Did Your Insurance Company Underpay For Your Hurricane Claim?

When a person signs off a property insurance claim, they hope that the insurance company will give them protection against any damages pertaining to the property such as vandalism or theft. It is also quite reasonable for them to think that in case of any catastrophic event, such as earthquake, tornado, or hurricane, they will be able to obtain compensation for their losses in order to bring the property back to its pre-loss condition. Unfortunately, there are many instances that insurance companies underpay hurricane claims and do not live up to the expectations of their policyholders. In this article, we will try to understand about the strategies that are used by insurance companies to underpay hurricane claim and how an experienced insurance attorney such as Your Insurance Attorney can help people get fully paid for their losses.

Did Your Insurance Company Underpay For Your Hurricane Claim?

Insurance claims adjusters may give an impression that your insurance policy will cover all the damages incurred due to the hurricane. However, after a considerable amount of time, you may receive compensation which is substantially less than the actual value of losses that you have incurred. Do not get surprised, you are not alone. There are many families who have suffered the same fate and did not receive the rightful compensation for their losses.

The first defense which an insurance company uses to undermine your claim is through denying a significant portion of your losses. They may argue that the damage did not occur during the insurance policy period or perhaps that the damage was not caused due to a hurricane. Furthermore, insurance claim adjuster may contend that your damage is a specific type of claim that does not qualify under the policy. These are just a few of the examples that an insurance claim adjuster uses through implementing sophisticated techniques to deny your claim.

However, there are many instances where an insurance claim adjuster is unable to deny your claim, this is where they seek to minimize and undervalue the costs pertaining to the damages that are incurred due to the hurricane. Therefore, they may try to limit the scope of the damages that may be repaired under their policy. They specifically hire “experts” who purposefully try to limit the valuation of your damage claim.

Finally, the insurance company’s final arsenal is the claim of depreciation. In several states of the US including Florida, the insurance company is only liable to pay the Actual Cash Value of the damages, which technically is equivalent to “garage sale value” of the items. Moreover, insurance companies are required to compensate you only after you have repaired or replaced the damaged items. Therefore, insurance companies attempt to take advantage of this law by taking Replacement Value Cost and further subtract an estimated amount of depreciation in order to calculate Actual Cash Value. This calculation process is highly subjective and therefore, may be open for dispute.

If your home sustained damage due to a hurricane and you believe that your insurance company underpaid for your hurricane claim. It can be highly beneficial for you to obtain the services of an experienced insurance attorney. They will protect your rights and help you to obtain rightful payment for your loss. A seasoned insurance attorney understands all the technicalities pertaining to law and regulation and specializes in solving these disputes. Therefore, having them by your side can strengthen your claim. If you need more information about this subject or to schedule a consultation, then contact Your Insurance Attorney to talk with an experienced attorney.

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