Question
Hello,
I reside in a townhome community where the property management company holds the primary insurance policy for all homes. Recently, I experienced water damage in my home and filed a claim with the insurance company. However, I was informed that, as I am not the primary policyholder, they are unable to provide me with the estimate prepared by the adjuster.
Could you please advise on how I can negotiate the bid under these circumstances?
Thank you for your assistance.
Answer
1. Understand the Insurance Policy š
Review the Policy: Obtain a copy of the insurance policy from the primary policyholder or the HOA if applicable. š Understand the coverage details and exclusions.
Identify Coverage Limits: Determine if the policy covers individual townhomes, common areas, or both. š
2. Document the Damage šø
Gather Evidence: Take clear photos or videos of the damage. šļø Document the extent and specifics of the damage.
Collect Estimates: Get repair estimates from qualified contractors or service providers to support your claim. š ļø
3. Communicate with the Primary Policyholder š£ļø
Discuss with the Policyholder: Inform them about the damage and involve them in the process. š
Provide Documentation: Share the damage documentation and repair estimates with the primary policyholder. š
4. Contact the Insurance Company āļø
Report the Claim: The primary policyholder should report the claim to the insurance company. šØ If necessary, assist them with the information.
Provide Information: Be ready to provide additional details or answer questions from the insurance adjuster. š¤
5. Negotiate with the Insurance Adjuster š¬
Meet the Adjuster: If an adjuster is assigned, be available to provide information and show them the damage. š„
Explain the Impact: Clearly explain how the damage affects your townhome and use your documentation to support your case. š
Negotiate Settlement: If the initial offer is insufficient, negotiate for a higher amount based on your repair estimates and the impact on your property. š°
6. Understand Your Rights āļø
Know the Law: Familiarize yourself with local insurance regulations and your rights as a non-primary policyholder. š
Request Assistance: Consider seeking help from a public adjuster or legal professional if needed. šµļøāāļø
7. Keep Records š
Document Communication: Keep records of all communication with the insurance company and the primary policyholder. šļø
Track Expenses: Maintain a record of all expenses related to the damage and repairs. šµ
8. Follow Up ā³
Monitor Progress: Regularly follow up with the insurance company to ensure the claim is being processed and settled. š
Review Settlement: Once settled, review the offer carefully to ensure it covers all the damage and repair costs. āļø
By using these steps and collaborating with the primary policyholder, you can effectively manage your insurance claim even as a non-primary policyholder.
Hope I was helpful!
