Homeowners CAN Profit from their own insurance claim

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7 жыл бұрын

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Guess what, if you are a general contractor and you suffer a loss at your own home, you ABSOLUTELY can include Overhead and Profit (10% & 10%) in your estimate of repairs.
There is nothing illegal about it.
Adjusters who say "you can't profit from your own loss" are just trying to steal 20% from their insureds.
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Пікірлер: 77

@lucillemargot5175 2 жыл бұрын

I always wait for your videos as they are so informative and effective. Thank you for always sharing the correct information. Keep posting.

@justinhendrickson 3 жыл бұрын

Thanks for this!

@AndrewMcCabe 3 жыл бұрын

Any time.

@marlonwilson1750 2 жыл бұрын

I love what was said at the end of the video. "take that" ... that is how you know the truth has been told

@shizzhe4381 Жыл бұрын

A car just crashed into my home. It’s time for me to file a claim!

@nicolek7256 Жыл бұрын

That happened to me also

@brokenarrowez Жыл бұрын

The last part did not make sense but I understand the concept. The insurance company pays O&P to the homeowner, the insured, and the General Contractor includes an additional O&P for himself. I can see it going both ways. If the insured's O&P belongs to them exclusively then the GC is entitled to include his O&P to the estimate.

@fje137 3 жыл бұрын

Great video! Question, once an adjuster meets with the client is he/she suppose to provide any documents/ report or copy of the contract to the client? I am working with an adjuster we're at the final stage assuming the negotiation stage but all this time I have no documents or even the binding contract. Should I request any? All I get is a status and when the inspectors are coming. TIA

@ClaimsDelegates 3 жыл бұрын

A Public Adjuster should always work with a contract in place. Otherwise, how are you supposed to know when the contract has been fulfilled?

@talulatree5297 Ай бұрын

How did it all work out?

@nylasworld5558 5 жыл бұрын

I have a question. My loss adjustor asked me to get 2 quotes which i did, cheapest being 45k, he then got his contractor to quote which came in at 30k even though i havent seen proof of this. He said either my builder has to match it or they use their contractor? Can i refuse to use theirs?

@johnmccool8856 5 жыл бұрын

Best advice is to use a public loss assessor. www.restassuredlossassessors.co.uk

@raynong5470 6 жыл бұрын

i have a question.my insurance will pay me to fix the roof and others stuff.after everything is done.what happen to the money that left over to the mortgage company>do i get that money?please response thanks

@ClaimsDelegates 6 жыл бұрын

I'm not sure what you mean, but I'll take a shot. If there is left over money, which has been sent to the mortgage company in order for them to endorse the check, it is yours. Ask them for it. Ask them for all of it. It isn't their money. As long as you can prove you performed the repairs, they have no right to hold back any funds issued to you by your insurance company.

@ladyliberty Жыл бұрын

Yes

@larios86 3 жыл бұрын

Can I do my own repairs and if I do how do I get the mortgage company to release the insurance check to me

@ClaimsDelegates 3 жыл бұрын

Send them proof that the repairs have been made. Often the bank has its own inspection process for insurance drafts.

@destiniedj 7 жыл бұрын

I have been a adjuster for a month, any words of wisdom?

@MountainMan7.62x39 4 жыл бұрын

Find a new job. Well it's been 3 years since you posted this. Did you end up getting out of the business?

@zzevonplant Жыл бұрын

So, if I have an insurance claim for hurricane damage and the damage ends up being like 60k (and of course our insurance wants to give us way, way, WAAAAAAY less than that, so we hired a pubic adjuster, but that's not the point) --- what if we manage to fix everything for 20-30k or something, is that a problem? That's not illegal or anything to keep the rest, right? I just wanted to ask because we're fighting our insurance for what we actually lost (our roof was damage, fence destroyed, all flooring destroyed, everything we owned in the house was destroyed, the walls were trashed about halfway up, etc., etc.) rather than the RIDICULOUSLY low amount they gave us. But, we don't know how much it's all going to cost yet, and my husband is worried if we don't spend all the money on repairs that there's something wrong with that. I told him I was pretty sure it's fine, but wanted to ask someone that knows.

@ClaimsDelegates Жыл бұрын

If your damages are $60k, you are owed $60K. What you do with the money is your choice. The insurance owes to put you in preloss condition. They reimburse you for your loss with dollars. Those monies are not earmarked for anything.

@nonyabuznuss2944 Күн бұрын

The only possible problem would be if you had another future loss that affected the same areas of your home. At that point the insurance company could review the photos by the adjuster on the new claim and compare those photos to the previous claim and if they see areas/items in your home from the previous claim that they paid for were not replaced/repaired then they would probably deduct money from your new claim for those areas/items.

@racarr5111 5 жыл бұрын

Excellent vid

@internalinjectiontrulyhere6182 2 жыл бұрын

Young prime minstry..

@adriennenicole7687 3 жыл бұрын

I keep hearing bad things about Allstate... This is from all sorts of contractors... Roofers, ac guys plumbers etc..

@ClaimsDelegates 3 жыл бұрын

Claims is a nasty game with any of the major carriers these days.

@HowToLoseWeightDaily 3 жыл бұрын

u around.. how to write up a claim.. help..

@AndrewMcCabe 3 жыл бұрын

send me an email andy@claimsdelegates.com

@michaeltravers6109 Жыл бұрын

I was three yours with MAPFRE, experienced a water leak which cost me over €400, to repair. Sent invoice, and photographs to MAPFRE, gave a detailed report, then their engineer contacted me, he sent me seven emails asking the same questions which I had previously answered. I haven't received any feedback, when I phone, I am simply put from one department to another, and then the hang up. Dreadful service.

@culicci 2 жыл бұрын

It is illegal for a homeowner to profit from its own insurance claim Nor a contractor can litigate on insurance policy coverages And no insured can not profit from a claim on property or auto claims

@ClaimsDelegates Жыл бұрын

There is a difference between "contractor profit" and unjust enrichment. Remember, the loss has already happened. The estimate(s) are created in an attempt to QUANTIFY that loss. That estimate/quantification should include ALL anticipated costs, including contractor profit.

@corvettez0695 Жыл бұрын

@@ClaimsDelegates not to mention the loss of property value. The extra over payment suffices for this

@ClaimsDelegates Жыл бұрын

@@corvettez0695 it's not an "over payment". It's an equitable reimbursement for the loss suffered.

@chukwuemekaduru-iheoma7463 11 ай бұрын

@@ClaimsDelegatesSir that’s illegal and you will go to jail…..

@ClaimsDelegates 11 ай бұрын

@@chukwuemekaduru-iheoma7463 which law would be violated?

@MBieker16 6 жыл бұрын

Very misleading. The purpose of insurance is Indemnification. That’s what insurance is for. Labor and mark up on an estimate is standard. If someone does their own work, kudos to them. They are not profiting from their loss but using their skill sets to put money into there pocket. Your title and message is very misleading

@ClaimsDelegates 3 жыл бұрын

Taking dollars earmarked for contractor's profit is not the same as betterment.

@the8ofustogether 5 жыл бұрын

Does your home ins go up after you make a claim??? I heard it does.

@ClaimsDelegates 5 жыл бұрын

It definitely can. Lots of variables.

@irietropicals4255 5 жыл бұрын

Mine went down after a new roof from Hurricane Irma

@bakoaaron2840 4 жыл бұрын

Oz: Depends on the type of loss. Yours went down because you suffered a "CAT" claim (or a Catastrophe Claim). If an insurance receives a specific number of claims due to a hurricane, windstorm, hailstorm, etc they declare all those claims "Cat claims" and they do not count against you. I should rephrase thou, it didn't go down because you suffered a cat claim, your policy was more than likely up for review by an Underwriter and it showed no claims (again, cat claims don't count against you). However, if your home is older and you continue to have broken water lines leading to water damage in your home your insurance will definitely go up as the probability of having a claim is higher. Hope that makes sense.

@captainscentsible1811 4 жыл бұрын

If you are high risk .make lots of claims nvr make a fake claim.my friend got busted for a fake water claim

@danielsimon1193 5 жыл бұрын

Would this apply to an actual Homeowner who was not in the contracting business? Could they hire sub-contractors, have repairs done and bill O&P? Even if this offset their deductibles?

@ClaimsDelegates 5 жыл бұрын

Yes

@aacar4095 4 жыл бұрын

So how does a homeowner “bill” O&P? Literally write up an invoice for O&P and send it in along with the subcontractor’s invoices?

@hidros1461 2 жыл бұрын

If the repairs qualify for O&P then the policyholder can request it

@jg9350 8 ай бұрын

@ClaimsDelegates do you still stand by this? I'm in indiana if that makes a difference

@jordanchmielewski1559 2 ай бұрын

Profiting off an insurance claim is illegal.

@ClaimsDelegates 2 ай бұрын

Try again. Betterment and moral hazard are illegal. Collection of O&P on covered repairs is not.

@moldsquadrestorationcontra6252 Жыл бұрын

I feel like your channel wants us Restoration guys to come together and not take crap from the insurance company. And make a change. But then you make a video like this. Where you basically say the homeowner can profit or keep the money that the insurance company gave them. By you saying this. You will have homeowners reaching out to Restoration guys like me. And make us believe they will give us a 60k job but in reality the homeowner is just using us for our estimate. With the intention of not using our company, just so they can make a profit. Please do not encourage homeowners to do this. Just so you can have content to upload. If you say you look out for us Restoration guys, then do so, and don't be giving homeowners this kind of advice. Bc a homeowner can be as sneaky as an insurance adjuster.

@ClaimsDelegates Жыл бұрын

I believe you've misunderstood the situation. If you've properly onboarded your client, they won't take the money and run. If you haven't done your due diligence, then yes, you could potentially waste time & effort creating their claim settlement document (Xactimate estimate). I believe an insured who understands ALL their options is able to make better decisions. If you try to hide the facts, aren't you being just as "sneaky"? And yes, I want the Restoration industry to come together now more than ever.

@kofighana8263 5 жыл бұрын

Why is the homeowner charging O&P? The reason for overhead and profit is to pay someone to coordinate contractors and scheduling to fit the convenience of the homeowner. The homeowner can not get paid for calling people to fix his house.

@ClaimsDelegates 5 жыл бұрын

1) says who? 2) O&P is part of the calculated loss and is to be included in the settlement offer. It's called indemnification. Make whole from covered loss. If O&P is withheld, it is an unlawful windfall to the carrier. #nowyouknow

@kofighana8263 5 жыл бұрын

@@ClaimsDelegates wrong.. O&P is not part of indemnity. If I'm replacing your damaged shoes, I'm only paying for what it is worth fully. I don't throw anything extra unless someone else has to go through inconvenience for that shoe to be purchased. That is where a general contractor comes. O&P is not automatic

@ClaimsDelegates 5 жыл бұрын

@@kofighana8263 buying shoes doesn't require a contractor's license. When it's reasonably expected that a contractor will be needed for repairs, O&P should ABSOLUTELY be included in a settlement.

@kofighana8263 5 жыл бұрын

@@ClaimsDelegates O&P is not for a contractor. It is built in for a general contractor who will arrange and schedule contractors to do various repairs. The system already accounted for labor charges, materials and taxes. Contractors labor is not the same as overhead and profit. Now if the homeowner hires someone to coordinate the roofer, electrician, the painter, drywall guy... then that person deserves to be paid for his time. Please don't give people wrong information

@ClaimsDelegates 5 жыл бұрын

@@kofighana8263 I would never dream of giving out "wrong information." I'm confused by your assertions. So a "contractor" is different from a "general contractor"? "The system" you refer to; are you talking about Xactimate? Have you ever run a real business? REAL businesses have to cover costs like the ones you mentioned (labor, materials, taxes) AS WELL AS make a profit. How is it that a non-"general contractor" [your words] can stay in business if he doesn't make a profit? How does he pay the rent and internet bill at his office if he is only "allowed" to cover his job-related costs? I'm so confused. I suggest you check case law and trial histories in this matter. Jury awards consistently include contractor's overhead and profit considerations. I would love to hear your opinion on the facts. I'm guessing you're an adjuster. Your company made a profit last year, right? Or did they just cover their expenses and give the rest of the unearned premiums back to the policyholders?

@JohnMcleanOIL 5 жыл бұрын

Thats super ILLEGAL

@ClaimsDelegates 5 жыл бұрын

No, it's really not.

@seanspreckelsen3496 5 жыл бұрын

@@ClaimsDelegates you are 100% wrong. the insurance company's job is to make your home whole again. if they give you their scope/estimate of damage, and you take that money, and as you say "go to Tahiti" you are committing insurance fraud. it is made to pay for the damages, labor and all. there is no place for a homeowner to profit from a claim. i am a project manager/contractor for a roofing company. never tell anyone that they are in their right to profit from a claim, please. even if they are acting as their own contractor.

@ClaimsDelegates 5 жыл бұрын

@@seanspreckelsen3496 we can agree to disagree. Money is compensation for damages/losses incurred. It is not an obligation to repair. Why do you think the mortgage companies lobbied to get their names on insurance drafts?

@thetruth7216 2 жыл бұрын

Sean is wrong. I’m an adjuster, we pay for the damage and the insured can spend all the money to play the lotto if they want

@chukwuemekaduru-iheoma7463 11 ай бұрын

@@thetruth7216 that is true but you can’t get more the actual scope of damages