How To get The Best Insurance Claim Settlement
Obtaining The Best Insurance Claim settlement can be a difficult process and can potentially become a power struggle between your best interests and the insurer’s, often involving negotiations and private arbitration. Insurance companies are experts in their field when it comes to settlements and know exactly what to use to reduce pay-outs or even repudiate your insurance claim.
In order to obtain the best insurance claim settlement offer you need to know how to respond to a low offer and also to recognise that it is a low offer. So, how can you tell if you have received a low insurance claim settlement offer? Well, if it appears unreasonable, it probably is.
To get the best insurance claim settlement, one thing to keep in mind is that the insurance company always wants the settlement pay out to be the lowest amount legally required. They will never offer the most they are willing to pay straight away because they expect negotiations. Never accept their initial offer and make sure that your counter-offer is well documented.
How to Respond to a Low Settlement Offer to get Best Insurance Claim Settlement
An Insurance Claim Settlement offer may often fall short of the claimant's expectations. This is common but you should not be discouraged by it. Insurance companies negotiate settlement agreements every day, so it is usually hard to negotiate for your own best insurance claim settlement if you do not think their offer is reasonable.
For example, the Insurance Loss Adjuster could state that you did not act fast enough to secure your property in a weather related incident. The issue there is what actually caused the damage and wording in your policy may allow for one thing but not another to be covered. Remember that you should not have to reiterate any wording that is already present in your insurance policy.
First of all, you don’t have to accept their offer. You can respond by asking the Loss Adjuster to justify the offer. What you want them to explain is why exactly this amount? The adjuster should then tell you in detail how they arrived at the proposed settlement amount. This way to get the best Insurance Claim Settlement, you can properly address all the issues they bring up that make your claim weaker.
You can also then come back with a counter-offer which is well documented. Hiring a Loss Assessor can make a huge difference here because they will recognise a low offer and know exactly how to proceed. Loss Assessor will know the itemised extent of your damage and what the insurance company always counts on is that you do not know the value of your claim.
How to Maximize The Best Insurance Claim Settlement
Whether your claim is for a fire, flood , theft or a burst pipe, the steps involved in making sure that what you finally receive is fair are similar. The key to the Best Insurance Claim Settlement is documentation. You need evidence such as photographs or surveillance videos that actually show the extent of the damage. It is very helpful to have a loss assessor detail the actual costs of your loss.
When it comes to property damage the insurer has two options: to repair damage and replace property or to settle the claim as a cash payment. If your insurance offers a cash settlement as an option, you should make sure you receive a settlement which accounts for the true cost of your losses. To receive the Best Insurance Claim Settlement offer you should have a very clear determination of all those costs.
According to Financial Mail hiring a Loss Assessor such as an Oakleafe Claims’s team of professionals can increase your settlement by as much as 40%. This is because you will have claim technicians and chartered surveyors on your side who know exactly how this process works and aren’t in any way bound by the insurance company’s bottom line.
The insurer will always look for common mistakes, such as failing to immediately protect the property from further damage to reduce your settlement. To receive the Best Insurance Claim Settlement offer you need someone who is on the look out to maximize it. Then you will be on your way to Obtain The Best Settlement from your Insurance Company.
How to Obtain Best Business Interruption Settlement
When it comes to commercial claims receiving a fair settlement is even more difficult if business interruption occurs. This is when a business has to shut down or stop operations as a result of damage resulting in loss of sales. Since business interruption claims are subject to estimates of sales if the loss had not occurred, they cannot be exact, and any settlement is almost always the result of negotiation.
A Loss Assessor like Oakleafe Claims can accurately calculate the Loss of Profit and Increased Cost of Working in any business interruption claim and properly guide you through the entire process of receiving the Best Insurance Claim Settlement.
The best way to get a business interruption settlement is through private arbitration and insurance companies are expert negotiators. It helps to have someone in your corner who is equally skilled at negotiating. Sometimes just the fact that you hired a loss assessor can increase the settlement offer because the insurer knows that you are not at the negotiating table alone.
Don’t Let the Insurance Company Tell You What’s Best
Insurance companies are known to use less than fair tactics to pressure people into accepting their initial offer – because it’s the lowest one. This is what they always want because it works out best for them and they will often lead you to believe it is the best offer for you as a claimant. Don’t believe them and do not fall for their lines.
The only way to actually know the real cost of your loss is by hiring a loss assessor because the loss adjuster is employed by the insurer. Someone like an Oakleafe Claims professional will not be swayed by any insurer because they know the industry and also because they are not emotionally affected by the loss.
For instance, when it comes to insuring property most people have what’s called a policy of indemnity. Policies of indemnity refers to insuring buildings and their contents. This type of insurance is designed to restore the property to the condition it was before the loss or damage happened.
The insurer considers “the condition it was before the loss” in very broad terminology and what it means to them is the minimum required towards a similar condition. What it means to you as a claimant is very different – that is your home or business, your time and effort. You should receive everything you are entitled to and not just the bare minimum in case of loss.
Responding appropriately to a low offer and documenting your damage well to present a counter-offer is only half the battle. You also need your insurance company to agree that you deserve more. Most of the time it will be a compromise between their number and yours. The more evidence you have to support the amount you are asking for, the stronger the probability that your insurer will have to agree. Once they do always confirm in writing and keep records of all communication.
In summary, Obtaining The Best Insurance Claim Settlement from your Insurance Company can be a bit tricky but the steps outlined above can be of great help. If you keep in mind that what your insurer wants to pay is the minimum, if you properly document your loss and if you have a qualified Loss Assessor fighting for you, chances are much higher that you will receive the best settlement offer possible.