Property insurance claims are a hot topic these days. In this blog, you’ll find out how to answer some of the most common property insurance claim FAQs, including what to do if the insurance company underpaid your claim.
As a homeowner, you know that your property insurance is there to help protect your investment and your family. However, you might be wondering if your insurance provider will raise your rates after a claim or two. Listed below are some questions and answers about property insurance to give you an idea of what to expect after a claim.
With property insurance, nothing can truly be taken for granted. Even though homeowners may think they know what they’re doing when it comes to their coverage, it’s always important to keep up with changes in circumstances and remain vigilant of any potential changes to your policy. If you don’t know what to expect after filing a claim, these questions and answers may help.
The insurance company underpaid my claim. What can I do?
The amount of compensation you receive for your claim depends on a few different factors. Your coverage limits, the costs of repairs or replacement, and the extent of the damage all contribute to how much you can expect to receive.
In some cases, however, you may have reason to believe that your insurance provider is not paying as much as they should. If you suspect your claim is not being paid in full, you may be the victim of bad faith insurance practices, which means you may need to sue your insurance company. A qualified attorney can guide you through this process.
What if the insurance company cancels my policy after I file a claim?
Policy cancelation following a claim is possible, but if your insurer tries to do so, you can seek recourse with the help of an experienced attorney. Canceling your policy is just one of the ways the insurance company can try to maintain its profits.
What should I do if my insurance company delays my payout?
Delaying your payout is another bad-faith insurance practice you can watch for to protect yourself. Insurance companies are only allowed to delay payment if something beyond their control affects their ability to pay. Once the cause of the delay is no longer a factor, the insurance company has a limited amount of time to process your payment.
If you think that your insurance provider is unduly delaying your claim payout, it is critical that you talk to an insurance litigation attorney to see what your options are.
The insurance adjuster wants me to give a recorded statement. Should I?
In some cases, the insurance adjuster that works for the insurance company may ask you to make a recorded statement. Many insurance providers require their policyholders to provide such a statement before they can process the claim, so if you feel comfortable doing so, you should agree to give a statement. However, be aware that they can use your statement against you to deny or pay less for your claim. To prepare to give your statement, you can consult an attorney, who will walk you through what to expect.
Contact the attorneys at RRBH Law today to set up a consultation if you have any questions about an insurance company underpaid claim.