Navigating an insurance policy can be challenging, especially if you incurred a major loss. It is no secret that policies can be confusing. And apart from that, insurance providers often exercise their right to deny claims. But what makes things worse is that some providers do that to maximize their profits.
The outcome of such cases depends on the nature of the conflict or dispute. But once you realize that an insurance company’s financial interests go against yours, you need to get legal advice right away.
Let’s take a closer look at the most common reasons behind retaining an insurance dispute attorney and how it can enhance the likelihood of getting the desired settlement.
Let’s face it: every claim is essentially a business negotiation.
When taking out a policy, it is only natural to count on decent service and extensive coverage, especially given that you fulfill all the obligations. That is why most policyholders do not expect carriers to act in bad faith. However, disputes may arise for various reasons.
Here are the examples of the most common cases dictating the need to retain an insurance claim attorney:
Naturally, every policyholder wishes to receive a settlement and feel satisfied even after a major loss. When dealing with claims, the insured needs to understand how the claim process works to ensure the desired result.
Being lowballed or denied a settlement is not something a person wants to experience. But the issues typically arise the moment you start documenting everything. It often results in unpreserved scenes and biased expert opinions on the loss.
So what do you need to do to ensure an impartial assessment of your property loss? Well, what you need is a reputable team of specialists, including general contractors, engineers, architects, fire investigators, and any other experts suitable for a specific case.
When it comes to contacting a homeowners insurance lawyer, people tend to think of it as a last resort. When, in fact, it is something they should do the moment they file a claim. Of course, in an ideal world, a person should involve an insurance attorney while working on home insurance or any other claim. This way, it will be properly prepared and adjusted.
The thing is: if you accurately report everything, you may avoid a legal dispute altogether. Naturally, it does not mean that you get a 100% guarantee that the provider will not wrongfully deny your claim. But it certainly increases your chances of success.
Getting legal advice can be expensive. But there are ways to reduce the costs. For instance, you can find a lawyer willing to work for a contingency fee, which implies paying a specific percentage of the claim once it is recovered. In other words, an attorney has to win the case to get paid.
If working on a contingency fee basis is an acceptable arrangement for an insurance attorney, you are likely to have a solid case. But what if your claim is small? First, let’s put your mind at ease. The fee is typically a third of the payout, but this number can significantly increase if you go to court. Deciding to sue your provider or letting the company know you are planning to take legal action can make them settle a claim. It means that you do not have to face financial risks even if the claim is small.
Let’s take a look at the process if you decide to take your insurance provider to trial.
Here is how it looks:
Retaining an attorney certainly enhances the likelihood of success. However, you need to find a seasoned attorney.
A competent lawyer will evaluate the claim and determine whether you actually have a case. If you do, chances are you will win it. Besides, skilled lawyers know every tactic insurance companies use when their clients decide to get legal help.
Let’s imagine that your claim is valid, but the provider does not want to make a full payment. It means that you will receive a fast but very low offer. In some cases, policyholders choose to take the money and be done with it. So a quick offer is a way to check how serious you are about the claim.
The thing is: if the provider knows that you will have to work hard to prove the claim, it will be denied. That is why retaining an attorney before you file a claim can significantly improve your odds. Ultimately, it will help you overcome the stalling tactics many insurance companies use these days.