Insurance Company Practices May Leave You Short Changed
If you received a cash settlement from your insurance company for damaged property, please read this client alert.
CLEVELAND, OHIO, MARCH 9, 2016 - Most homeowners and businesses carry insurance protecting them from loss due to damage or destruction of buildings and other property. This type of property and casualty insurance is intended to compensate the insured in the case of damage from fire, wind, water damage, and other types of perils. Insurance policies are very complicated, involving replacement cost and actual cash value definitions that defy easy understanding.
The process of adjusting the loss to reach an appropriate payment to the insured is difficult and time consuming. To make matters worse, when a loss strikes it is often an incredibly traumatic experience for the victims, leaving them vulnerable to over-reaching by the insurance company and its cadre of professional adjusters.
The insureds should always take steps to make certain they receive the compensation they deserve, in return for paying premiums to the insurance company. This includes checking the insurance company’s calculation of the replacement cost and actual cash value of the damaged or destroyed property.
If you accepted a cash settlement payment from the insurance company, and the insurance company did not simply repair or replace the damaged property, it is critical to check the insurance company’s calculations for accuracy.
We are currently investigating questionable insurance company practices in this area, and would be happy to review the calculations at no cost. Even if you only suffered a small loss we will perform a review to ensure that you received the appropriate amount of compensation from the insurance company. Contact us today.