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Insurance Claim Tips for the Property Owner
When your property has been affected by disaster, damage or theft, you should be able to rest assured that your claim will be properly handled and that the Homeowner’s insurance policy you purchased will provide adequate coverage in the event of a loss. Unfortunately, this is quite often not the case. Don’t let your insurance company give you the runaround. Insurance companies’ stipulations and loopholes in varied forms can equate to Winston Churchill’s description of the Soviet Union: “a riddle wrapped in a mystery inside an enigma.” Do not let your insurance company’s confusing and misleading tactics get the best of you. Talk to a property insurance claim attorney today if your claim has been underpaid, unfairly denied, or if your payment was delayed. When the proper steps are taken in the claim filing process, as opposed to blindly accepting undervalued claim settlements, it could make a difference of thousands of dollars in your pocket.
Insurance claim facts for property owners in Phoenix, Oklahoma City, Houston, Beaumont, Birmingham, Tuscaloosa, Dallas, El Paso, Jackson, or anywhere else
If you are looking to file a claim for property damage with your insurance company or if you’ve already filed a claim with your insurance company and you feel you have been treated unfairly, there are many things you should be mindful of in order to obtain sufficient compensation for your loss. Be cautious of the following issues that could have a serious effect on your claim:
· Make sure you are fully insured. If you make additions or improvements to your home or if the replacement cost of your property has risen due to inflation, your existing coverage may be too low to replace your property in the event of a loss. In today’s economy, it is imperative to stay up-to-date on your insurance policy because, after all, you never know when you’ll need it.
· Although there is not an exact definition as to what qualifies as bad faith, anything that an insurance company does to deter the claims process can be considered as acting in bad faith. Therefore, policy holders should be cautious of any unfair handling of a claim. Insurance companies use a variety of tactics to underpay, delay or deny claims, including:
o UNDERPAYMENT: Your insurance company may try to cut corners by underpaying overhead and profit. Your insurance company is expected to compensate you for covered losses to your property. Make your insurance company lives up to their side of the bargain and do not take no for an answer.
o DELAY: If your insurance company unnecessarily delays the processing of your claim, you may feel tempted to just give up. This is exactly what they hope will happen. Your insurance company will attempt to use every excuse in the book to validate their lengthy claims process; meanwhile, your other monthly bills and expenses are piling up. If your insurance company does not give you a reasonable, justifiable claim settlement in a timely manner, you should seek legal advice from a property insurance claim attorney today.
o DENIAL: Insurance companies attempt to use loopholes and stipulations to get away with denying claims. Do not let them take advantage of you. If your insurance company denies your claim for property damage and you have reason to believe that they were acting out of bad faith, do not accept their excuses. Try consulting with an insurance attorney to explore your options.
· Homeowner’s policies typically do not cover damage by flooding. Remember, you do not have to live in a flood plain to undergo a flood loss. Consider buying flood insurance if you live in an area that is susceptible to flood damage or hurricanes.
TIPS FOR FILING PROPERTY LOSS CLAIMS:
· Be sure to notify your insurance company promptly if you’ve suffered a loss to your property. Although your insurance company may not immediately jump at the opportunity to pay your claim, property claims are restricted to various time limitations; therefore, it is critical for you to report your loss as soon as you possibly can.
· Have a thorough understanding of your policy. It is important to know what your policy covers prior to having a loss. Be aware of your policy limits and know the necessary procedures to take in the event that a claim needs to be filed.
· Keep a record of all forms of communication between you and your insurance company. Keep copies of any and all correspondence between you and your insurance company and keep track of the phone numbers you call, the name and job title of any individual you speak with, the date and time of all calls, and the matter(s) discussed when communicating with your insurance company.
· Document the contents of your home. Periodically, take pictures or videos of the contents of your home. Store the photos and/or videos in a secure place somewhere other than your home, such as a safe deposit box. Although tedious and seemingly excessive, the additional effort on your part will pay off by making the claims process run much smoother in the event of a loss.
· Document the damages to your home to the best of your ability. Before making any repairs after a loss, take pictures or videos of the damages sustained to your property. Keep all receipts, invoices, repair bids, etc. for any repairs made to your property.
· Seek advice from an experienced property insurance claim attorney. The process of filing a claim with your insurance company can become complicated and overwhelming. If you are experiencing difficulty with the processing and handling of your claim, do not wait any longer. An insurance attorney at The Byrd Law Firm has the experience essential to getting you the money you are rightfully owed under your policy. Contact us today for your free case evaluation. Whether your in Houston, Beaumont, Dallas, Phoenix, Oklahoma City, Birmingham, Tuscaloosa, Jackson, Galveston, or Little Rock, contact us today for more information.