Consumer Group: Insurers Overcharge

U.S. insurance companies systematically overcharge customers and underpay home and auto claims to pad their already fat-bottom lines, a consumer group said Thursday. The Consumer Federation of America’s insurance director, J. Robert hunter, said insurance companies have enjoyed robust profits and contained losses largely by “methodically overcharging consumers, cutting back on coverage, underpaying claims and getting taxpayers to pick up some of the tab for risks the insurers should cover.”…

Why a General Contractor Should Not Be Used to Prepare an Insurance Claim Adjustment

Your insurance claim is based on the cost to replace with like kind and quality at today’s labor and material costs. This is true whether or not you would restore the property the same way it was or whether the material or construction techniques used in the original building are even possible in today’s market. The appraisers at Alex N. Sill Company are accustomed to supplying current unit cost replacement values based on like kind and quality to buildings of all ages.…

Why You Should Not Wait for a Claim Offer From Your Insurance Company

You have suffered a loss and it is a natural tendency to wait and see what the insurance company offers you before you retain an expert to assist you. This would be like waiting for the judge to decide your case before consulting a lawye…

Understanding the Insurance Replacement Cost Coverage Endorsement

If you are wondering what the Insurance Replacement Cost Coverage Endorsement is, it is an endorsement that provides Replacement Cost Coverage, describing the stipulations and conditions for application. Virtually all policies contain the following language: “The Company shall not be liable under this endorsement for any loss unless and until the damaged or destroyed property is actually repaired or replaced by the Insured with due diligence and dispatch.”…