All Forum Posts by: Mak K.

Thanks. Yes my contractor gave a invoice with few lines and it worked well. I send some photos and before, during and after and it served the purpose.

Hi, I have a insurance clam where I need to provide proof of work done and invoices to claim the depreciable amount.  What level of detail do the invoices needs to be shown?

Due to the Texas Freeze, none of the big contractors would be willing to start work for next 4-8 weeks. Hence I went ahead and hired a contractor who did complete the work as per insurance scope. All he gave me is a invoice with total amount with few line items for the work done. He did a good job and I cannot expect all small contractors to be sophisticated with fancy invoices.

Before I submit it to the insurance, I wanted to check with you all. For the claim, what documents are needed and what level of detail invoices is needed?  Are insurance too picky in paperwork?

I had a loss on one of my properties and I did realize that the brokers are useless in the help. When I bought the policy, broker fee was explain to me as a fee for which they will assist in the claim and I have to just sit and they will do the leg work. When I called the agent, he was like, let me open the claim, and here is claim number. Any further questions, were not answered or they would send email or call the insurance adjuster agent. I was like I can call the adjuster too but I am calling you (broker) and expecting advice before I make a wrong statement to the adjuster which may bite me back.

It was so worse, that I called the supervisor and emailed the supervisor but no response. I called a third agent and he initiated the chain of emails with their upper management but nobody cared. And the name of the agency is well known (Goosehead insurance). It was worst service I ever got. I expect a broker who sells me a policy to atleast know my policy to help me with a claim denial.

So to be honest, I am not even sure brokers are any help other than helping you to get best rates on insurance by comparing it. There are lot of insurance companies who go thru brokers only, so you cannot buy directly from their website. 

So I have a broker called Go0sehexd and I I really do not get a point in paying a policy fee. To my astonishment, during the whole claim process, they are not even responding (3 weeks and waiting). When they do, they call Travellers agent or email them and tell me the same story what Travellers is telling me. 

I am  like I know why Travellers is denying my claim. I expect the broker to read the policy to see if the denial makes sense or not? 

I need broker to read the policy and understand it in the claim process.  The broker team at goose head just plays dumb and not even open the policy to read. A manager would not even call back or answer emails. 

I am surely going to put a lessons learnt and how my story ended to help others.

does any body have experience of recommendations on contingency based lawyers as I may have to take that route. 

So in my case, the property is under LLC, Lease under LLC. Insurance is under my name with joint interest of LLC.

The insurance agent told me to buy it under my name and put joint interest as LLC. Now Travelers is denying rental loss as per them, I am not under any loss its the LLC under the loss.?

So I have Travelers insurance and my rental loss was denied as insurance was under my name while the lease was under LLC. Well my insurance does mention additional interest as LLC. Travelers is just denying claims right and left. Does the insurance needs to be under LLC name as primary to qualify for rental loss?

For vinyl is clickable or glue option preferred? I had a property where we had sewage backup and carpet had to be removed.

the property is a high risk for another sewage backup. What would be good option if another sewage event occurs? Clickable vinyl or glue?

Do not renew the lease. Make the lease expire on for example jan 15,2020 and sign a new lease starting Jan 17,2020. Technically now this is a new lease and not a renewal. You are out of the BS contract. You can say the tenant decided to leave but came back a day later 

*above is a thought so verify if that is doable.

Warranties are bad deal. Besides the service fee the annual fees needs to be considered in the math. So each call after considering annual fees is around $150 easy which is same as any other tech would charge if you call for a visit. The only benefit I saw with HW is that once I make a call, I do not have to worry about scheduling or calling multiple tech or negotiating price

Recent example, for a drain cleaning, HW charges $70/call. Try calling a plumber and they will show up and give you BS with $250 to $350. If you say no, now you have to call another plumber who shows up 2 days later and you have no clue what he is going to charge. If you have HW, you pay $70 and be done for almost all minor issues.

So I had a talk with the agent and here are the details. Total loss is $15k. After deductible I have total ACV of $8k out of which they paid $5k and $3K is recoverable depreciation when work is done.

1> If I do the work, Insurance said they will reduce the amount to a great extend as I do not have overhead and profit. Hence those money will not be paid to me.

2> If I sell the house, I will not be able to claim the $3k since work was not done. I cannot transfer this to new buyer.

3> Insurance will not pay me full amount until the work is done.

Now my concern is, I am getting paid 8k (after deductible) while total expense is 15k. Hence I have to pay $7k out of my pocket to recover full amount. This puts me in more debt. The way I have been told is if I pay less to a contractor, the insurance pays me less. So there is no room for me to work hard to save any money?

Am I understanding this right or is insurance doing BS.