Tag Archive for: winter storm damage

Has Your Business Suffered A Frozen Pipe Burst?

This important message is for all Texas commercial and multifamily property owners dealing with water damage claims from last month’s freeze who want the maximum settlement they deserve in minimum time.

As we are going through an unprecedented number of water damage claims, (estimated damages are as high as $90 Billion) I wanted to share with you 2 timely best practices to consider right now!

  1. Hire a local mitigation company to demo and dry out wet materials with IICRC credentials.
  2. Hire ICRS Public Adjusters to get you the fair and prompt settlement you deserve!

Should I hire a 3rd party water damage mitigation company to remove wet areas or do it in-house?

That is the question many commercial owners have been asking themselves. Onsite property management personnel are overloaded with work orders trying to retain tenants while water-damaged units that still may not have been properly mitigated run the risk of mold. Ready or not, your insurance company’s adjusters are coming. What the insurer’s representatives see during your inspections and who represents your interests can make a big difference in your claim settlement.

Water damage caused by frozen pipes destroyed this TX business

As trusted Public Insurance Adjusters representing Commercial and Multifamily property owners throughout Texas, our advice is to have property management personnel resources handle work orders for your business, check vacant units/areas for damages, and make sure air conditioning is on to help dry out moisture. Running the business vs mitigating damage are two separate activities and this is why you have insurance. So, consider engaging a professional water mitigation company to tear out wet materials, mitigate further damage and perform a proper dry out to help prevent mold.

TIP>> How are policyholders dealing with water damage assured that the mitigation vendor will defend their work to the insurer’s and not be obligated to pay anything more than what the insurer will pay? We recommend mitigation vendors and policyholders agree as follows:

  1. Do the remediation in phases with adjuster approvals. The process goes a little slower at times, but really substantiates the services performed and for the rebuild.
  2. Memorialize that the scope of work will be performed pursuant to 3rd party water damage restoration and remediation protocol.
  3. Payment terms are in accordance with Texas insurance code payment statutes.

7 Ways Commercial Building Owners Maximize Insurance ClaimsA reputable water mitigation contractor who uses professional certified restoration/remediation crews that have been trained on the S500 and S520 Restoration industry standards set by the IICRC process should have no issue documenting and supporting any reasonable and necessary scope of work or costs.

For more “pro-policyholder” tips on water mitigation and insurance claims please download our “7 Ways Commercial Building Owners Maximize Insurance Claims”.

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Winter Storm Will Yield largest Claims Event In Texas History

Texas Winter Storm Will Yield largest Claims Event In History

Texas Winter Storm Will Cause $18 Billion In Estimated Damages

With billions of dollars in damage expected from the historic Texas winter storm, a state regulator plans to collect data from property insurers to assess costs stemming from a crippled electrical grid, roofing collapses, broken pipes, and other problems, a spokesman said on Friday, February 19th.

Texas insurers expect “…hundreds of thousands of claims…” said Camille Garcia, Insurance Council of Texas spokeswoman on Thursday.

Bitter cold weather and snow have paralyzed Texas since Sunday, February 14th, shutting down much of the state’s electricity grid and freezing pipes and waterways, leaving communities across the state either without water altogether or forced to boil it for safety.

“We expect this to be a large event, but we just don’t know how large it will be,” said Texas Department of Insurance spokesman Ben Gonzalez, noting that the data inquiry mirrors the regulator’s process after other major storms, such as hurricanes.

The process, set to begin in the coming weeks, comes as one firm that models catastrophe risk estimated at an $18 billion tab for property insurers.

Do you have additional questions on filing a claim? Ready to get started? Reach out to ICRS for more information today!

See the full article by CNBC news here.

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Winter Storm Damage and Your Insurance Claim

Winter Storm Damage and Your Insurance Claim

What To Do After A Winter Storm Hits Your Home

 

Feb 21, 2021 (PRLog via COMTEX) — Policyholders Survival Report for “Largest Insurance Claim Event In History”AUSTIN, Texas – Feb. 20, 2021

PRLog — As Texas thaws from severe winter weather, including snow, ice and freezing temperatures, insurers are facing hundreds of thousands of claims filed for significant property damage to homes and commercial properties. In 2019, the Insurance Information Institute reported $2.1 billion in insured losses caused by winter storms, 2021 will likely exceed $19 billion.

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The good news is that most insurance policies cover damage caused by snow and ice. However, understanding your policy and avoiding disputes between insurance carriers and policyholders concerning what an insurance policy covers and what is excluded can be complex.

“Our advice,” says Insurance Claim Recovery Support CEO, Scott Friedson, “is to review your insurance policy to determine your specific coverage. Some areas of damages often covered by residential or commercial property insurance policies due to snow and freezing ice conditions may include water damage, pipe bursts, business interruption, building or roof collapse, and ice dams.”

Virtually every region of Texas has been hit which could make this storm the most expensive in U.S. history. “The honest truth about insurance claims,” said Public Insurance Adjuster Friedson, with over a decade of experience settling large loss insurance claims, “is that Policyholders bear the burden of proving their claim while insurers have a duty to indemnify the insured in good faith. You can hope or you can plan but either way, if you have a claim, your insurance company’s representatives will adjust your claim, ‘their way'”.

Engaging a trustworthy Public Insurance Adjuster at the beginning of the claim process can make a big difference. Click here for more information on what you need to know about coverage and exclusions on your Winter Storm Damage Insurance claims.

Read the full article here.