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.

Free Guide to Public Adjusting

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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