Written by Andy Gurczak

September 21, 2021

How to Get More Money from Insurance Claim

How to Get More Money from Insurance Claim; What Determines How Much Money You Will Get?

It’s very typical for policyholders to want to know how to get more money from insurance claims. For this reason, we have compiled this article of tips and tricks on how to maximize your claim settlement. However, to learn how to get more money from your insurance claim, you must first understand what determines your settlement.

Insurance adjusters generally base their settlement offers on the type of policy you chose when you got homeowners insurance. Regardless, payouts are usually based on one of the following three possible options:

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Actual Cash Value (ACV)

Actual cash value gives you a depreciated value of lost or damaged items and structures. However, choosing this type of coverage can be a very dangerous option when purchasing your insurance since it will never allow you to replace what you have lost. It might mean a cheaper premium, but it could result in you having to spend more money in the long run.

Replacement Cost

Replacement cost allows for the replacement of damaged goods with items of the same or similar value. Of course, that is as long as the item is not obsolete or impossible to replace. The terms and conditions of this kind of coverage require you to replace the item before getting the full settlement. Therefore, you may receive half of the amount you need to replace the item and only get the remainder once you prove it has been replaced. However, if you choose not to replace, then you get Actual Cash Value.

Moreover, the replacement cost of rebuilding your home is based on the insured value. In building insurance, some insurance companies offer extended replacement cost coverage if the actual cost of reconstruction exceeds the insured building value amount.

Replacement Cost With a Cash-Out Option

Replacement cost with a cash-out option is a higher-end insurance option. As a result, it is usually only available for high-valued homes or specialized policies. The cash-out option is one of the only types of payouts that allow full replacement cash value. It comes with no obligation to replace and a check in hand.

How to Get More Money from Insurance Claim

The property insurance claim process is complex in itself. So the larger the loss, the more tricky it can be. Being ignorant about the topic can only worsen your position. Follow these tips to get the most from your insurance claim.

First, Base Who You Trust on Reality

The insurance industry spends billions of dollars on friendly marketing. They work tirelessly to convince you they are your friend, the one you can depend on when disaster strikes. But, unfortunately, that really isn’t the case. Every year, courts handle cases after cases where insurance companies take advantage of their policyholders. Insurers constantly reduce claims payouts to bolster corporate profits.

Obviously, not every insurance company is out to low-ball your settlement offer, but even the friendliest of friendly insurers aren’t your friend. Part of the job of an insurance adjuster is to maximize corporate profits by minimizing losses, which includes significantly reducing payouts.

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Second, Show Your Insurer You Know

When you demonstrate an ability to manage your property insurance claim, you show your insurance company and claims adjuster that they can’t take advantage of you. For this reason, you at least take care of the following to ensure success:

  • Know what your. Understanding your coverages, endorsements, exclusions, and policy limits is crucial.
  • Follow the claim process outlined in your policy. Make certain you meet all of your contractual obligations and deadlines.
  • Understand which parts of your policy are subject to interpretation.
  • Document everything.
  • Present your position and documentation to your insurance claims adjuster.
  • Negotiate for the settlement you want, need, and deserve.
  • Hire a public adjuster.

As Well As Be Diligent

As mentioned before, property insurance claims are complicated, time-consuming, and stressful. Therefore, you need to be thorough, persistent, and strong. Constantly remind yourself it is a process that moves through predictable stages, so be patient and diligent:

  • Notify your insurer as soon as possible
  • Take steps to mitigate additional damage.
  • Allow your insurance company to investigate your damages.
  • Remove debris and document and value your damages for your Proof of Loss statement. Remember that many necessary documents have submission time limits, so don’t postpone them.
  • Solicit and compare construction and restoration bids.
  • Select contractors and oversee needed construction and repairs.
  • Present receipts for all covered Additional Living Expenses
  • If necessary, negotiate your total property insurance settlement offer.

Last But Not Least, Get expert help

A public insurance adjuster is a licensed professional who advocates exclusively for you throughout your insurance claim process. Unlike an insurance adjuster, who only oversees how to benefit the insurance company, a public adjuster’s main goal is to protect your rights and interests. Furthermore, public adjusters know policy language and how to get more money from insurance claims. Suppose you have any doubt about your ability to maximize your insurance settlement offer, hire a public adjuster today.

How to Get More Money From Insurance Insurance Claims By Hiring a Public Adjuster

All too often, a claim is mishandled, and as the insured, you can be left feeling your insurer is not living up to its policy’s promises or is in bad faith. In that case, it may be time to consider hiring a public adjuster to assist you with your claim.

Why Use a Public Adjuster?

Many people decide to hire a public adjuster because they don’t have the time to deal with the insurance claim process themselves. However, a typical insurance policy contains hundreds of provisions, stipulations, endorsements, real estate appraisals, and inventory evaluations. More often than not, these are complicated terms that require professional knowledge to understand. Misunderstanding these terms can lead to mishandling of claims, leading to reduced payouts and even claim denial. Public adjusters are professionals that know these terms and will use them in your favor.

How to Get More Money From Insurance Claims By Finding a Good Public Adjuster

A good way to start your search for a public adjuster is at the website run by NAPIA. They are an organization that, for over 60 years, has advocated for public adjuster education along with a high standard of professional conduct and ethics. Public adjusters who are NAPIA members are integrity-focused and committed to working in each client’s best interest. Another good way to find a good public adjuster is by looking into their customers’ reviews and references. Finally, check out AllCity Adjusting in order to hire a good public adjuster.

What to Expect?

A public adjuster thoroughly assesses your loss and then helps you get every bit of compensation you deserve. However, you should keep your expectations realistic. Moreover, if you’ve hired the public adjuster after the claims process has already begun, anticipate delayed results, since your public adjuster will have to go over and renegotiate much of what was previously done.

And Is it Worth It?

Studies have shown that homeowners who hire public adjusters tend to receive higher settlements than those who don’t. In fact, payouts are higher even when considering the public adjuster’s fee. Since a public adjuster will be paid a percentage of your payout, they will do their best to increase the amount of payment you are rightfully owed.

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How to Get More Money from Insurance Claims: Getting Your Money’s Worth

Take the time to digest your policy thoroughly. Good, timely communication can also help the possibility to maximize your insurance claim. However, the best way to get your money’s Worth in a claim and receive the maximum amount payable is to have a strong understanding of the claims process and your policyholder’s rights. So consider hiring a public adjuster if you don’t trust yourself with this task.

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Best way to beat the insurance company is to hire AllCity Adjusting

At AllCity Adjusting we help residential and commercial clients alike get the claims support they need. Moreover, we have over 50 years of combined experience helping get our clients the max settlement time and time again. If your claim has been low balled or denied entirely we can help increase your maximum settlement. Call us today for a FREE consultation. Experience the AllCity difference.

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How to Handle a Commercial Large Loss Restoration

If water, fire or a storm has severely damaged your business, you need help. Dealing with a large-scale catastrophe by yourself is not the way to go. Filing a commercial large loss restoration claim will take time, effort and patience.
Therefore, you should hire a public adjuster so that your insurance company pays you every dollar to which you are entitled.
You will also need a restoration company to immediately respond to your business. In fact, most good ones are available 24 hours a day, seven days a week. In addition, they will make an emergency response to begin the restoration process.
There are several procedures restoration services companies go through when responding to a commercial property damage incident.

Problems Homeowners Have After Filing an Insurance Claim

Problems Homeowners Have After Filing an Insurance Claim

Unfortunately, fires, hurricanes, or other natural disasters can do serious damage to a home. Certainly, most people have homeowners’ insurance in case of property damage. Of course, they will file an insurance claim under their home insurance policy. However, often there are problems homeowners have after filing an insurance claim.

Fire Damage Insurance Claim Is Denied

Fire Damage Insurance Claim Is Denied

Of course, having a fire in your home can be terrifying for the homeowners and their families. The amount of damage to the property insured, personal property lost and the seeing soot, smoke, and burned walls will traumatize the entire family. Certainly, as the property owner, you will file a fire insurance claim with your homeowners’ insurance company. However, what do you do if all or part of your fire damage insurance claim is denied?

Deal with Home Insurance Claim Adjusters

If a storm, fire or other natural disaster damages your home, you first want to make sure everyone in your family is safe. After that, you will survey the damage. If it is more than very minor, you will probably file a homeowners’ insurance claim. Therefore, it will be helpful to know how to deal with a home insurance claims adjuster.You should file an insurance claim as soon as possible to start the claims process. Certainly, the sooner you file a claim, the sooner you can get your insurance settlement.After you file a claim, an adjuster working for the insurance company will come to inspect the damage to your home. Insurance claim adjusters may work directly for the insurance company. Or they may be independent adjusters.However, don’t be fooled. Independent adjusters only work for insurance companies as independent contractors.As such, they are looking to settle your claim quickly and cheaply. Insurance companies are not in the business of simply paying money to insureds. Consequently, company and independent adjusters know that and act accordingly. The insurance adjuster evaluates your property, collects evidence on the extent of the damage and rules on your claim.

Understanding the Insurance Claims Process

Understanding the Insurance Claims Process

There are few events more traumatic to homeowners than having a fire in their homes. Fire damaged homes can mean flame and heat damage and smoke and soot throughout the house. Additionally, water damage from the efforts to put out the fire appears on the walls, soaked furniture, and water-logged carpeting. Unfortunately, if the damage is extensive, you will have to decide whether to rebuild or replace your home after the fire.

Estimating Fire Damage and Restoration Costs

Estimating Fire Damage and Restoration Costs

There are few events more traumatic to homeowners than having a fire in their homes. Fire damaged homes can mean flame and heat damage and smoke and soot throughout the house. Additionally, water damage from the efforts to put out the fire appears on the walls, soaked furniture, and water-logged carpeting. Unfortunately, if the damage is extensive, you will have to decide whether to rebuild or replace your home after the fire.

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