Insurance Companies

I had items stolen from my car. How long can the insurance company take to settle the claim? I submitted a list of items and the original cost. This is in New Mexico. Thanks.

It depends on what the reasons are for the delay–if they are investigating, it can take awhile. Put your request in writing, with a copy to the insurance department in New Mexico, asking for a quick resolution. If that doesn’t work, hire a public adjuster.

Do I have any recourse on a property claim when the insurance company sent out an adjustor and then simply mailed me a check? I have a $1000 deductible, and received a check (no papers signed on my part stating that I accept this as a settlement and I have not cashed the check). The insurance check is for $1400. Essentially they are saying the damage can be repaired for $2400. Well, I’ve had several companies estimate the damage and they range from $3700 to $4300. Does one have any recourse or must they accept what the insurance says they’ll pay out and absorb the rest? I was always under the impression that your deductible is what you are "out" if you have a claim. But, looks like I’m "out" $2300, not just my $1000 deductible. I have contacted the insurance company and am now getting the run around of course. Nobody wants to take responsibility and nobody will return phone calls. TN Farm Bureau is the company – not some fly-by-night company, either.
I have contacted the claims department as well as my local agent. Each tells me to contact the other. It’s ridiculous. At this point, none are returning calls. The adjustor has been left countless messages – none returned. The claims manager never seems to be in and doesn’t return calls. I’m getting real aggravated since I have several homes and several cars all insured through these people. They are about to lose a good chunk of their business. The additional that I feel is fair to cover this claim fully is LESS than my annual premiums on all of it combined. So, they will lose a lot more than $1300 if they don’t get this settled. Their choice, I guess.

The check does have (in fine print, of course) that endorsing the check is acceptance of payment in full for the claim. No way is that check getting cashed.

Absolutely, you have some thinigs you need to do.

Start with calling your agent. Ask the agent to get an explanation. It’s POSSIBLE that they are taking "depreciation" until after the repairs are made, but that doesn’t usually happen on a claim as small as yours.

Contacting the company isn’t going to get you as far as contacting the agent. But if your agent really won’t help (then, of course, you’re going to fire them), you need to call the adjuster, and explain you are getting quotes around 4K, why are they underpaying you.

If you can’t get a response from the adjuster, you need to complain, IN WRITING, to the state insurance department, and CC the adjuster. Keep copies of everything you send!! And include the written estimates you’ve gotten for the work.

**cashing the check doesn’t close the claim. That’s a myth.**

landlord want tenant’s to put cars in a carport in a highly used ally carport that she has gated because she feels that it’s safe now. She say’s that "My insurance Co. does not want the building parking to be a storage for discarded cars.If they suspect that they will either raise her insurance premium or not cover the building total insurance needs."
This parking stalls have been assigned to the tenant’s and some of us have more than one car, and do not run or use one of them, for many reasons but none of the car are discarded. We pay for having this parking space can she and her insurance company tell us what we can put in them?

You can easily check your quotes in internet, for example here – homeinsurance.awardspace.us

There’s NO REASON, IMO, to check a FICO score as part of a property damage claim.

The only reason to check it, during the claims process, is if you’ve got an arson or theft case that you think is fraudulent, and you’re considering evidence for bringing fraud charges against the insured. I can’t think of ANY OTHER reason why it’s relevant.

It is part of the underwriting process, so an underwriter can check it before renewal, or before writing the policy in the first place. But I don’t have any clue why an adjuster would check it, if it’s PROPERTY DAMAGE.

I had a house fire, and filed a claim for structure and personal property. It has been one month sense adjuster has received my personal property info, and yet no check. Just a bunch of lies that the check is in the mail or supervisor needs to sign off. I was under the assumption Insurance companies had 14 days after agreed settlement to pay. Is this correct? I live in California.

I have never heard of any kind of 14 days rule.

You may want to follow up with the adjusters supervisor.

Since we don’t know the particulars of your case- we can’t provide you any hard and fast information.

Thinking of buying a house in Greenville NC and don’t know how insurance companies would assess the flood risk.

coastal has nothing to do w/ flood. 110 miles more than likely is not considered "coastal." but it depends on the company. some companies wont’ write a policy in an area they consider to be coastal only b/c of the wind & hail exposure (hurricanes). as for flood, well, EVERYONE is in a flood zone. lenders usually only require u to carry flood insurance in you are in a flood zone a or v. if this is what u r really concerned about, you can look up flood zones online to find out if you would be required to carry flood, or check w/ the mortgage company. usually flood insurance runs about 300-400 per yr, no matter what company u go through. it’s a federally funded program.

Do I cancel the personal property insurance since we are moving into our new home next month? Also, do I still need Personal property insurance on our new home if we have homeowner’s insurance with another company already?

homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.

Well, it’s been an hour and nobody answered your question, because your question is not clear. You don’t have to be employed to obtain coverage. Retired people have insurance coverage. You just have to be able to pay the premiums and qualify for the insurance ( good health, own property, etc.) Maybe you should rephrase your question and try again.

The current owner has filed a claim with the insurance company. Now the owner is selling the property. How will the claim be handled after the property is sold to the new owner?

The way it will be handled needs to be stipulated in the contract, and the insurance company will likely have to be made aware of, and possibly approve the arrangement. Both parties should have their own attorney, and the insurance company should be notified.

I’m looking for the rating for the Fire Insurance company "New York Property Insurance" (www.nypiua.com) Kindly advise.

You can’t find it, because it isn’t a proper insurance company. It’s a "fair plan" type underwriting association, run by the state of NY, for people who can’t get regular property insurance for one reason or another.

Coverage is usually narrower in scope than a standard policy, but you don’t have to worry about financial status, because it’s backed by all the taxpayers of the state of NY.