Insurance/Legal Matters in Restoration

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Working with insurance adjusters in the restoration industry can be like walking a tightrope. You have to balance the needs of your clients with those of the adjusters. So how do you manage these needs?  

The fortunes of every restoration firm are inextricably linked to the fortunes of insurance companies.

Since its inception, the RIA Advocacy and Government Affairs (AGA) Committee has been moving forward like a freight train. Month after month this movement gains momentum in a way that is unprecedented in the property repair industry.

There is no doubt that the hardest line of business to write going into 2020 is Commercial Auto. For years, insurance carriers underpriced auto premiums and it caught up to them, resulting in auto being unprofitable for many carriers.

Third Party Administrators (TPAs) have the potential to be part of a high performing business mix for restorers. The idea of assignments being doled out from the insurance company during slow patches, with low referral fees and little headache is appealing.

Over the last few years, contents cleaning and restoration has become an important service for restoration and remediation contractors to provide. Not only can it be profitable, it also offers contractors the opportunity to set themselves apart from their competitors.

Professionals in the restoration and remediation industry have seen a great deal of change over the years. However, a lack of financing sources or partners to the industry has seemingly remained constant.

What would you think if I told you that it would take three months to dry out a building after a fire loss? If I posted this on LinkedIn or Facebook, my comment screen would probably say things like “learn to dry a structure!” or “you’re the worst restorer ever! I can dry it in a few days.”

The Restoration Industry Association (RIA) is riding a powerful wave after its 2019 Convention in Phoenix, which had the highest attendance of any of its conventions in five years.