Memberships and Associations

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Avoiding an Unfair Insurance Settlement

November 7, 2013

 There are many times when people will not agree with the findings of an insurance company’s adjuster.  If someone believes they have received an unfair insurance settlement because it was too low, they can dispute the amount.  Once a person decides to engage in the dispute process they must be willing to defend the reasons they disagree with the amount.  A person must obtain all pertinent evidence to support their conclusion and show why the company’s adjuster was incorrect.

 

Any person who feels they have had an unfair insurance settlement must first realize any settlement they receive will not be more than the limits of their insurance policy.  If the cost of their loss exceeds the limits of the insurance policy, the homeowner is responsible for anything over that limit.  The limits are normally paid after a catastrophic event such as a tornado, fire or flood that results in a total loss.

 

If the company has given an unfair insurance settlement regarding home repair, it’s important to speak with a Public Adjuster who can negotiate with the insurance company on your behalf. Let your Public Adjuster go over the repair estimates provided by contractors and see which ones are causing a problem.  If it is either the amount of the bill for the labor or materials, it needs to be discussed and that is how a Public Adjuster can benefit you. A PA will does all the legwork and that allows you to get back to business and out of the fray.

 

The property owner must know if their policy will pay them the replacement cost for their contents or the actual cash value.  If the policy pays replacement cost, the property owner will get what they paid for the items.  If it pays actual cash value, the property owner needs to consider depreciation.

 

The insurance company will want proof of what was paid for the items from things such as credit card statements, bank statements and more.  The property owner may need to review a depreciation schedule that can be found online.

 

Any time their is property damage, it can be a hassle.  It takes you away from what you need to be doing to deal with the fallout.  But, remember, a Public Adjuster works for you! The next time you have a property damage claim, to either your residence or commercial property, give Timmons Consulting Group a call.  I would love to help you, and it just might give you peace of mind knowing that someone is looking out for you and your best interest.

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