How not to fall for low insurance settlement for your property
In June 2015 there was a pretty heavy storm in North East Minneapolis and 2 of my properties had a roof and siding damage. On a quad that I own the insurance Co has proposed to pay me 14k claim minus my deductible of 5k. I choose highest deductible possible to minimize the cost of the insurance premiums, because we own many properties and it’s very costly to have low deductibles like $1000.
This was not my first time when I felt that the claim amount was substantially underestimated.
I called my roofer and his quote for the roof was 15k, because it was a very steep roof 12/12 pitch and really big, Siding estimate was around 20k, plus other work, such as soffits, faiscia, etc. Insurance Co said that there was no damage on the garage, estimated to paint two decks with staircases for $220 and other things that I knew cost much more to fix, etc.
At the begging I was trying to get estimates from several of my contractors, but I figured I would spend at least 40-60 hours on getting bids and sending them to the insurance Co and bids only had to be done in Exestimate software and my subs didnt have that.etc. It was not worth my time and I hired a public adjuster who I agreed to pay 7% of the entire claim. Within one month, his claim for 56k !!!!!!!!!!! (3.5 times higher than the insurance Co has agreed to cover at the begging) was approved. Moral of the story-do what you do best and hire the best for the rest.