Suppose the worst happens to your home – a storm rips through your neighborhood and destroys your roof or sends a tree branch through your back window. After the storm dies down and you take care of loved ones, you make a claim with your homeowner’s insurance company. They listen patiently, perhaps even send out a claims adjuster to take some pictures and verify the damage, and then you get the phone call with the claim quote. And your jaw hits the floor. The amount of money your insurance company is willing to pay will hardly get a contractor to come look at the damage, let alone fix it. Why is your insurance company paying you so little for the damage?
At this point, it is time to consider requesting some legal help. At Farah and Farah, we’ve built a reputation for dealing well with insurance companies and making them come to the table to adequately compensate those who they insure.
Below, we’ll highlight three key reasons to let us take a look at your property insurance claim to ensure that your insurance company is paying you what is legal and fair.
Insurance Companies May Have Illegally Depreciated Labor Costs
In 2019 the Tennessee Supreme Court issued a ruling that insurance companies cannot depreciate the costs of labor in their estimation of property damage claims. According to Lammert v. Auto-Owners (Mutual) Insurance Co., the actual cash value of the claim cannot be decreased by depreciating labor costs. This means the insurance company cannot pay less because labor costs are currently down.
If you feel that your insurance company is not fairly compensating you for the property damage you have faced, let us review your claim for free.
Inspectors May Not Have Necessary Training or Experience
In order for a person to serve as an insurance adjuster in the State of Florida, the Division of Insurance Agent and Agency Services requires applicants to meet the following:
- Must be at least 18 years old and provide a U.S. address and either proof of citizenship or of work authorization for non-citizens.
- Applicants must complete an approved education course.
- Applicants must then complete an online application including fingerprinting.
This short list simply shows that it is not overly difficult to become an insurance adjuster. They may or may not have enough experience investigating property damage to determine costs and actual cash value.
This is another reason to let an experienced Florida insurance attorney review your property damage claim.
Not Enough Time to Rightly Determine a Claim
Even if the insurance adjuster is well-experienced and the insurance company aims to provide an adequate cash value for a claim, the reality is that after a major property- damaging event, insurance companies are under immense pressure. For instance, on March 3rd, 2020 an EF-4 tornado attacked Cookeville, TN and destroyed homes and claimed the lives of at least 24 people. Another tornado touched down at the Nashville Airport and caused around $90 million in damages.
With this kind of event comes so much work on insurance companies that they may not be able to realistically give each claim the time and attention it deserves. Thus, it is a good time to let the claim be reviewed by an experienced set of eyes. Farah and Farah will review your claim for free today to make sure you received the full compensation you deserve.
My Property Insurance Claim Was Underpaid, What Now?
Whenever tragedy strikes, the last thing you want is to face a financial crisis on top of the tragedy. Just trying to put your life back together is hard enough, to be faced with haggling with your own insurance company when they don’t offer a fair amount for your insurance claim is downright wrong. Our experienced team will fight to make sure you are being fairly compensated by your insurance company for the damage to your property – making sure every cent is accounted for. Contact our team anytime, day or night. We’re here to support you and help make things right.