How Do I Know If My Insurance Company Is Undervaluing My Claim?

money fading - undervalued insurance

As a homeowner, you dutifully make all your monthly payments to your homeowner’s insurance company. You want to be prepared in case your property faces an unexpected disaster, and you want to know that the insurance company will be on your side, should your home be affected by a hurricane or other event. Once that happens, you may feel frustrated to discover how complicated the insurance process can be, particularly if you suspect that the insurance adjuster may be undervaluing your damages. If this has happened to you, Florida Home Claim, P.A. recommends contacting an experienced insurance attorney to help navigate the complexities of your claim. Here are a few other things to consider. 

Document the True Value of Your Claim

Start your claim with a clear vision of the value of your damages. You may hire a professional damage evaluator, a mechanic, a real estate appraiser, or another specialist depending on the type of damage you are claiming. With an unbiased opinion from a third party, you will not have to rely on the value determined by the adjuster working for the insurance company. This information lets you know if the insurance company is undervaluing your claim.

Know Your Policy

Familiarize yourself with the terms of your insurance policy. Read it thoroughly to understand your coverage so you are not surprised by any terms spelled out in the fine print. You will be better prepared to negotiate with an insurance adjuster when you know what you are talking about. You will also be able to recognize when you are not being treated fairly or when there seems to be a breach of contract. You may be surprised to discover that the adjuster is actually offering you the maximum amount permitted by your policy.

Do Not Accept a Low Offer

It is common for insurance companies to pressure their clients into accepting a lowball offer with the excuse that it is all that they are willing to pay or that if they do not accept this low offer, their claim will be denied. It may also be that the adjuster does not have all the facts surrounding your case. They may have rushed through the inspection and missed something important or might have misread your policy.

Do not fall for their pressure tactics and protect your rights by contesting their low offer. Providing them with the documents and evidence from the third-party evaluation will help establish the true value of your claim. Witness statements and additional photographs may also help.

Hire an Insurance Attorney

If, after taking all of the steps described above, the insurance company is still unwilling to budge, you may have to hire an insurance attorney. This way, you can improve your chances of a more acceptable outcome. Your lawyer will fight to get you the compensation you seek to cover your damages and help you resolve your property damage claim.

If your lawyer believes the insurance company is acting in bad faith, they can also help you file a lawsuit. Hopefully, this will resolve your case and even get you additional compensation.