We're big fans of getting all of your ducks in a row with a scope of loss to make sure the insurance company is giving you a fair estimate (Read our free eBook for more information on a Scope of Loss). A very common software used in the industry for this purpose is Xactimate. I read an article recently that stated that while building material costs are going up, the value of those building materials is going DOWN in Xactimate.
Here is the graphic they provided in their story (read it HERE):
I encourage anyone going through a loss to still go through the pricing exercise but have all prices verified by a contractor who actually builds houses or performs the kinds of repairs you're having done to make sure you don't get short changed!
Officials at Monday's Waldo Canyon Fire Recovery Group meeting looked back at two catastrophic wildfires in the last two years and then forward to the 2014 fire season and expressed collective frustration.
There was no disagreement when R.C. Smith, county fire recovery manager, and other El Paso County representatives said that there has not been enough collaborative work done on fire mitigation and preparing for what Mark Shea of Colorado Springs Utilities said could inevitably be the "next Waldo Canyon fire."
Colorado is getting an additional $199 million from the federal government to help communities devastated by September’s historic floods, U.S. Housing and Urban Development Secretary Shaun Donovan announced Friday.
... I wanted to share some important highlights of California’s statute of limitations laws. First, the limitations period to bring an action over a first-party coverage dispute in California is four years.1 California does allow a carrier to contractually reduce the statute of limitations period to one year; however, an insurer can waive its right to enforce the statute of limitations by its conduct.
Join communities throughout the U.S. on Saturday, May 3, 2014 as NFPA launches its first National Wildfire Community Preparedness Day!
Commit a couple of hours, or the entire day, and watch as your actions positively contribute to reducing your community’s wildfire risk. Challenge your friends, your family, relatives, faith-based group or youth organization to develop a project and join others throughout the nation in making big changes. Your efforts will help raise wildfire awareness, promote collaboration and bring neighbors together to work on projects that can help protect homes, neighborhoods and entire communities from future wildfire risk or current post-fire impacts.
Allstate Corp. (ALL), the largest publicly traded U.S. home and auto insurer, increased its dividend 12 percent and authorized the company’s largest buyback since 2006. As much as $2.5 billion of stock can be repurchased in the next 18 months, and the quarterly dividend was lifted to 28 cents a share, Northbrook, Illinois-based Allstate said today in a statement distributed by PR Newswire.
An Oklahoma judge has ordered Farmers Insurance and a subsidiary to pay a total of $15 million to three plaintiffs who filed property claims resulting from an EF-3 tornado that struck Woodward, Okla. in 2012, killing six people and injuring 29.
The term “catastrophe” in the property insurance industry denotes a natural or man-made disaster that is unusually severe. An event is designated a catastrophe by the industry when claims are expected to reach a certain dollar threshold, currently set at $25 million, and more than a certain number of policyholders and insurance companies are affected.
One common problem that has been arising is when overhead and profit should be paid in response to a property insurance claim. For those not aware, overhead and profit (generally estimated at 20% of the total amount of the estimate) is intended to cover the overhead/operating costs of a general contractor as well as the amount of profit that the general contractor typically receives. The two typical questions that arise are:
California has kept rainfall records since the start of the Gold Rush in the mid-1800s. 2013 ended up being the driest year on record in California history.1 That is pretty incredible when you think about it. The state is finally getting some much needed rain this weekend as a big storm rolls by.