It is a necessary evil. Every homeowner needs insurance–especially in South Florida. Between the constant threat of flood and windstorm damage, we all depend on insurance companies to provide the settlement needed to cover damages and lost possessions. Unfortunately, far too many insurance providers do not always look after the best interests of their policyholders. The results are countless underpaid or denied insurance claims. Fortunately, there are solutions. The first step is to understand how to avoid these issues by learning the common tricks used by insurance companies.
Is Your Insurance Company Looking Out For Its Policyholders?
First, it is important to do your homework. It is an easy thing to say. However, not enough South Florida homeowners take the time to properly research insurance companies. Everybody wants to pay as little as possible for their insurance premiums. The insurance industry is no different than most businesses. They want to make as much money as possible. To achieve their bottom line, insurance providers want to pay out as little as possible. Here is how.
Don’t Settle Too Quickly?
Insurance companies often like to tell their policyholders what they want to hear. For example, they may try to get you to settle your claim too quickly. Their goal is to sometimes get the policyholder to sign away their right to sue in exchange for a smaller settlement. They are also counting on the policyholder to be uncertain of how much money they can collect. By settling too soon, you may not receive enough compensation to account for your injuries, damages and lost items.
Don’t Fall for Misleading Language
Many insurance agents are trained to use confusing language that can often mislead policyholders. Some common examples include confusing verbiage about deadlines or how to file their claim. One of the most blatant examples is when an agent requests the policyholder to sign a written release of any supplemental claim as a condition of payment or settlement. Insurance companies have also been known to deceive policyholders by scaring them words, such as “Full Payment” or “Final” on a check or letter, even if you have an additional claim on the loss.
Refusal to Settle
Not every insurance company handles claims the same way. Some companies will refuse payment under one coverage and send it over to another policy coverage with a lower a value. The purpose is to force policyholder to settle early. It is also one of the most common practices to lowball homeowners with undervalued payments and estimates.
Has Your Claim Been Underpaid or Denied? Miami Insurance Claims Attorney Jonathan Korin Can Help
Dealing with insurance companies can sometimes get complicated. Too many insurance providers take advantage of their policyholders by not providing the settlement they deserve. Over the years, Miami insurance claims attorney Jonathan Korin has helped countless property owners resolve their insurance disputes. He and the legal team at Korin Law, P.A. utilize an aggressive and comprehensive approach to protect the rights of homeowners and help them recover the proper settlement to account for the damages, repairs and lost items. To learn more, contact their Miami law office today and schedule a case evaluation to today.