My question involves insurance law for the state of: ohio. I will try to keep details to a bare essential.
Back in May we had our basement of our condo flooded by a neighbors burst water pipe.
My sole source of income was located in the basement; I am a self employed artist.
After some very early onset "resistance" from adjuster (acting on behalf of neighbors) regarding questions about our claim, I felt it necessary to hire an attorney, which I did. In the beginning it was due to the fact that the insurance company was unwilling to pay for all our personal and business belongings to be moved and stored while the remediation and restoration was under way; an anticipated 4 months. The insurance company was also reluctant to acknowledge that my business had suffered vast losses because of this event.
My attorney and I prepared documentation detailing my business loss which totaled at $87,000, and we kindly asked for $65k (75% total loss in hopes of settlement)
We submitted our claim, along with personal property and structural losses; insurance company sent our report to a forensic CPA. We received an original offer/response from the insurance/CPA which was flawed with many errors but their offer was $5k for business losses, for only two months restoration, not the 4 claimed. The estimated restoration period was totally accurate (currently not completed), and we resubmitted our claim after reviewing the cpa's report, detailing all the errors and substantiating our claim yet again.
We heard back this morning that the insurance company still stands by it's intial offer, but now has placed a time line of two weeks to accept their offer or they will rescind it entirely, including structural and personal property losses.
Essentially I'm seeking advice in a couple of different areas. Now that we only have two weeks to make a decision to either sue our neighbors (not a desired course or financially feasible for us) or accept their extremely low-ball offer, we are scrambling to try to approach this in a fresh manner.
Also, it seems that it should be illegal to hold hostage, and essentially blackmail us into accepting the offer or receive no compensation for our losses. This is especially true as we are now, just learning of this "deadline".
Lastly any advice on the loss of use of a space; my attorney had found that in Ohio, the value of a site specific or purpose specific property is evaluated at the actual value in a loss situation.
Any advice is greatly appreciate and thank you in advance. Because of the time frame we are now under I appreciate prompt attention.
Back in May we had our basement of our condo flooded by a neighbors burst water pipe.
My sole source of income was located in the basement; I am a self employed artist.
After some very early onset "resistance" from adjuster (acting on behalf of neighbors) regarding questions about our claim, I felt it necessary to hire an attorney, which I did. In the beginning it was due to the fact that the insurance company was unwilling to pay for all our personal and business belongings to be moved and stored while the remediation and restoration was under way; an anticipated 4 months. The insurance company was also reluctant to acknowledge that my business had suffered vast losses because of this event.
My attorney and I prepared documentation detailing my business loss which totaled at $87,000, and we kindly asked for $65k (75% total loss in hopes of settlement)
We submitted our claim, along with personal property and structural losses; insurance company sent our report to a forensic CPA. We received an original offer/response from the insurance/CPA which was flawed with many errors but their offer was $5k for business losses, for only two months restoration, not the 4 claimed. The estimated restoration period was totally accurate (currently not completed), and we resubmitted our claim after reviewing the cpa's report, detailing all the errors and substantiating our claim yet again.
We heard back this morning that the insurance company still stands by it's intial offer, but now has placed a time line of two weeks to accept their offer or they will rescind it entirely, including structural and personal property losses.
Essentially I'm seeking advice in a couple of different areas. Now that we only have two weeks to make a decision to either sue our neighbors (not a desired course or financially feasible for us) or accept their extremely low-ball offer, we are scrambling to try to approach this in a fresh manner.
Also, it seems that it should be illegal to hold hostage, and essentially blackmail us into accepting the offer or receive no compensation for our losses. This is especially true as we are now, just learning of this "deadline".
Lastly any advice on the loss of use of a space; my attorney had found that in Ohio, the value of a site specific or purpose specific property is evaluated at the actual value in a loss situation.
Any advice is greatly appreciate and thank you in advance. Because of the time frame we are now under I appreciate prompt attention.
Home Insurance: Loss of Use, and Time Frame to Accept Settlement Offer
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