In August 2017, a Cooperative Unit Owner on Central Park West in Manhattan, NY experienced a disastrous water loss from an upper floor unit. The flowing water caused damages to both fine arts, rugs and the betterments and improvements, which included plaster wall and ceiling finishes, kitchen cabinetry, wood flooring, custom cedar closets and wallpaper. The unit owner had multiple parties providing differing opinions on the next steps to recover from their property damages. United Public Adjusters & Appraisers, Inc. provided clarity as to what their insurance policy covered as well as how we were going to ensure they were fully compensated in the shortest period of time.
As many high end Manhattan contractors and interior designers would agree, many insurance company adjusters and their “experts” are not familiar with local NYC construction pricing, which can present numerous hurdles for our team of public adjusters when preparing and negotiating a property damage claim with opposing interests. When our NY licensed public adjusters prepared our claim for building damages we reached out to subject matter experts who know and live in NYC to assist in valuing the real cost of plaster, woodwork, painting, wallpaper, and electrical, so that an accurate claim was submitted to the insurance company.
On 10/2/2017, our firm received an offer from the insurance company in the amount of $89,296.00 for repairs to the policyholder’s interior improvements. After reviewing the inadequate offer, we immediately prepared a detailed list of differences and rebuttals as to why the insurance company estimate was incorrect. As a result of our firm’s detailed response and negotiations, on 10/4/2017, United Public Adjusters & Appraisers, Inc. received an updated offer in the amount of $234,264.16 which represented a 162% claim increase for our clients!
If you or your clients experience a NYC Cooperative or Condominium property loss arising from Water, Fire, Damage by Adjacent Construction, or other covered perils, then please call our team of local experienced & licensed public insurance adjusters at United Public Adjusters & Appraisers, Inc. at 718-641-5677 (LOSS) or 1-800-718-5677 (LOSS).