I have 3 dry cleaning stores in Harvest,Madison,Hampton Cove and all of them were affected by tornado, and were closed for a week! We lost more than ,000. I heard some businesses got benefit from FMEA?? I’ve talked to my insurance company and so far, I heard nothing from them.
Does anyone know about this situation?
A tornado recently caused extensive damage in a town late at night. I complained about the NWS National Weather Service always wasting taxpayer money to drive around all day to tell us it was a tornado. Everyone knows it.
I’m in an argument with a fire fighter who claims, "the National Weather Service will write a report that will allow the homeowner to get paid by their insurance company. Without a verification from a trusted source (NWS), most insurance companies will not pay for damage (hail, wind, lightning, damage from debris)."
Is this true or false? Any source, like a homeowners insurance policy document, that you can provide?
How do people begin to get their lives back? Do they go to their jobs? Do they stay with the rubble and try to salvage belongings? Call the insurance company?
My house was struck by a tornado and heavily damaged. My son recommended a contractor which I hired based upon his opinion. I am an 81 year old woman whose husband has recently passed. I do not know anything about contractors or insurance claims. And, keep in mind that that I no longer have a mortgage. My damages were in excess of 40k. This is a legitimate construction company.
First, the contractor insisted that the insurance company would not work with me directly and that I cannot hire my own contractors…that I must hire one contractor to do all the work, including hiring subcontractors. He stated that it would be fraud for the insurance company to give me a check for a certain amount and for me to pay a cheaper contractor to do the work and for me to keep any portion of the money. He said that every cent had to go to the contractor.
I did sign a contract because he told me that he had a special rapport with the adjuster and that he would be able to get more of the house repaired than another contractor would. He said that he would talk the adjuster into replacing my entire roof and not just half of it.
The contractor gave me an initial estimate, said that he would work directly with the insurance company and I would not be involved. As the work was within two days being completed, I received a check from the insurance company. That very day, the contractor came by and insisted that I sign the entire check over to him. It was significantly more than his estimate. I asked for a final billing or invoice and said I would pay him the amount he billed me. he then became very insistant that I just sign over the check to him and that if I didn’t he would not be able to complete his payroll the following day. As I felt quite intimidated, I did sign over the check. Well, as soon as I did I sure did get an earful!! This young man unleashed a barrage of terrible words on me and I had to threaten to call the police before he would leave my home. I asked for the check back and he refused.
My son later looked over the statement that came with the insurance check and see that the insurance company allowed so much for each item that was replaced. They allowed much more than the items I received and were installed by the contractor. As an example, the insurance company allowed 0 for a front porch railing. I did not get one at all. They allowed 0 to replace a light post. The light post I received is a model I saw at the store for , same brand and all. What happened to this extra money? Should the contractor have been allowed to keep it? I was not able to keep one cent. It appears that the contracting company received 10% for overhead, 10% for profit and a great deal in overages for these items.
This does not seem right to me and I don’t know what to do. To make matters worse, the interior painting on the walls that were rebuilt was not included in the contractors work and now I have to pay for this myself. Any help is appreciated.
My property was hit by an F4 tornado last spring and I thought my house only suffered minor damages (shingles ripped off, siding ripped off, and porch over hang supports completely removed). But now it is 7 months later and it feels like my house is collapsing. My floors are real wood and the boards are separating drastically and they are wavy (not level). Plus, there are cracks in my walls and my doors aren’t shutting correctly. After some crawling around in the crawl space I found out approximately 10 floor joists are splitting and/or separating. The beams that are located in the center of the house, that support the joists perpendicularly, are also being crush, cracking, and sagging. I don’t believe this is from the house settling; since they house was built in 1956. I have noticed hairline cracks in the mortar between the cinder blocks of the foundation, but none of them looked like that are falling or breaking away. I believe the house has been tweaked on the foundation. Does anyone have an idea if the insurance company will condemn the house or fix it? Its only a 1110 sq-ft house. Oh… it keeps getting worse daily and the structural engineer won’t be able to inspect it for another 3 weeks.
I’m in Georgia. I I had 3 claims within the last 5 years.
1/2007 – unpaid
4/2008 – paid 0
12/2008 – unpaid
I’ve owned my home since 2004, and just had a bunch of stupid things go on during those 2 years (lightining, tornado, frozen pipe 
). (All 3 claims were legit, 1 I didn’t follow through with bc of my deductible amount and the last, I appealled and fought with my insurer about.) But the point is, now I need an insurance company that will actually write a policy even with the 3 claims. If anyone has suggestions, I really appreciate it!
NO DUMB COMMENTS PLEASE
1. An insurance company sells a ,000 tornado insurance policy to a resident of Lawrence, Kansas, for 00. The U.S. Weather Bureau estimates that the probability of a tornado hitting Lawrence equals 0.005.
can you show me how to do it ?
a. What is the insurance company’s expected profit/loss on the insurance policy?
b. What is the minimum premium the company can charge policyholders and not lose money?
We had a tornado that caused damage to our home and our garage. We had an insurance claim adjuster out who determined that the damage to our home and garage needs to be repaired. The problem is that we live in an 1880′s home that has four gables that are covered with lead coated fish-scale cedar shakes. The damage was on two of the gables and also we had some damage to our mortar on our brick work. They also told us that we have to repair the cedar shakes. Which is very costly and if we do repair the 2 gables they will not match the rest of our home. (Style and paint color) Also we have discussed this with a couple of contractors who have explained to us that it isn’t as simple as repairing them. They will have to be removed and replaced with new due to the condition of the shakes and where the damage is on the gables. The contractor suggested vinyl on all four gables It is a very economical replacement but we will also need fascia and soffit. There is enough money to do this. The insurance company’s first check should be more than enough to cover the vinyl replacement and repair most other damage on our home. We can supplement with our own money if we run low during the home repairs. If we don’t do what they want us to do we may not get the depreciation value check that we need to make the repairs to our garage. At this point we don’t have extra funds to cover these repairs am so upset and confused. Can they cancel the claims if we don’t do what they want us to do? Do we as homeowners have rights to decide how we want our home repaired? Please respond as soon as possible. Thank You.
Al purchased & put in service a new widget (7 year item for MACRS
rules) on 12/28/06. It was the only item placed in service in ’06. Cost
was .5 MIL. ’06 was a bad yr for Al & he had an operating loss
before considering MACRS. The widget was used for business purposes
only. In ’08 the widget was damaged in a tornado & Al collects
5K from his insurance company. He repaired the widget himself using
duct tape & plastic sheets passed out by FEMA. It took him a week
to repair it. He calculated that his time is worth per hr, ,000
per wk.
A. 2/28/11 Al sold the widget for 1.2 million. Compute gain or
loss, is it capital or ordinary, active or passive & current or
deferred?
B. 6/28/11 Al traded the widget for a new one. He gave the dealer
the old widget & K. Computer gain or loss & basis in the new
widget.
C. In ’12 Al gifted the widget to his son TJ who sold it 2 weeks
later for ,975,000. Compute gain or loss for both Alvin &TJ. Is
it long or short term? Capitol or ordinary?
D. 1/15/11 Al died & the widget was left by will to his son
TJ. 1/15/13 the fair market value of the widget was .6 MIL. 2/28/13
TJ sold the widget for ,625,000. Is there any tax treatment of the
1/15/13 inheritance? How would the 2/28/13 sale be treated for tax
purposes? Is any gain or loss, long or short term, capitol or ordinary
& deferred or recognized now?
Show computation and explain conclusion.
My mother passed away here in Indiana in March of this year. (God bless her soul, she was a special-needs teacher her whole life and touched so many lives, mine especially) she had no insurance. We paid her medical bills from her heroic fight against breast cancer, but cannot pay off her mortgage. The house is worth 100k, and a second mortgage is currently on the home. My sister and I have let my brother move into the home as he lost his job, and did not have a place his children could come and stay with him (wife left him). He has been making the 0 per month mortgage payment since March, and paying the utilities.
I have a grave concern, in that he reported to me the mortgage-holder came to the house and left a message for him to call them (he was named the executor of my Mother’s estate). In her will she gave everything to us equally… however, we were not on the title/ deed to the house, or on the second mortgage. The mortgage did not have an assumption provision, I know that, but it may have had a "due on death clause"… I cannot get a straight answer from my brother on that.
1. Can the bank foreclose on the property if the payments are made, as well as all taxes and insurance?
2. If something were to happen to the house, like a tornado destroyed it, would the insurance company be able to deny the claim because the policy holder is dead? (this worries me even if they cannot foreclose)
3. My brother told me that the estate was closed in July. In Indiana, I thought all of the debts had to be paid before that could happen. Could he be telling the truth? How could the court have missed the second mortgage on the house?
Thank you so much in advance and God bless you.
A new reinforcing system for building frames increases wind-resistances of the buildings from 85mph to 120 mph, and costs around the same to build the property owners building with. The property owner is aware of the new reinforcing method, but the Building Contractors all refuse to grant the property owner’s requests, and constructs the buildings with 85mph resistant frames, which get knocked down by a tornado/hurricane before the Building Contractor’s warrantee expired.
How would the "act of god" clauses in the Building Contractor’s warranties and the building owner’s insurance company’s policies work in this realistic scenario?
ANNA, pay close attention to what I am stating here:
The better building frames are not a change in materials, it is a change in the assembling methods.
Sue; GREAT ANSWER, you bring up an important point.
The term "experimental" does not apply to the Building Codes specifically, because they are not a testing faction of the Industry. They The Codes are a Guide to what is consensusly considered as a MINIMUM way to design and assemble a building or structure, WITH all currently known and tested products that go into the ASSEMBLAGE of the building or structure, AND how those products interact with each of the other products.
The Building Code Publishers gather the various information about the wide range of products that go into the assemblage of a building/structure, including DESIGN SYSTEMS, of which each and every one of ARE experimental, as long as any assembled building/structure fails within a 100 year lifespan, for any reason. The 100 years comes from the Technical Boards of Registrations and Registrar of Contractors, not the Building Codes.
Structural Strap-Netting/Continuous Reinforcing does fall within the Codes.
As for inclusions of this new method of reinforcing buildings and structures, there really isn’t any, except for condensing all the provisions of the Codes that these new systems meet and exceed, into a singular, easier to follow, Provisions/ Prescriptive (topic-direct) Written subchapter.
I am running into all kinds of roadblocks in getting the Publishers of the Building Codes to develop these changes to the Codes, even though all the products of Structural Strap-Nets and the systems that Structural Strap-Nets accessorize, have already been tested and are currently in the Codes.
What I have done basically, is rearrange these included products into a better working and resulting SYSTEM, that dramatically improves the building/structure’s frames in resisting winds/seismic activity, etc; and added the always desired resiliences of flexure, elasticity, and tension-resisting FRAME PROTECTIONS, that are not included in braced-frame-only systems.
Tests are included with purchases.
Hi, I have a claim due to damage due to my property during a Tornado. Is it true you can make money the following way:
- Get a quote/estimate from the insurance company from their contractor
- then choose to hire another company for HALF the price for example.
- Insurance company or mortgage company will check damage was fixed properly, but NOT receipts (IS THIS TRUE?)
- if damage was fixed properly they will pay you original estimate amount say 00.
In summary you only paid 00. Hence you made 00 less 0 deductible = 00!
Is this correct they will pay WITHOUT asking to see receipt in this case!? one reason why I can see them do that is to keep you happy while they were planning to pay the same amount anyway to their contractor. still, wanted to confirm this interesting opportunity to make money really exists(?)
THANKS.
Hi, I have a claim due to damage due to free falling on my property during a Tornado. Is it true you can make money the following way:
- Get a quote/estimate from the insurance company from their contractor
- then choose to hire another company for HALF the price for example.
- Insurance company or mortgage company will check damage was fixed properly, but NOT receipts (is this true!?)
- if damage was fixed properly they will pay you original estimate amount say 00.
In summary you only paid 00. Hence you made 00 less 0 deductible = 00!
is this correct they will pay WITHOUT asking to see receipt in this case!? one reason why I can see them do that is to keep you happy whil ethey were planning to pay the same amount anyway to their contractor. still, wanted to confrim this interesting opportunity to make money really exists(?)
THANKS.
We had a terrible storm here last night. Most of you might have seen it on Good Morning America. Kearney Nebraska got the worst with tornado’s, we live 15 miles away and got the hail. Our Suburban hood, roof, and left side is dent stricken. I got ripped off once by my insurance company when it came to hail damage. I actually had to point out some of the dents to the appraiser. How is hail damage appraised? What do some of you think this might be worth if the hood, roof, and lightly on the right side is covered in dents?
I just don’t want to be taken again is all. I pay my insurance faithfully and have been with the same company for 16 years. I’ve paid my share to not be taken again.
I was to shy before to speak up but not this time but I need information to help back myself up. Any idea’s?
Thanks Everyone for reading and please pray for the people 15 miles from us who have lost homes and over 11,000 people are out of power right now. God Bless…
How is hail damaged appraise/estimated?
We had a terrible storm here last night. Most of you might have seen it on Good Morning America. Kearney Nebraska got the worst with tornado’s, we live 15 miles away and got the hail. Our Suburban hood, roof, and left side is dent stricken. I got ripped off once by my insurance company when it came to hail damage. I actually had to point out some of the dents to the appraiser. How is hail damage appraised? What do some of you think this might be worth if the hood, roof, and lightly on the right side is covered in dents?
I just don’t want to be taken again is all. I pay my insurance faithfully and have been with the same company for 16 years. I’ve paid my share to not be taken again.
I was to shy before to speak up but not this time but I need information to help back myself up. Any idea’s?
Thanks Everyone for reading and please pray for the people 15 miles from us who have lost homes and over 11,000 people are out of power right now. God Bless
Hi, will the insurance company agree to pay me say ,000 instead of paying the contractor directly, and allow me to hire someone else? How does it work technically? I get ,000, then if I am able to find contractor I like for less say ,000, I get to keep the rest!? (pls assume example of ,000 is based on a quote insurance company got from a contractor) THANKS.
Hi, the insurance company gave me contact information of a contractor they work with in order to fix roof damage I have.
What are the next steps? The contractor will send me the estimate or will the contractor send it to the insurance company? or to both of us? will I have to pay the deductible to the contractor dircetly or to the insurance company and they will pay him? Should/Can I try to negotiate the deductible with the contractor? – is it common? THANKS.
Thank You mbrCatz!!!
Hi, the insurance company gave me contact information of a contractor they work with in order to fix roof damage I have.
What are the next steps? The contractor will send me the estimate or will the contractor send it to the insurance company? or to both of us? will I have to pay the deductible to the contractor dircetly or to the insurance company and they will pay him? Should/Can I try to negotiate the deductible with the contractor? – is it common? THANKS.
I recently filed a very large claim with my insurance company due to a tree falling on my home during a tornado. The town was declared a disaster area. I’m wondering whether my insurance will go up due to this claim. I’ve never filed a homeowners claim before and have been with the same insurance company for over 20 years.
It’s a long story, but to sum it up our case involves us (home owners),a nationally known Insurance Company, and the contractors our insurance company urged us to use after our home sustained damage from a tornado over 3 years ago.
It feels as if our lawyer has sold us out, because of all the postponements and continuances. Now I would try to ask him these question myself, but from past experiences, it will take months and numerous calls from me for him to respond. What can i do?
This is one of those hypothetical questions that my over-inquisitive mind thought of after we were issued a tornado watch this evening. Our house is tiny, and we really want a bigger house. But the problem is that my husband bought this house two weeks before we met, he had never bought a house before, and his family didn’t help or give him any advice, so he got taken. He overpaid by at least K. Oh, and they suckered him into a "no appraisal" loan and he didn’t know any better.
So I was thinking "what would happen if the house was hit by a tornado (or otherwise destroyed)?" Would the insurance company pay off the mortgage company and give us the small amount by which our insurance exceeds our mortgage? At which point we could just get a construction loan and build the house we want here on this land.
Or would the insurance company issue us a check with which to rebuild, and we would just keep paying the same mortgage?
Hmmmmmmmm
Hi, we recently had a small tornado the insurance adjuster listed the damage as "wind damage", anyway a huge tree fell through our home breaking floor beams, cracking the foundation. The fireplace was totally destroyedSufficeice it to say that one half of the house was ruined the kitchen and dinning room were left unharmed. The insurance adjuster said there was 94,000 dollars in damage. We had 3 different contractors give us estimatranginging from 166,000- 180,000. The adjuster did not list in his adjustment the damage to the floor joists or cracked foundation. I failed to mention that our policy limit is 134,000. How do we get the insurance company to give us a total loss on this home. We have been at this for nearly 2 months and the adjusthasn’tsnt been back out to talk to the contractor yet? As a matter of fact he stood us up and did not reschedule. He is a catastrophe adjuster and has gone back Louisiananna. We are in Arkansas. Any advise would be greatly appreciated. Thanks in advance. Dana
Thank you for the answer, however I don’t think you understand my situation. I realize a home is not like a car, however we have a 134,000 with coverage A, then 56,000 for overage. We have 97,000 in personal property. Having said that we received 85,000 for what the adjuster thought was damaged however he did not go under the house to see the damage to the floor joists and told us he showed pictures to a structural engineer and he said there was no structural damage. haha what a joke you can see the house pushed off the foundation a bit and cracks in the foundation blocks. The check we received was enough to pay off our mortgage. We bought a foreclosed house and fixed it up ourselves. Our contractor said it will cost more to fix this mess than to build a new one so this is the cross road we are at. FYI it is a 2000 sq.ft house. We are’nt under insured we are in Arkansas…… We can can build a new brick home with 2089 sq ft for 168,900 here. thanks again.
Yeah, yeah….I know. The city is basically still destroyed and they have not made any significant advancements in rebuilding it.
But many hurricanes, tornadoes, floods and other natural disasters have hit our homeland and within the year we heard nothing more about it.
Did the people affected by Hurricane Andrew years ago receive debit cards from FEMA? What about the flood victims in the midwest? Why isn’t their wall-to-wall coverage of their plight like it was for Hurricane Katrina?
And two more questions: People wonder why New Orleans is taking so long to be rebuilt?
a. This city is BELOW sea level. It fills up like a bowl when it is flooded. What insurance company wants to insure that?
b. The crime in that city is ridiculous. Who wants to move back to a place murder is high and the police force is crippled?
weapon sidewalk– you should talk….you are one of the dumbest people on here.
House will prob. be declared a total loss…what does that mean? If declared that term will the dwelling coverage of the insurance be paid out to the max as well as the contents? There also is a loss of use amount on my insurance policy, will that be paid out to me in full/I have to pay first and then get reimbursed. Not much can be done since the electric can’t even be turned on till next month and many homes have a do not occupy sign posted…IT won’t be a quick fix. CAn an upcoming purchase of a rv/5th wheel travel trailer be placed under a loss of use claim since living in a 1 room hotel is just difficult w/ a family? Will the insurance company make offers on total loss in terms of what will be paid out or is it an auto max payment of what the dwelling covers? Or does it go beyond the dwelling coverage if the fair market value is used since repairing it into what it used to be exceeds the dwelling coverage amount? thank you
Hey everyone, I am having some trouble with my homework so I figured I could post it on here to see if anyone could give me a little help.
1. An insurance company sells a ,000 tornado insurance policy to a resident of Lawrence, Kansas, for 00. The U.S. Weather Bureau estimates that the probability of a tornado hitting Lawrence equals 0.005.
a. What is the insurance company’s expected profit/loss on the insurance policy?
b. What is the minimum premium the company can charge policyholders and not lose money?
If someone could either give me the equations to help me solve these or even just an answer with a brief explanation, it would be greatly appreciated.
Thanks in advance!
