Shocked! My insurance offer on F4 tornado

[soonermajic]

They have offered me only the "loss of income" so far, as of today. It is ,

Wait for it


55% of gross!!!!! What the literal blue hel?!!

What's my next step guys?

I already told them thats misprint, joke, or some 1 is trying to screw us over (exact words).

 

[MEP001]

They probably figure that without operating costs, that's all you need.

 

[mac]

Get an attorney that will go for the throat.

 

[Eric H]

As Mac said, it’s lawyer time. A letter from a lawyer will probably get you the dollar amount you need even without an actual lawsuit or whatever action would come next.
Remember, they want to pay out as little as possible. Sending lowball offers probably gets over 50% of claims paid out.

 

[Earl Weiss]

55% of gross!!!!! What the literal blue hel?!!

What's my next step guys?

I guess the question is what is your percentage of gross for operating expenses? Natural Gas, Water, Electricity, Solutions, Maintenance, etc. (For items like Natural Gas there would be an adjustment for warm versus cold months. For certain items thee would be a baseline which would be amounts used even when shut down for water (Bathrooms etc. ) and electricity (Lighting etc. ) , Natural Gas (Equipment room heat).

 

[Greg Pack]

Did you show a P&L from last year showing 45% operating expenses? If so the 55% offer makes sense.

 

[soonermajic]

Did you show a P&L from last year showing 45% operating expenses? If so the 55% offer makes sense.

Lemme check my P&L statement & see...

 

[soapy]

If your operating costs were 45% they are giving you your lost profit. I think any offer around 50% is in the ballpark. Most surveys show operating cost around 50% on IBAs. SS side of things is usually around 30% operating costs. That is without taxes and debt service.

 

[soonermajic]

Looked @ it better, & 45% is my operating costs, as shown on P&L( For tax purposes).

However, they avg 20 & 21, to reach monthly averages. Ive gone up on pricing in 22, & 20 was Covid yr. So 20 was a poor yr.

I think that is the angle to go with...

 

[Earl Weiss]

Yes, they will try to use whatever is lowest. In my Case I used 3 years. I think t was 2014,5,16. 2014 and 16 were about the same and '15 was higher. They tried to claim there was a "Downward Trend" and tried to continue that trend for 2017. I got them to back off on that. So, you need to argue increase in XXX% for revenue.

 

[Damoni88]

Do not settle for that. Get an attorney. Is anything electrical blown or mainly cosmetic damage Did they get any kind of electrical engineer? If not make sure and mention that to the attorney. I claims agent knows nothing about a carwash.

 

[soonermajic]

Structural engineer, but not electrical. Also sent catastrophic claims specialiats, along w/ 4 (yes F0UR) other adjusters! Flew them in from all over the US. I bet they have already spent $10,000 on bringing people in.

Sent in an equipment specialists, & he was a 26 yr old kid. He had no idea about these machines. Was there half a day, then text me a week later & asked if my carwash distributors could check it & send a list of damages & pricing. WTH?!! That's what I was told i could NOT do, a month earlier. Was told "not your choice ".!

 

[sjb]

Not exactly, but it makes me think….

I’m from the Government, and here to help!

Run…!!

 

[Earl Weiss]

Sent in an equipment specialists, & he was a 26 yr old kid. He had no idea about these machines. Was there half a day, then text me a week later & asked if my carwash distributors could check it & send a list of damages & pricing.

That is what happened at my place. Local distributer came and gave list.

BUT list specifically excluded Plumbing and electrical and unseen items and then they objected when actual bills included plumbing and electrical.

 

[New Washdog]

Structural engineer, but not electrical. Also sent catastrophic claims specialiats, along w/ 4 (yes F0UR) other adjusters! Flew them in from all over the US. I bet they have already spent $10,000 on bringing people in.

Sent in an equipment specialists, & he was a 26 yr old kid. He had no idea about these machines. Was there half a day, then text me a week later & asked if my carwash distributors could check it & send a list of damages & pricing. WTH?!! That's what I was told i could NOT do, a month earlier. Was told "not your choice ".!

Have they sent a forensic engineer yet? Just kidding, well kind of kidding. I suffered flood damage on my 1897 house during tropical storm Irene, and they sent some young idiot (forensic engineer) from Boston. After the third time he said "Well if you had a modern foundation this is the way we would go about it" I got really short with him and told him "lets talk about what I do have, and then told him what was required to fix it properly."

Getting to have industry professionals weigh in with a quote is great in my opinion.

Good luck and I hope all goes well!

 

[Dan kamsickas]

Do not settle without talking to an attorney, a private adjuster, and getting an official quote from a manufacturer's representative. I have had more than one less-than-pleasurable conversation with an "expert" sent by an insurance company. My favorite was the clown who said "It's really nothing more than an over-glorified pressure washer".

 

[soonermajic]

Have they sent a forensic engineer yet? Just kidding, well kind of kidding. I suffered flood damage on my 1897 house during tropical storm Irene, and they sent some young idiot (forensic engineer) from Boston. After the third time he said "Well if you had a modern foundation this is the way we would go about it" I got really short with him and told him "lets talk about what I do have, and then told him what was required to fix it properly."

Getting to have industry professionals weigh in with a quote is great in my opinion.

Good luck and I hope all goes well!

They did assign me to Forensic Accountants!!