Insurance adjusters - fair or unfair?

Are insurance companies and/or adjusters fair or unfair? That question was often addressed in response to our blog posted on January 6 regarding the need for an inventory of the contents of your home or business. Most of the feedback I received included words like amusing, absolutely hilarious, funny. A few stated that J.Sewell Perkins was very brave to have "bared" the details of the day of her fire. In case you missed it, read it here.

One responded that she has had a few claims as a result of flooding and has always been pleased with the settlement. The article also created a lot of comments stating insurance companies and adjusters are cheap, unfair or downright mean. Some people even thought I was being unkind to insurance companies. On the contrary, I constantly remind people it is up to the policyholder to know what they own so they can file a proper claim. The insurance premiums we all pay are to get us back to where we were prior to the theft, fire or natural disaster. But, without proof of what we owned, how can the insurance company know the correct (or fair) dollar amount to be reimbursed?

Without photos and/or a written report to prove ownership, what will you have to show the adjusters? How will you prove that you owned a 52" TV instead of a 27"? How will you prove that you had a collection of 500 CDs, 300 pair of shoes, or name brand kitchen utensils?

If you're a business owner, how will you prove that your printers are top of the line laser jets instead of the $80 ink jets? How will you prove the filing cabinets are heavy duty with locks vs. thin metal ones that cost 1/4 of what you paid for yours?

Would you want them just paying out tens of thousands of dollars to anyone who files a claim without any proof of what they lost? Can you imagine what our insurance premiums would be if they did? Shouldn't we all expect our insurance companies to be responsible with our premium dollars?

That's a lot of questions! Here's one more...do you want to hear an insurance agent's perspective on insurance companies and adjusters? Read tomorrow's post - you just might be surprised at what he has to say.