Wednesday, August 26, 2009

Preparing for the claim we hope never happens.



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Keeping in mind we had our first scare of the 2009 hurricane season and another tropical system lurking off the East Coast, The Walch Group thought it would be timely to encourage everyone to begin or update those lists for the claim we hope never happens.
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If a catastrophe of any type, hurricane, fire, flood, tornado, windstorm, even a burglary were to strike, are you ready to prove your claim to the insurance company? Statistically, most of us are not. With over twenty-four years of insurance field experience, I can attest to the toll it takes on a family having suffered a property loss. The difficulty of a financial loss combined with the emotional loss is very stressful on a family. While we may not be able to prepare emotionally for a loss, we can prepare for the financial loss.
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At The Walch Group, we recommend you complete or start the list of personal property (a.k.a. contents - if we were to turn our home upside down, whatever falls out is our personal property) we have been putting off. It is up to us as policyholders to help our adjuster prove our loss to the insurance company. The easier we make it for the adjuster, the quicker and more complete our claim will be processed. Of course our personal property list is the first step. Do not forget the home itself, storage units, rental properties, dorm rooms, etc.
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Take Pictures
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TWG recommends you start with at least two pictures of each room from opposing angles and all sides of the exterior of the home including the roof. While in each room, open the drawers, closets, cabinets and take photos of each. Take separate pictures of expensive items; jewelry, flat screens, silver, crystal, china, silverware, computers, furniture, antiques, electronics, etc.
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List your items
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To support our pictures, a personal property list should include the item, room, make/model, serial/i.d. number, date purchased, where purchased, purchase price, estimated current value, photo number. Why you ask, would we need all this information? Our insurance adjuster is going to ask us for this information at the time we make a claim. Why do we need to include the purchase price and current value? Depending on the item, the purchase price may be greater today than it was when we originally purchased the item, i.e. a leather couch. If we have the Replacement Cost Provision (R/C) on our policy (not all policies do, check with your agent) we are entitled to the higher amount based on the provisions of our policy. Conversely, some items cost less today (flat screen t.v.'s come to mind) than they did two years ago and we would be paid less based on the replacement cost of the item. The adjuster will apply the proper depreciation for each item. Check back soon and we will offer a MS Excel spreadsheet to download in order to help you with your list.
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Keep your information in a safe place
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Now that we have taken the pictures and created our personal property list, keep a copy in a safe place such as a safety deposit box or on a secure remote server such as Carbonite.com or with a trusted friend or relative who lives out of state. Offer to do the same for them.
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Update
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Be sure to update your list with any major purchases or gifts received and after the holidays. It is the last thing we want to do next to mowing the yard, but we should update the list at least every two years.
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Insurance Check-up
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Now, go visit your insurance agent for a home insurance check-up. Share with the agent the personal property list. Do we carry enough insurance? Should our silver, jewelry, artwork, weapons, furs, collectibles, etc. be listed as a rider (inland marine policy) because of the limits on our homeowners policy? Do you have the Replacement Cost Provision (R/C) on your contents policy. If not, can we afford to suffer the depreciation that will be applied to our claim. Many of us on the coast are already going to suffer a higher deductible during a hurricane loss. Do you have the Replacement Cost Provision (dwelling) for your home/condo/vacation home? Do you need a flood policy? Flood property and contents are sold separately and have separate deductibles. Flood policies also have low limits for many items and restricted coverage that are not available as a rider for the flood policy. Check with your agent to acquire a policy that will cover these items in case of a flood.
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We look forward to your input and ideas for future posts. Please contact us with your ideas or suggestions.

Monday, August 10, 2009

The Walch Group


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Our Mission Statement
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To exceed our customers' expectations by delivering the highest quality product and service with integrity, honesty, reliability and ingenuity.
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Customer Service
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The Walch Group began with a dream to be the best insurance services company in the country. Today we continue our dream to be distinctly superior to our competitors while not losing sight of what has made us successful. Our continued growth is a testimony to our people, our work product, and our ethics. We believe in treating people fairly and honestly, the way any of us want to be treated. We believe our work product must be superior to our competitors. We may not be the biggest in the business but we are the best.

The Walch Group is committed to setting new standards in claims service and management for the property insurance industry. We felt the need was evident for better client service. We have assembled a workforce that has embraced our ideals. We are proud to offer some of the most experienced and qualified insurance professionals in the industry. Our associates are ready to assist in the appraisal process, as umpires, and consultants. We are experienced in residential and commercial property claims, as well as liability claims. We also offer re-inspection services and training programs in policy, customer service, estimating, and general adjusting.

We utilize the latest technology to deliver a superior product, better, faster, and with greater accuracy. Efficient use of technology and our greatest asset - our people - has resulted in increased productivity and a reduction in operating costs for our clients. We will keep our commitment to our clients to be the very best!

Appraisal and Mediation

Professional experience and an understanding of human nature are essential to resolve difficult and complex claims during the appraisal or mediation process. The ability to thoroughly investigate all the facts and circumstances surrounding the disputed loss comes from a complete and accurate understanding of the policy and settlement procedures. Finding common ground between the disputing parties takes professionals with the experience and confidence of past successes. We bring a team of experts to the table with their years of policy claim experience, "real life" claim handling in the field, and negotiation experience.

Umpire

When the need arises for an unbiased party to fairly and impartially conclude a claim in appraisal, please consider The Walch Group as your umpire of choice.

Consultants

The Walch Group offers consultation services to insurance companies, adjusting companies, insurance defense firms, and federal servicing agencies. Our team of insurance experts can share their experiences and knowledge to assist you in resolving a challenging issue, designing a better process, developing a strategy to resolve a particular situation, or growing your company.

Training

Our trainers have authored and co-authored two previous flood claim manuals and developed numerous claim processes for insurance companies. We are in our second year of assisting the National Flood Insurance Program with its flood training and workshops for insurance professionals nationwide.

We are currently developing a comprehensive flood adjuster training program consisting of 10 courses:

Flood 101: Basic flood adjusting.
Flood 102: Residential and mobile home flood adjusting.
Flood 103: Commercial flood adjusting.
Flood 104: Condominium flood adjusting.
Flood 105: File examining for residential and mobile home flood claims.
Flood 106: File examining for commercial flood claims.
Flood 107: File examining for condominium flood claims.
Flood 108: Re-inspecting residential and mobile home flood claims.
Flood 109: Re-inspecting commercial flood claims.
Flood 110: Re-inspecting condominium flood claims.
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Classes will be developed, managed, and taught by The Walch Group, and will begin in the summer of 2010.
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We can also customize training based on the specific needs of our customers.