A Pre-Loss Inspection performed by an LRG Public Adjuster is an invaluable tool in the claims settlement process. More often than not, insurance companies will cite damage to property as "pre-existing damage". Additionally, in the period following a loss, individuals are often unable to remember every item, the quantity of items damaged nor can produce proof of purchase and therefore will not be able to attain he goal of a full financial recovery.
This inspection will also serve as a Property Valuation which is critical to your claim. Most insurance policies include a coinsurance clause. If you do not meet the coinsurance requirements, a coinsurance penalty could be devastating to your recovery. Upon completion of our Public Adjuster's final estimate, you will be submitted a RCV or Replacement Cost Value to your property. This will help to determine the amount of coverage needed to avoid any such penalty.
Example:
Coinsurance requirement: 80%
Policy Amount: $ 2,000,000
Replacement Cost Value: $ 3,400,000
Required amount of coverage to avoid coinsurance penalty would be: $ 2,720,000
In the event of a total loss and after applying a 27% coinsurance penalty, the amounts payable less your deductible would be: $ 1,460,000
Please read the following as to how a Pre-Loss Inspection works:
Inspection of conditions for all exterior building elevations ; supported with digital and infrared photographs
Inspection of roofing system including core samples; supported with moisture readings, digital and infrared photographs
Inspection of all interior space including type of material, quality and condition.
Inspection of inventory type, quantity and condition.
Upon completion of inspection, our Public Adjuster's written report will be submitted to you addressing our findings. Any pre-existing issues or potential problems will be identified allowing you to take corrective measures in order to protect the property.