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Well, here we are at my new website and my first ever Blog. I feel like I'm speeding right into the 20th century. Oh, wait... this is the 21st century. Drat, looks like I have some catching up to do.

Since we are beginning the hail season and it seems to be getting off to a strong start, I thought it would be a good idea to send out a recommended procedure for filing claims. In today's world of insurance, it isn't very often a good idea to simply default to filing a claim just to see if you have damage or to see if the damage exceeds your deductible. Many companies now surcharge policies for claims that are coded CWOP. this code stands for "claims without pay". In other words, a claims had been filed and after the inspection was done, there was no payout on the claim, but the policy was surcharged anyway. Also, there are occasions where there may actually be a claim, but the amount you would glean as a client is outweighed by the amount of a surcharge. Example; you have a $1000 deductible and file a claim. There is deemed to be damage in the amount of $1250, so you stand to net $250 on the claim. But, the surcharge for filing the claim is 10% or about $150 per year for 3 years. Decision, file the claim and get the $250 to help with the repairs now and pay $450 or possibly more due to rate increases or forget the claim and come out of pocket with another $250 and avoid the surcharge. 

Suggested procedure; Call me and my staff before filing any claim. Talk it over and review the expected options. then make the decision whether to file or now. You can always file, this way you have solid information and are able to make an informed decision. 

Hope you all enjoyed this Blog as much as I enjoyed bringing it to you. Please let us know if we can assist you and your family in any way and once again, I appreciate your business. 

Posted 5:36 PM

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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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