When you have experienced a home disaster and are working with your insurance company to cover the repair costs, money will be at the forefront of your mind.
The entire ordeal is almost an inevitable never-ending circle…you cannot get the necessary work done on your home unless you have the money, but you also cannot wait any longer without having the work done. So naturally, you want to take the first settlement offer that comes because you can no longer put everything on hold.
And why shouldn’t you? Your insurance company is looking out for your best interest, right? Wrong.
The simple answer is you shouldn’t accept the insurance company’s first offer. Here’s why:
Is Insurance on Your Side?
At first glance, a settlement offer from an insurance company may look good. They are covering all the exact costs, as quoted by their adjuster, but in reality, there are some other factors to consider when it comes to determining the financial reimbursement, especially if there were substantial property damages.
While we would like to think that our insurance company is looking out for our best interest, remember, they are a business and a business that is looking to make a profit. Your claim, while extremely important to you, is just another stack of claims they see every day, all year.
Every day, 1 in 20 homeowners file claims with their insurance companies. To them, you are just another number.
Things to Consider When Accepting a Settlement
Before you sign on the dotted line, make sure you understand what is included in the settlement offer…and what is not. You never want to accept an offer and realize later that it is not enough money to cover all the damages.
Hidden Damages
If your home or business has substantial damage, the property may be more prone to having hidden damages. When the insurance company offers a settlement, it is based on what they know and see.
If there is extensive damage, you may have hidden damages pop up later that are not accounted for in an initial financial settlement. These hidden damages may include:
Mold or mildew damage
Damage inside walls that are undetectable until repair work begins
Denial of Coverage
Without the experienced eye of a public adjuster, you may just assume a denial of coverage is normal—that something is just not covered in your policy.
It might actually be covered, just in another way. Working with a public adjuster will help make sure all areas of coverage are properly addressed.
The Use of One Adjuster
Every insurance company usually uses its own adjuster or hires an independent adjuster to do the job for them. They will look at the damage and determine a repair value based on the damage, material costs, labor rates, labor hours, and profit/overhead of an “average” repair company.
While this value may seem fair upfront, it may not be financially enough to cover the cost of repairs when you hire out a construction/repair company for YOUR specific damage.
At Liberty Adjusters, our public loss adjuster will determine our own fair value. We will use this information to push the insurance company to negotiate a higher, more realistic settlement. We can help you get up to 574% more for your claim than going alone; submit a claim today!
The Benefits of a Public Adjuster
Using the right public adjuster will make a world of difference when it comes to your financial settlement.
In Florida, policyholders that hired a public adjuster for non-catastrophic claims received substantially more money than those who just used their insurance company adjuster. And catastrophic claims? Public adjusters, like those at Liberty Adjusters, were able to work with their customers to receive 747% more money for damage like hurricane claims!
Public adjusters are there through the entire claims process and will deal with the insurance company on your behalf. We do it all and will prepare & manage the claim to negotiate a settlement that is actually fair. This allows you to worry less and have more time for other pressing issues.
The best part is there are no upfront charges. You never have to pay a public adjuster unless you settle a claim.
Before You Accept, Call Liberty Adjusters
Don’t settle or accept the first financial settlement offered by your insurance company without talking to Liberty Adjusters first. Our Tampa Bay public adjusters have your best interest in mind. Call 813-922-5129 today for your free claim evaluation.