils are covered. But, by writing accurate and detailed reports with nonjudgmental language, you’ll be well on your way to stating (and staking!) your claim.
For more information on Detecting, Documenting and Writing Claimable Reports, check out this informative Dimont & Associates walk-through video.
State Your Claim! Detecting, Documenting and Writing Claimable Reports – Part 1
December 2, 2010
State Your Claim! Detecting, Documenting and Writing Claimable Reports – Part 1
Just how good of a Claims Detective are you? Before you jump on that next job, take a moment to review how to make your reports more claimable and your servicers more satisfied. Remember, no matter how good of a Claims Detective you may be, not all damages will be claimable. But by presenting your servicers with detailed, accurate and properly worded reports, you’ll increase their ability to successfully file a claim and recover more dollars.
- Fire or smoke damage
- Water or freeze damage and its source
- Wind or storm
- Vandalism or theft
- Accidental plumbing discharge or overflow
- Lightning or hail
- Explosion
- Falling objects
- Inadequate or faulty construction and remodeling
- General wear and tear
- Neglect
- Deferred maintenance or cosmetic repairs
- Damage by pets and insects
- Code upgrades with supporting text
- Structural defects or earth movements (unless covered by specialized policy)
- Seepage
- Flood (unless covered by a flood policy)
- Nuclear hazard
- Mechanical breakdown
- Hurricane
- Tornado
- Earthquake
- Flood
- Fire
- Boiler Explosion
For more information on Detecting, Documenting and Writing Claimable Reports, check out this informative Dimont & Associates walk-through video.
Foreclosure Moratoriums and Vacant, Damaged Properties
October 12, 2010
There is a strong public and industry attitude, evident from many recent articles from both trade magazines and the general media coverage, that servicers are responsible for the foreclosure processing fiasco and need to be held accountable for it. The large number of pending foreclosures undoubtedly has put a strain on quality controls and the ability of servicers to consistently deliver accurate, up-to-date case status information. Examples of fraudulent document documentation are very distressing, but how common such occurrences have been will not be determined until internal reviews are completed.
Of even greater concern is a foreclosure moratorium, which could sweep across all servicers. The Federal Government has real concerns for the financial health of Fannie and Freddie, and they in turn have made it clear expenses due to foreclosure processing reviews will be borne by servicers. FHA Commissioner Donovan, who is a voice for the Administration in many mortgage industry matters, has said he is concerned that a moratorium would affect servicers who had done nothing wrong. This may reflect the administrations preference, but there is very strong pressure for the Federal Government to impose a moratorium.
Local municipalities can have a major impact on this. With about 40 states initiating actions and/or investigations, local court rulings on the authority to suspend foreclosure actions unilaterally will be important, and likely uneven. Historically such moves have been overturned by the courts, but usually after some delays have been accomplished.
Delayed foreclosure actions, either self-imposed or mandated, will obviously cause the shadow inventory of pending foreclosures to grow, and earlier plans to move forward on delayed foreclosure actions are now being reviewed. With foreclosure delays vacant properties still held as delinquent accounts pose a growing problem to communities. Now more than ever, it is critical to identify damages, recover hazard insurance proceeds, and effect needed repairs on pre-foreclosure properties. In doing so it is equally important that servicers maximize recoveries from hazard insurance, and determine needed repairs with objectivity and awareness of the delicate balance between timeliness, cost effectiveness, and community impact.