Identifying Hidden Cause of Loss
January 21, 2020
After a valuable East Hampton home suffered water damage, the insurance company offered the owners only a fraction of the cost of recovery, misattributing the source of damage to seepage from light damage to an exterior wall.
Eastern Public conducted a comprehensive forensic investigation and determined that the cause of water damage was not seepage, but rather rain water migrating into the house as a result of roof damage from a recent wind storm. Had this pervasive yet unapparent roof damage gone undetected, this magnificent home would have had recurring damage and likely voided the owners’ ability to secure the insurance proceeds necessary to fully fund the repair.
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News & Press
The path of Erin remains uncertain. Weather models show two main possibilities: Erin could either veer northward, potentially affecting Bermuda, or shift more toward the U.S. East Coast, though the likelihood of direct impact remains low at this time.
Understanding the value and cost of Public Adjusting services
In property insurance claims, Actual Cash Value (ACV) is often calculated as replacement cost minus depreciation—but that doesn’t always reflect a property’s true value. Under the Broad Evidence Rule, adjusters and appraisers are encouraged to consider multiple factors, such as market value, functional condition, and income potential, to arrive at a fairer and more accurate valuation. This approach is especially useful for properties with unique characteristics or market conditions that don’t fit neatly into a standard formula. By weighting different valuation inputs, professionals can better capture the real economic loss—leading to more balanced, defensible outcomes for both insurers and policyholders.
