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Low Settlement Offer from Insurance for a Property Claim
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Many insurance companies deny claims, offer low settlements, and make it difficult getting your life back on track. If you are currently going through this type of situation, don't despair! We're sharing what to do if your insurance company is acting in bad faith....
Many homeowners experience devastating damage to their home and property. And they often rely on their insurance company to cover the cost of repairs. However, homeowners often receive low settlements from insurance which leaves them paying for the cost of damages out of pocket.
Disputing a Low Settlement Offer by Insurance Companies
Did you receive a low settlement offer from insurance that doesn’t cover the property damages? Insurance companies commonly offer low settlements. Therefore, they leave homeowners unable to pay for damages fully. Learn how to dispute the offer and get a fair settlement.
Be your own advocate
Take time to understand your insurance policy and the filed claim. This will help you effectively advocate for yourself during negotiations. Often, clients forget what their policy covers. Therefore, look through your insurance policy and make sure you understand the coverages. After that, review your filed claim and cross-check it with your insurance policy to see if everything lines up. You may notice discrepancies between the claim and the policy. In that case, it’s important to advocate for what you deserve.
Contact your insurance company again
Explain to your insurance company that you believe the low settlement offer does not cover the full amount based on the insurance policy. Communicate politely yet firm when talking to your insurance company. Remember, the insurance company owes damages based on your policy. Assume the insurance company still denies your claim or offers a low settlement. In that case, it may be time to seek out additional help.
Talk to a third party adjuster
A third-party adjuster not affiliated with your insurance can provide an unbiased evaluation of the claim. Additionally, the adjuster helps determine the fairness of the low settlement giving you leverage to negotiate a higher settlement. There are two types of third-party adjusters. The first, is an independent adjuster hired by the insurer to provide third-party objectivity. The second, is a public adjuster hired by you and does not have any connection to your insurance company. Additionally, the adjuster helps you receive the highest possible settlement.
What if I accept the low settlement offer by the insurance company?
If you accept the low settlement offer, you essentially agree to the claim’s full and final value. In other words, you cannot receive any additional money from insurance. Therefore, wait to sign any releases until you find confidence that the insurance company made a fair assessment of all damages.
In some instances, policyholders feel they have no choice but to accept the low settlement offer to order to quickly receive the funds to make repairs. However, if you discover new information or damage, you may have the opportunity to reopen the claim. In most states, policyholders have up to five years to reopen an insurance claim. If you want to reopen your claim, document everything! Additionally, make sure to prepare all relevant information to the insurance agent.
What if we are unable to come to an agreement on the low settlement offer?
If your insurance company does not work with you to resettle the claim, you should file a complaint with the state and hire a lawyer. The insurance company will be allowed to respond to the complaint. After the complaint is filed, the state will decide whether the low settlement offer is fair. Above all, a good insurance dispute lawyer can help advocate for you and your case. In other words, an insurance dispute lawyer in Texas can help you gather evidence of the damage. Additionally, they will negotiate with the insurance company on your behalf and represent you in court if necessary.
Why hire an Insurance Dispute Lawyer in Texas?
Are you currently facing a low settlement offer from your insurance company? In that case, it’s crucial to have an experienced insurance dispute lawyer in Texas on your side. Dooley Noted is experienced in helping Texans in property damage cases. Additionally, we’re ready to help you get the compensation you deserve. Please don’t wait until it’s too late to recover the compensation you deserve. Schedule a free consultation with Dooley Noted today!
The contents of this post, and the posting and viewing of the information on this post, should not be construed as, and should not be relied upon for, legal advice in any particular circumstance or fact situation. An attorney should be contacted for advice on specific legal issues.
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