Should You Let Your Insurer Solely Decide Your Settlement?

In the aftermath of a natural calamity or a fire, If you have an insurance policy, you would turn to your insurer to help get you back on your feet. You trust them to provide financial support and assist with rebuilding your property, but do you trust them enough to solely decide on a settlement? One key factor that most policyholders ignore is the fact that insurers may not always have their best interests in mind. Insurance companies are businesses, and like all businesses, they are concerned about making profits. It begs the question; should you let your insurer solely decide your settlement?  

The simple answer is no, you should not let your insurer make the final settlement decision because you might end up receiving less than you are entitled to. Insurance companies have processes, guidelines, and protocols in place to ensure that their payout amount is as low as possible. Insurers aim to reduce their exposure and pay out the smallest settlement possible.  While this may seem unfair, it is legal since the contracts between them and policyholders explicitly state the terms of their relationship.

Policyholders are sensitive about their claims, primarily because they're already going through a stressful time emotionally and financially. Insurance companies take advantage of this and add to the hardship policyholders face by either delaying the claims process or offering insufficient claims.  In addition, insurance claims processing is a complex process that presents an added burden for policyholders who have no experience with the process.

Furthermore, in the aftermath, policyholders may overlook important details surrounding the insurance claim process. For example, there are specific time limits within which you must notify your insurer of a loss, minor errors on your claim form could result in denial or a reduced compensation payout. That's why working with a claims adjuster is essential to initiate the claims process before it's too late.

To ensure that you get the settlement you deserve, you should consider working with a public adjuster. A public adjuster is a professional with extensive experience in negotiating claims with insurance companies. They understand the ins and outs of the process and can assess your loss and negotiate on your behalf. Their knowledge of how the insurance industry operates is a distinct advantage that can help you receive the maximum settlement possible.

Conclusion

Insurance claim settlements are an essential aspect of policyholder protection. It is crucial to work with a claims adjuster to ensure that you get the best possible settlement. While working with your insurer directly might appeal to you since it's a more direct and familiar option, it might not be the best course of action in the long run. Insurance companies have legal obligations, but their primary goal is to keep their payouts as low as possible. Therefore, as a policyholder, it's imperative to have professional representation in a claim dispute to safeguard your interests. In the long run, it's worth it to hire a public adjuster to handle your claim negotiations. If you are looking for a property claims in Polk County, FL, contact Five Star Claims Adjusting today to schedule a free inspection.