Texas Underpaid Insurance Claims
Why Your Claim Underpaid? Our Law Firm Can Help!
No matter how damaging the destruction to your home or business may have been, the insurance adjustor who handles your claim may choose to overlook the severity of the situation at hand. Focused solely on retaining money and reaping profits, insurance adjustors working for companies across the nation have taken up practices of bad faith that allow them to deny or underpay policy holders in need. Questionable practices such as those that report miscalculations and underpayments are usually instances of insurance bad faith.
After submitting a claim, you can expect to receive a document in return. This document, prepared by an insurance adjustor who works for the company, will reflect an estimated sum of the total cost of repairs to your property. The estimate returned to you, however, may not truly represent the amount of money needed to amend the damages that you and your home / business suffered. In fact, very often, the estimated number is no more than a manipulated amount that allows your insurance company to escape paying you the full terms of your coverage.
How It Works
Many insurance companies utilize specially designed software that enables them to quickly generate an estimate for the cost of your repairs. Typically, these estimates include the actual cash value (ACV) of your damages, the replace cost value (RCV), and the depreciation of such costs. Insurance adjustors that are looking to reduce the costs incurred by their company may be apt to engage in unethical practices that skew the numbers reported to you.
Questionable practices among insurance companies across the nation have caused attorneys to take notice.
Many of these insurance companies have taken to improperly applying the depreciative value of a repair in order to reduce the costs for which they would otherwise be responsible. Other methods enforced by some insurance adjustors include "accidentally" failing to include certain costs connected to the end estimate and refusing to make any payments to an insured individual until that individual has paid the company.
One of the biggest insurance claim issues among adjustors right now is the tendency to underpay the individuals they represent. Many underpayments directly result from the abusive malpractices described above. Unfortunately, because the end results of such practices are not large enough to justifiably file a lawsuit against the insurance company, many policy holders eat the difference. This does not have to be the case.
With the help of an attorney, individuals who were victimized by their insurance companies can work toward legally holding the company responsible for their underpayments. Although it may be difficult to make a legal issue out of the underpayment of an individual policy holder, it can be significantly more effective when multiple insured parties unite to do so together. Bringing class action lawsuit against an insurance company can better ensure that your underpaid claim is recognized and repaid as it should have been in the first place.
Fight Bad Faith Insurance Practices with Our Help
Insurance companies that enact practices of bad faith always do so on a gamble. Adjustors rely on the hope that policy holders will not take legal action against their abusive behaviors, and because so many don't, the adjustors get away with malpractice far too often. Don't let your insurance company take advantage of you in the same way. If your claim was denied, delayed, or underpaid in any capacity, you should not wait speak with an attorney. Arnold & Itkin will gladly review your case completely free of charge and help you move forward with a lawsuit.