I think in recent times most of the insurance companies have changed their policies to accommodative self management.
I am currently with AAMI and specifically confirmed this.
Holy S***!! my IP burned down!!
- Thread starter morty
- Start date
I think in recent times most of the insurance companies have changed their policies to accommodative self management.
I am currently with AAMI and specifically confirmed this.
Thanks for that input, as I don't self manage was still under the impression of the "old" rules. Wylie's info is also along the lines you mention traveller.
Always learning................
update
Hi Guys,
Thought i might give you all an update on the happenings since my last post.
As i explained earlier, my ip was burned down over five months ago now.
I pretty much had to fight tooth and nail for it but i just received cheque on friday for $199,500 (they took out $500 for the premium, ouch!). Along with this i had the site fully demolished and cleared at their expense (which they insisted i was going to have to pay for) as well as some other costs reimbursed.
It's almost comical though how much they have tried me on over the last 5 months. It started out with a 1 hr recorded interview from the assessor along with phone records, bank/loan/credit card statements of any account for the last five yrs having to be provided. A million phone calls to and from them and finally after 3.5 months i get a call with their settlement offer of $24,000! The place was insured for $200k so i just laughed that one off!
24hrs later the adjusted and "final" offer of $150k as well as me having to pay to finish demolition and to get the site cleared was put on the table but was also laughed off. They stuck to their guns though and the case manager in no uncertain terms told me i would not get a cent more out of them! It was as if the money was coming out of her pocket!!
I finally got sick of it all and the more i complained the more i was pushed from dept to dept and from 1 case manager to the next receiving numerous other options from them which were all unacceptable so i lodged a formal complaint with the insurance ombudsman.
Once they stepped it was a different ballgame and i got everything i was entitled to!! Honestly the process was ridiculous and i've only briefly summerised it here but it's finally resolved!! So now i've got a block of land that i own outright and (what i'm calling) a victory cheque to go with it!
I just had to share this story, 1. cos i'm pretty rapt that i persisted but 2. to make sure no-one accepts the 1st, 2nd, or even 5th offer from a lying insurance company if it is less than you are entitled to. They are basically bullies.
Now i need to change all my other policies to another company!
Morty
Hi Guys,
Thought i might give you all an update on the happenings since my last post.
As i explained earlier, my ip was burned down over five months ago now.
I pretty much had to fight tooth and nail for it but i just received cheque on friday for $199,500 (they took out $500 for the premium, ouch!). Along with this i had the site fully demolished and cleared at their expense (which they insisted i was going to have to pay for) as well as some other costs reimbursed.
It's almost comical though how much they have tried me on over the last 5 months. It started out with a 1 hr recorded interview from the assessor along with phone records, bank/loan/credit card statements of any account for the last five yrs having to be provided. A million phone calls to and from them and finally after 3.5 months i get a call with their settlement offer of $24,000! The place was insured for $200k so i just laughed that one off!
24hrs later the adjusted and "final" offer of $150k as well as me having to pay to finish demolition and to get the site cleared was put on the table but was also laughed off. They stuck to their guns though and the case manager in no uncertain terms told me i would not get a cent more out of them! It was as if the money was coming out of her pocket!!
I finally got sick of it all and the more i complained the more i was pushed from dept to dept and from 1 case manager to the next receiving numerous other options from them which were all unacceptable so i lodged a formal complaint with the insurance ombudsman.
Once they stepped it was a different ballgame and i got everything i was entitled to!! Honestly the process was ridiculous and i've only briefly summerised it here but it's finally resolved!! So now i've got a block of land that i own outright and (what i'm calling) a victory cheque to go with it!
I just had to share this story, 1. cos i'm pretty rapt that i persisted but 2. to make sure no-one accepts the 1st, 2nd, or even 5th offer from a lying insurance company if it is less than you are entitled to. They are basically bullies.
Now i need to change all my other policies to another company!
Morty
The more I hear about insurance companies, the more I think it is worth being represented by a solicitor from the outset of a large claim. Insurance company ethics are atrocious, (but so are those of many of their clients).
No good , but I guess if it was insured and you were going to demo it anyway !
We've had one near us we've been trying to make up our minds about for 12 mths . I've spent hours and hours out there walking about , looking around and just generally trying to come to a conclusion.
Problem solved , 2 wks ago up she went , the lot.
The owner had 200k on the property though yet now that it's burnt down his insurance is paying 300 in a replacement costs as it had two houses on it so his done ok .
Cheers
Thanks for the update on your situation and congratulations on sticking to your guns and achieving the right and fair result.
Hi Morty,
What you have experienced is worth gold to many members of the forum.
Would it be possible to go into far more detail for the massive learning involved. Never having been through the process, I could certainly learn alot from your ordeal.
Top stuff in fighting through. I've heard insurance solicitor's are hard case.
Excellent work Morty.
It gos to show that when companies are dealing with the 'average joe', that they think they are in control.
After having got the obundsman on board, it is quite comical to see a sudden change of view (even a bit of sympathy probably).
Your point about not giving up on the 5, 7th attempt is valid, but if you are confident of what your policy says, after the first rejection, you could save some agony and go straight to the ombudsman there and then.
I too, would like to hear further about your efforts regarding your compesation.
I recently had a much smaller claim from my RE managers, and after them not wanting to reimburse me for loss of funds (due to their direct actions), I wrote them a letter (snail mail) and gave them 10 days to reply for compensation, otherwise I would be taking the matter to the RTA (who couldn't do much) or the OFT. Very quickly, they remibursed me my lost funds.
Good work.
F
I'm also slightly curious as to the insurance provider???
It gos to show that when companies are dealing with the 'average joe', that they think they are in control.
After having got the obundsman on board, it is quite comical to see a sudden change of view (even a bit of sympathy probably).
Your point about not giving up on the 5, 7th attempt is valid, but if you are confident of what your policy says, after the first rejection, you could save some agony and go straight to the ombudsman there and then.
I too, would like to hear further about your efforts regarding your compesation.
I recently had a much smaller claim from my RE managers, and after them not wanting to reimburse me for loss of funds (due to their direct actions), I wrote them a letter (snail mail) and gave them 10 days to reply for compensation, otherwise I would be taking the matter to the RTA (who couldn't do much) or the OFT. Very quickly, they remibursed me my lost funds.
Good work.
F
I'm also slightly curious as to the insurance provider???
thanks so much for sharing your story - great to hear that sticking to your guns works.
we're about to launch into something on a much smaller scale.
step daughter's car, parked on the side of the road, was written off by some twit. fortunately they were insured.
the insurance co is wanting to pay her trade value for the car - which is about half market value. it's not an expensive car, but she'll have to pay market value to replace it.
she is very young and sweet so her dad, stepdad and mechanic are all gearing up to battle for her. let the games begin!
p.s. i have an old "intended for demo" ip that the tenants accidently had a kitchen fire in - damn - the buggers put it out!
we're about to launch into something on a much smaller scale.
step daughter's car, parked on the side of the road, was written off by some twit. fortunately they were insured.
the insurance co is wanting to pay her trade value for the car - which is about half market value. it's not an expensive car, but she'll have to pay market value to replace it.
she is very young and sweet so her dad, stepdad and mechanic are all gearing up to battle for her. let the games begin!
p.s. i have an old "intended for demo" ip that the tenants accidently had a kitchen fire in - damn - the buggers put it out!
Thanks for the update. THat was definitely an invaluable read. Much appreciated and I am glad you got what was fair in the end.
A good read and as I'm about to change from construction isurance to LL insurance will be checking the policy a bit more closely.
My opinion is no point hidding anything nothing gained by doing that. A good result in the end I can understand why you call it a victory cheque but really it should never be like that you paid for $200000 policy they accepted the risk by taking your premium. It should be your entitlement cheque.
But thats a perfect would and having dealt with Insurance companies for many years for clients it really seems a very hit an miss affair in getting a fair payout when a claim is made.
You have to dig in and fight but I'm sure they know majority of people will just give up and accept what was offered to have peace back in thier lifes.
Brian
My opinion is no point hidding anything nothing gained by doing that. A good result in the end I can understand why you call it a victory cheque but really it should never be like that you paid for $200000 policy they accepted the risk by taking your premium. It should be your entitlement cheque.
But thats a perfect would and having dealt with Insurance companies for many years for clients it really seems a very hit an miss affair in getting a fair payout when a claim is made.
You have to dig in and fight but I'm sure they know majority of people will just give up and accept what was offered to have peace back in thier lifes.
Brian
