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If your residence has incurred damage, but you’re not happy with the home insurance settlement offer, you do have options to dispute the settlement amount.
The reason you even needed to make a homeowners insurance claim is probably stressful enough, but dealing with the financial side of the claim and whether or not your claim will be accepted or denied adds to the mix.
Approaching a Home Insurance Settlement Dispute
If you have received an offer from your homeowners’ insurance and believe it is not enough to cover the damage that needs to be repaired or the items that need to be replaced, it’s best to review your claim line by line and to consult your written policy. Before you make a call to the insurance company, you need to make sure your claim was for something that is covered by the policy and that the claim was reported correctly.
United Policyholders is a consumer advocacy group that recommends obtaining a written repair estimate from an independent contractor that you can send to the insurance company as proof the damage will cost more to fix than the insurance company originally determined.
Nerdwallet recommends writing a polite letter to the claims adjuster that includes the independent estimate and any other new evidence that you can show justifies a larger settlement. Be sure the tone stays even, presents the facts, and does not become threatening. For additional protection, send the letter through certified mail to ensure it arrives at the appropriate place, and you may want to send a copy of the letter and all your documents to the insurance adjuster’s supervisor, too.
If that fails to budge the estimated home insurance settlement, you might ask the adjuster to visit the home and inspect the damage once more, especially if you have spoken with contractors who have provided you with estimates that add up to much more than the insurance company is willing to pay.
Escalating a Complaint
Did you know that every U.S. state has its own insurance regulating agency? If you believe that you have been wronged by a denied or lower-than-needed payment, you can file a complaint with that agency, which will then initiate an investigation. If the agency finds that your complaint is valid, the state agency representatives will work with the insurance company and you to try to resolve the issue. If you decide to hire an attorney to help prove your case, the state insurance agency will not pay for legal representation.
According to Forbes Advisor, the more complex and costly a claim is, the more you will appreciate finding a lawyer to help resolve a disputed home insurance settlement claim.
For example, if it appears the insurance company is only going to provide you with half of the money that will be needed to make covered repairs, an experienced lawyer can step in and help you justify receiving a larger amount.
Any time a home is damaged by a fire, water or tornado, the insurance company will anticipate a large claim, and legal assistance could ensure you receive the amount of funds you need to make complete and professional repairs. Before approaching the insurance company, the attorney will review your claim to ensure you have legal standing to pursue the case.
In addition, the mere presence of an attorney on your side can make a difference, according to Forbes, because many insurance companies will offer a low amount of money to settle a claim and hope the customer takes it and goes away. When you have a lawyer on your side, your chances of obtaining a better settlement check can improve instantly.
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2 thoughts onWhat to Do If Your Florida Home Insurance Settlement is Low
My insurance company’s adjuster who came out to estimate damages from the hurricane of roofing, water damages, broken off limbs and tree’s damaged to be cut up and hauled away, conveniently added up to just my deductible. I’m thinking he may have purposely done this to make himself look good for his job to my insurance company that I’ve been with and paid home insurance premiums without any claims since October of 2000, I have a feeling this was so wrong and it has angered me so much!! I am looking into getting estimates from other companies for my home insurance, so far these different companies have offered me premiums that are anywhere from half the price I’m paying now to $800.00 cheaper with better benefits! It’s better to shop around I’m finding out
wow great back side of house was melted by forest fire.