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14
Dec

3 Reasons To Think Twice Before Accepting A Fast Settlement Offer

3 Reasons To Think Twice Before Accepting A Fast Settlement Offer

While a fast settlement offer from an insurer might seem like a stroke of luck, you should keep in mind that the amount being offered may be well below what you are actually entitled to. Here are 3 reasons to think twice before accepting a fast settlement offer.

When your home or property has suffered damage, your insurance company should be there to help with repairs to get the situation remedied. Unfortunately, not all insurance companies see it that way. It’s in their best financial interest to avoid paying claims where possible even when the claims are legitimate. They will use tactics like denying, delaying, or undervaluing claims in the hopes that the policyholder will just be quiet and go away. This can include offering to cut a check right away for a quick, no-hassle settlement. Here are 3 reasons to think twice before accepting a fast settlement offer.

1. Adjusters Want The Best Outcome For Their Employer (not you) – Your insurance adjuster might seem like he’s looking out for you and maybe he/she is to a certain extent, but remember they work for your insurer and not you. They may misrepresent or intentionally misinterpret your policy to save their employer money.

2. You May Not Know The Full Extent Of The Damage – When property damage is suffered and you first file a claim you may not fully understand the extent of the damage. Things like hidden structural damage can be present without you realizing it and only later after you’ve accepted the settlement does it come to light. Situations like this can end up costing you much more than what the insurance company paid out.

3. First Offers Are Often Deliberately Low – The first settlement offer is by design a low one. The least amount they can give a policyholder to make them go away the better. If your adjuster gives you a fast settlement offer it could be a sign they know the claim is worth more.

Get A FREE Case Review

If you have recently had home or property damage and already accepted a settlement offer, but now realize it was significantly undervalued you may have a case. If your insurer acted in bad faith you may be entitled to compensation. Contact us today for a free case review.

22
Aug

State Farm Denies Hailstorm Damage

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Tornados-min

State Farm Denies Hailstorm Damage

In late April 2015, hailstorms and tornadoes ripped through the southeastern states, leaving behind destroyed homes and damaged lives in their wake. Our client, a woman in Spring, Texas, and her home were no exception.

After the storm, she immediately filed a claim with her homeowner’s insurance company for hailstorm damage, State Farm, asking them to pay for the damages so that she could make repairs and start getting her life back in order.

State Farm hired an adjuster to inspect our client’s home and assess the damage. The inspector found that there were less than $500 worth of damages to our client’s home and found “no hail related damage to shingles,” therefore denying her claim and leaving her with no recovery to make repairs to her home.

So, our client hired a public adjuster, who conducted an unbiased inspection and found a litany of hailstorm damage that State Farm’s adjuster had left off, resulting in more than $44,000 worth of damages to the home. Seeing that she was owed much more than State Farm suggested, the client promptly sought out Chad T. Wilson Law Firm to help her obtain the recovery she had, essentially, already paid for through the purchase of her insurance policy.

On Tuesday, July 5, 2016, the Chad T. Wilson Law Firm filed suit against State Farm insurance company in Harris County, Texas for violations of the Texas Insurance Code and wrongfully denying her coverage under her policy.

Through its adjuster, State Farm conducted a substandard and improper inspection of the client’s home, which grossly undervalued the cost of repairs in its estimate and yielded an unrealistic amount to underpay coverage. State Farm unreasonably adjusted our client’s claim, misrepresenting the cause of, scope of, and cost to repair damages to her property.

Because of State Farm’s misrepresentations, our client was forced to hire an attorney to file a lawsuit for insurance benefits.

If your homeowner’s insurance carrier has denied your insurance claim, we can help. The experienced property insurance attorneys at Chad T. Wilson Law Firm have represented more than 1,000 clients in cases against insurance companies and aggressively protect the rights of insurance policyholders throughout Texas. Our consultations are free, and you owe  us nothing until your case is won. Contact us today to see how we can help.

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