The Property Damage Claim Secrets Most Insurance Companies Don't Want You To Know About
Most people have heard that insurers are not always on the level when it comes to insurance claim. It could be car insurance claims or homeowners’ insurance. When it comes to property damage claims, you need to know as much as you can about how they operate to be ready when disaster strikes.
Basics
The first step in making damage claim is reporting the incident to your insurance company. The insurer will then ask for all types of documents to even look at your claim and decide if you have the coverage. If the company sees you have the coverage, it will then send an adjuster to determine the extent of the damage and make an estimate of the amount the insurer will pay the claimant.
That sounds simple enough, right?
Well…
A property damage claim tends to get more complicated when the money involved goes up. Most people are aware of some things that insurance companies don’t want you to know about, but there is one secret of which they are not aware.
Staff Insurance adjusters are not your friends
No matter how friendly insurance agent was when selling you policies, you can be sure they are not. Insurance companies are in the business of making money, not helping you in your time of need. Staff adjusters are there to serve the insurer’s interests, not yours.
Staff insurance adjusters might seem just as friendly when they come to visit, but that is just to give you the impression that they are trying to help. You are more likely to trust what they say if they get you to relax your guard, and you might not get all you should.
When dealing with staff insurance adjusters, keep in mind that they are there to find ways to minimize the insurance company’s payout and maximize property damage claim.
Give them as little information as possible when they visit to give them less to use against you, and take everything they say with a grain of salt.
Insurance companies look for loopholes using your claim records
Insurance companies have access to a database that records all the claims you have made in the past. They can use those to imply that you are in the habit of making claims, and may question the good faith of your current claim. At the very least, they will do their best to disqualify part of your claim if they can.
Release documents are tricky
The main goal of insurance adjusters is to get a claimant to sign a release document as quickly as possible. The problem is these release documents can legally bind you to conditions or statements that are not to your advantage.
For example, many homeowners’ insurance policies allow for an initial release of funds in advance of an adjuster’s report. This is not the final settlement. However, if you sign a release document for what you thought is for an initial release, but is in fact for the final amount, then you are stuck with that. Have a professional look over anything the insurer asks you to sign before you do
The big secret: Insurance adjusters have little authority
In order to get you to sign a release as soon and for as little money as possible, insurance adjusters may use the information to their advantage to get it done. They might keep the fact that they only have to authority make quick, low-ball offers to settle a claim, and that they do not have the final say from you. They might say that their offer is the best one the claimant can expect.
The fact is, adjusters are the front-liners in the claims process. You should not accept any offer until you have spoken with someone higher up, such as a supervisor. Even then, you should negotiate. Under no circumstances should you take any offer as final. Get your own assessment using a public adjuster to get leverage when it comes to negotiating for a final settlement, which should include any consequential claims, such as living expenses.
