When a homeowner's property is damaged, they expect their insurance company to provide full repair coverage. Unfortunately, some companies may attempt to devalue claims to save money and increase profits.
As a homeowner, it is essential to know what methods insurance companies use to devalue your claim so that you can protect yourself from this type of behavior. Working with the best claims adjuster in Miami is crucial when attempting to get fair treatment from an insurance company.
Below are some methods insurance companies might use to devalue your claim.
Lowballing the Initial Estimate
One of the methods insurance companies may use to devalue a claim is lowballing the initial estimate. Lowballing is when an insurance company offers a settlement amount that is much lower than what the homeowner could receive if they pursued further investigation.
Insurance companies may use this tactic to get homeowners to accept the settlement amount without further investigation. This lowers their costs and increases their profits. A homeowner should never take a lowball offer from an insurance company. Instead, they should contact the best claims adjuster in Miami for assistance.
Undervaluing Labor Costs
Another way insurance companies may devalue a homeowner's claim is by undervaluing labor costs. Many insurers will use their contractors who charge lower rates than necessary for the job, which can lead to substandard workmanship and inadequate repairs.
Homeowners should never accept an insurance company's offer if they suspect it will lead to substandard workmanship or inadequate repairs. The best claims adjuster in Miami can help determine a fair labor cost and ensure the repairs are completed correctly.
Not Including Additional Damage
Insurance companies may fail to include additional damage not visible during an inspection in their claims. In cases where a property has suffered significant damage, it is possible for there to be underlying structural issues or further damage that was not immediately obvious. This can result in the homeowner incurring additional expenses if they cannot get the insurance company to cover the damage.
Delaying Payments Until After Repairs Are Completed
Another tactic some insurance companies may use to devalue a homeowner's claim is delaying payments until after repairs are completed. This allows them to assess the damage costs and repair bills before settling the claim. It also gives them more control over how much they pay out.
This can be difficult for homeowners who need to begin repairs to their property immediately. The best claims adjuster in Miami can help fight for fair compensation so the homeowner has enough money to cover repairs and replacement costs.
Disputing The Value of Certain Items
Insurance companies may dispute the value of specific items by arguing that the replacement item costs less than originally claimed. They may also use previous estimates from other insurance companies to try and prove their argument. This is why working with an experienced claims adjuster is so important. They can help you get fair value for the items you've lost.
Are You Ready To Work With The Best Claims Adjuster in Miami?
As you can see, insurance companies work hard to devalue claims. You can avoid lowball offers with the best claims adjuster in Miami by your side.