What if the insurance claim check for the destruction that the hurricane caused on your home came in the mail and was significantly less than you expected? Even though you always paid your bill on time and made sure you had adequate coverage for the value of your home and its contents, the insurance company failed in its promises to you. Here are some of the reasons why homeowners’ insurance claims get underpaid.
Lack Of Proper Value Determination
In the aftermath of a destructive storm, insurance companies pull in adjusters from all over the country to inspect properties with damage claims. Not being from the area or even from the same state, they may undervalue either the extent of the damage, the value of your property, or both.
Misclassification Of Damage
With their hurry to process as many claims as possible and their unfamiliarity with the types of storm damage we receive in Florida, insurance adjusters often misclassify damage on your home as being unrelated to your claim.
Need For Profit
Insurance companies are for-profit companies. As such, they will try to minimize any payouts they can in order to make money. There are various strategies used to do this, including:
- Claiming that your policy does not cover a particular type of damage included in the claim
- The storm was not the cause of damage
- Your home’s damage pre-dated the policy period
What You Can Do
If you receive an insurance claim settlement that is much less than you expected, you do have recourse. You can partner with an experienced property insurance attorney to file a lawsuit to protect your rights. Even better, if your home suffered damage in a hurricane, contact a law firm that will advocate for you through the claim process to help protect your property insurance rights.