As a teenager, I was once changing a tire on my truck at a local garage. I’d jacked up the axle and was removing the lug nuts when a white-haired mechanic behind me cleared his throat. “Kid, your legs worth more than fifty cents?” I glanced at them, stretched beneath the vehicle, confused by his question. He squatted next to me and pointed to the jack. “That’s a nice piece of equipment, but it relies on a little fifty-cent hydraulic seal. That thing fails, the whole [expletive] truck comes down on you.” He demonstrated how to properly secure the vehicle with jack stands, and I was grateful for his sage advice.
Insurance pays. It is the proper means to secure a home investment. In our agency, we see it every day. In fact, just within the last three years, our insurance companies paid over $200,000,000 in claims to our clients. And sometimes the largest claims come from the tiniest of errors or the smallest of parts. Recently, Chubb paid over $1,750,000 to one of our clients due to the failure of a single inexpensive piece of plumbing that resides in every home.
Insurance pays.”
Our client was asleep when the water supply line to their laundry room sink failed completely, gushing all night and into the next morning. This is a flexible hose that connects a sink to the plumbing in the wall. They are known to occasionally leak, drip, or outright fail.
Chubb responded rapidly and dispatched knowledgeable inspectors. They discovered one entire level of the home was damaged, plus the one below. All antique walnut floors and kitchen cabinets, plus walls with artistic plaster finishes, needed to be repaired or replaced. Due to the rarity and value of these features, Chubb employed the help of a building consultant to ensure the client was compensated fairly.
No insurance policy can give back the time it takes to restore a home, but Chubb handled the claim quickly, efficiently, and to our client’s complete satisfaction. And they aren’t the only ones. We routinely observe (and require) other insurance companies handle claims rapidly and with equity.
This $1,750,000 claim is one of our largest homeowners payments ever, but water damage risk is common to us all. Each of us has several water supply lines in our own home or apartment. Inspect them regularly, and trust your insurance policy. It is the proper means to secure your investment. I’ll say it again – insurance pays.
David McCaleb LinkedIn
Bankers Insurance LLC
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