Dealing with high-dollar insurance claims

The saying that "a man's home is his castle" could not be more apt. Just like with castles in the days of old, any breach in a modern home's walls can leave its occupants feeling defenseless. Yet rather than relying on regional allies to show up and offer support in such cases, today's homeowners instead rely on the assistance of their insurance carriers to refortify their properties. However, dealing with an insurance company following property damage can be a stressful proposition given that insurers in general are not perceived as being overly-enthusiastic about paying claims. 

Many often ask if there are certain factors that can increase the chances of them seeing their homeowner's insurance claims denied. This question is difficult to answer due to the fact that every claim is unique. However, certain trends have been observed for particular claim types. For example, study information shared by Consumer Reports shows that 41 percent of claims valued at over $30,000 experience issues, as opposed to only 19 percent of claim totaling less than that amount. 

This may come as bad news for those whose damages are due to elements such as fire and lightening. The Insurance Information Institute shows that the average cost of a homeowner's claim that results from such damage is $43,983. Yet the total cost of a claim should have no bearing on the amount of coverage promised by a policy. To ensure that high-dollar claims are processed and covered as promised, homeowners can do the following: 

  • Be fast in filing their claims
  • Accurately document the extent of the damage that occurred
  • Bring in a public adjuster to get an assessment to compare with that of the insurer

If it appears that an insurer is not honoring policy terms, homeowners might then want to seek legal help. 

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