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Investors want to know that their properties are insured against any unforeseen damages. The last thing a real estate investor wants to do in the event of an emergency is argue with their insurance company over an insurance claim. Insurance companies are a business and all businesses look towards minimizing costs. If damages occur, most insurance companies will attempt to mitigate costs on an insurance claim in order to avoid costly expenses, but this can hurt investors trying to recoup loss of income on a property.
Ray Altieri III is Vice President of Business Development for Altieri Transco American Claims Corporation. Together with his company, Ray strives to ensure that insurance policyholders receive proper payment in the event of an insurance claim. As public adjusters, Altieri Transco represents insurance policyholders throughout a claim to guarantee that they receive proper recompense from insurance companies. This episode Ray discusses how investors can avoid getting burned when making an insurance claim on an investment property.
- When to Get a Public Claims Adjuster?
- A.S.A.P – A Public adjuster should be brought in on a claim as soon as possible to build an accurate cost for coverage from the ground-up. Adjusters for insurance companies will attempt to minimize costs for coverage
- How Are Public Adjusters Compensated?
- Typically, public insurance claim adjusters receive a percentage of the overall settlement, usually 10%
- Tips for Investors
- Insurance Applications – Investors should be aware of the information entered into insurance applications. Incorrect or missing information may result in a voided insurance claim
- Emergency Services – Costs for emergency services on an insurance claim are not paid by insurance companies, they are paid by the policyholders. Investors should understand these costs and how they affect coverage on a claim