When your property is damaged, you are generally entitled to some sort of compensation from your insurance company.
However, arriving at a settlement with your insurance company can be a long and complex process full of investigations and negotiations conducted by an insurance adjuster working for the company. One thing you always have to keep in mind when working with an insurance adjuster to arrive at a settlement figure is that the adjuster ALWAYS wants to pay you as little as he or she possibly can.
Insurance agencies are businesses that are focused only on their bottom line, and they pay little mind to the emotional side of your case. Their goal is almost always to get you to agree to the lowest possible settlement while staying as friendly as possible to you.
In this blog, we have detailed five useful tips to help you ensure that you receive the best possible settlement offer from your insurance company, so that you can collect the compensation that not only you deserve, but that you paid for.
1. Hire a Public Adjuster
The most important thing you can do to ensure you receive a fair settlement offer from an insurance company is hire a public adjuster. Public Adjusters are the experts on your side, who will fight the experts your insurance company has working for them. Hiring a public adjuster will also help ensure that the insurance company takes your claim more seriously.
The more evidence your public adjuster is able to present to the insurance company with regard to your property damage and the costs of repairing those damages the stronger your case for a high settlement offer. Keep detailed records of all financial costs, and any other evidence that could possibly demonstrate a lowered quality of life.
2. Save all your receipts
If you are seeking insurance settlement compensation be sure to save all receipts in relation to repairing your property. Insurance companies have processes for documenting such receipts, your public adjuster can help you manage and document such receipts. The more organized you are, the easier and quicker it is to collect your repayment.
3. Do not take the first offer
You should rarely if ever, accept the first offer from the insurance company. The settlement determination is a negotiation, and as with any negotiation, the company is not going to come in at the highest offer they willing to give, no matter what they may tell you. Have a minimum figure in your head you are willing to accept and do not accept any less.
4. Make the company justify the offer
Insurance companies will commonly low-ball you with their settlement offer because, as we previously mentioned, their goal is to pay you as little as possible. If the company offers you an unreasonable settlement, ask them to explain exactly how they chose that figure, and what factors played into their decision. You can then respond to each justification and explain why you deserve more than what is being offered, particularly if the justifications are not very strong.
5. Confirm accepted offer in writing
Once you and your public adjuster decide that the figure is high enough to accept the offer from your insurance company, you should confirm the details and your acceptance of the offer in writing so that the insurance company cannot falsely claim that they made no such offer in the future and refuse to pay.
If you have sustained property damage, you deserve the policy you paid for and you are entitled to fair compensation. Do not allow an insurance company to take advantage of you or give you a settlement that is less than you rightfully deserve.