brendaperiah
New member
We had a fire in our apartment about 2 years ago. The fire itself wasn’t bad, but it set off the sprinklers and flooded our apartment + 6 others. (No one was home when it happened). Apparently the statute of limitations in the state where it happened is 2 years, so we’re approaching the end of the claim. The cause of the fire itself is somewhat suspicious, but our insurance company accepted liability because, as the man on the phone said, “it’s easier that way.”
Of course, it didn’t take long for the claims from everyone else affected to start rolling in. The Homeowners Association alone submitted a claim for $480,000. Initially, it looked like the landlord’s homeowners insurance (from the same company as our renters) was going to cover his share, but at the last minute they decided to try and get the money from our policy instead. And of course there are assorted other claims from the other units that had damage.
Our liability limit is $500,000, which is the maximum that the insurance company offered at the time. Of course, if they handed out everything that everyone wanted it would be substantially over that. My communication with the insurance adjuster has indicated that their goal is to settle with all the parties and keep the total under the liability limit. The latest I heard is that they have retained a lawyer to handle the settlement.
So, all that’s well and good, and my expectation is that everything will be OK. But what if people refuse to settle? How often does that happen? Is the fact that I had max liability and couldn’t have gotten any more taken into consideration?
If anyone has firsthand experience with this and can help me set my mind at ease that would be appreciated. I’m really trying to not let this eat at me too much, but it’s scary. If it turns into a big ugly lawsuit we could very easily lose our house.
Of course, it didn’t take long for the claims from everyone else affected to start rolling in. The Homeowners Association alone submitted a claim for $480,000. Initially, it looked like the landlord’s homeowners insurance (from the same company as our renters) was going to cover his share, but at the last minute they decided to try and get the money from our policy instead. And of course there are assorted other claims from the other units that had damage.
Our liability limit is $500,000, which is the maximum that the insurance company offered at the time. Of course, if they handed out everything that everyone wanted it would be substantially over that. My communication with the insurance adjuster has indicated that their goal is to settle with all the parties and keep the total under the liability limit. The latest I heard is that they have retained a lawyer to handle the settlement.
So, all that’s well and good, and my expectation is that everything will be OK. But what if people refuse to settle? How often does that happen? Is the fact that I had max liability and couldn’t have gotten any more taken into consideration?
If anyone has firsthand experience with this and can help me set my mind at ease that would be appreciated. I’m really trying to not let this eat at me too much, but it’s scary. If it turns into a big ugly lawsuit we could very easily lose our house.