Oh, the sneaky ways insurance companies deny or underpay claims. Before filing a claim, it’s important to be aware that the insurance company’s goal is always to bring in as much money as possible through premiums, then pay out as little as possible through claims. The following are a few tactics they use to keep money in their pockets and out of yours.
What Is The Effect Of Overstating Depreciation?
Incorrectly calculating the depreciation to the total amount of the claim is the most important factor in determining how much money is actually paid out to the policyholder. Watch for miscalculations by your insurance carrier. The larger the depreciation percentage, the more money the insurance carrier gets to keep. Recoverable depreciation is the portion of the depreciated amount that you can get back or “recover” from your insurance company when you make a claim on a policy with replacement cost coverage. Keep a close eye on how your insurance carrier is applying depreciation to your claim.
Insurance Companies Skimping On Roof Replacements
The roofing contractors will take pictures of damages and send them to the insurance carrier. If the roofing contractor’s pictures show signs of roof damage, the insurance company will send out an adjuster to do an inspection. If the adjuster agrees, then your claim will be approved. You must make sure all components of the roof replacement are taken care of. For example, to put the new shingle on, it is necessary to have nail replacement of all the nails to put on the new shingles. Also, items such as flashing, drip edge, and roof vents have to be included. Carriers try to skimp on payment for these items. When these roofing components are damaged during the process of replacement, policyholders should insist that their carrier accept coverage to address these damages.
Insurance Coverage For Water Damage
Most policies help cover water damage if the cause is sudden and accidental. Insurance may help pay for repairs if, for instance, your drywall is drenched after your water heater ruptures or an upstairs pipe bursts and water saturates the ceiling below. Your carrier may direct you to use a third-party restoration service to dry out the damaged property. The carrier wants to dry out instead of replacing the damaged property. You should insist that your damaged property be replaced not dried off.
Theft Claims Denial Because The Item Was Not Listed On A Bankruptcy Listing
Your carrier may often deny coverage for items claimed stolen by pointing out the fact that the item was not listed in a past bankruptcy filing. This is usually an attempt to scare the policyholder into accepting underpayment or denial of the claim. There are many reasons why property did not appear in a past bankruptcy. The property may have been exempt or it may simply have been a mistake. You can get this cleared up with the bankruptcy trustee without the imposition of any fines or penalties. Not listing the item does not mean the property did not belong to the policyholder. If you can prove evidence of ownership, the carrier must pay for the theft claim.
Attempt To Cooperate With Your Insurance Carrier
Your carrier may try to antagonize you into non-cooperation. One of the things during a theft claim is to always attempt to cooperate. One of the conditions that precedents recovery under a policy is cooperation with the carrier’s investigation. Remain calm. The carrier oftentimes wants to make you look uncooperative so they can deny the claim. The best thing for a policyholder to do in this situation is to be patient and cooperate. This may be a good time to call in an attorney to get treated with respect. This could be the difference between your claim being paid or denied.
Experienced attorneys are aware of the dirty tricks insurers play on policyholders who do not have legal representation. Good lawyers, not subject to insurer intimidation, will fight for your rights to get paid for valid claims.
About Miller Trial Law
The personal injury lawyers at Miller Trial Law work closely with victims and families who have been hurt due to the negligence and neglect of another person or party. If you have been hurt in a car accident, truck accident, slip & fall accident, or due to medical malpractice, or nursing home neglect, you are not alone. We may be able to help you seek damages from negligent parties, negotiate with insurance companies, and more. If you’ve been hurt in an accident, you may have the right to seek compensation for your medical costs, rehabilitation expenses, lost wages, and pain and suffering. However, you may only have a limited amount of time to make a claim under the law. Contact Miller Trial Law today and learn how our personal injury lawyers may be able to help you.
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