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Joe Soifer, CEO and principal adjuster at Your Claim Hero, joins Tampa Bay's Morning Blend to break down hidden coverage limits, everyday Florida property claims, and what to do after a denial or underpayment.
From the interview
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Full transcript
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When it comes to homeowners insurance, you may think you're fully protected. But do you really know what your policy says and what it covers? Today we're breaking down hidden coverage caps, the everyday claims Florida homeowners face, and what to do if your claim is denied or underpaid.
We are so happy to have Joe Soifer here today. He is CEO and principal adjuster with Your Claim Hero Public Adjusters. How are you doing?
Absolutely.
We're going to do some sort of myth-busting today. And let's start with coverage. A lot of people maybe aren't as covered as they think they are in some cases.
Yes, definitely. That's true. So a lot of times you have a policy, you have your Coverage A, and you think that you're covered. But a lot of times there's hidden policy language that you might not know about. Number one, there's caps on water claims. So let's say your dishwasher overflows, right? The kids are messing around with the dishwasher, it overflows, and it floods out your entire house: kitchen cabinets, baseboards, drywall, all of that. Disaster. $10,000 cap. That's all you're going to receive.
That's all? That's not going to get it done.
And also, there's a 1% matching requirement for all undamaged property. So you've got beautiful kitchen cabinets, right? Let's say you have granite countertops and kitchen cabinets on top. They need to be redone, I'm being honest. Call me if you get a leak. But those top cabinets—guess how much money you're going to get?
If those top cabinets cost $10,000, you have a 1% matching requirement. So I still have to pay.
So you get 1% of that $10,000, which is $100, to match those kitchen cabinets.
Oh, so these are hidden things that you're not thinking about when you think, okay, something catastrophic happens and it's covered. No, there are caveats. So you really need to go through that with someone like you to understand where you stand and if you need to get more coverage.
Definitely.
If someone's out of Florida, what do Floridians go through? Their claims must be mostly related to hurricanes, because that's what people hear about. Even living in Florida, being a resident here, I would think that that's the answer.
That's not the case. Not always, no.
Okay, what are some of the more frequent claims related to?
A lot of water claims. Obviously here in Tampa Bay, a lot of the homes were built in the 60s and 70s, so there are a lot of plumbing issues where that plumbing might go bad and flood your home. And obviously, too, fire claims. People don't think about it, like Tampa Bay lightning—lightning strikes. That happens. Your house goes on fire. You want to make sure you have coverage for that. Also something to think about is mold, right? It's hot. There's a lot of mold as well in Florida. Obviously, you don't want the little ones breathing that mold in. You don't want to breathe the mold in. We're obviously big about our health here in Tampa Bay. Something to think about for sure. Those are some things that people don't think about, but they obviously happen. And some hail too. We have hail claims all the time.
Interesting and good advice. Now Joe, what if I submit my claim and it does not work? And then I think, well, it did not work, so I am going to give up.
Don't do that. Do not do that. Give us a call. Number one, we're going to do a free policy review and we're going to submit documentation over to the insurance company. The insurance company hires its own adjusters and its own team, so shouldn't you hire yours? That's something that's very important. Also, the insurance company uses a software program called Xactimate. Your insurance agent or adjuster might talk to you on the phone and say, 'Hey, submit us some bids.' Don't do that. Use the same software program that they use so we can submit everything. A lot of times insurance companies are going to underpay it, right? They're going to deny it. But there are things that we can still do. We can take it to mediation, the Department of Financial Services, and we can file for what we call appraisal. These are ways that we can maximize that insurance claim and get you the most amount of money.
I did the same thing for my dad in Seminole, actually. I told him to call the claim in, just let the adjuster come out there, and I'll help him out afterwards. Got him $50,000, from a shingle to a metal roof.
Oh, that is great. So after the hurricane.
Very important to know: if you get that denied, it doesn't mean denied forever.
It means keep trying. Definitely.
Keep trying with Joe. We've got all the information for our viewers to take a look at. If you want to reach out, Your Claim Hero Public Adjusters, and of course there's the website to visit, yourclaimhero.com, and the phone number as well. Joe, thanks for all the advice.
And thanks for having me today.
Talk with a licensed Florida public adjuster about your situation.
