As a homeowner in Philadelphia, facing water damage can be a stressful experience. On top of the physical damage, dealing with your homeowners insurance company might add to the frustration, especially if you feel they’re offering you less than what’s fair. You’re not alone—many homeowners find themselves in a battle with their insurance providers over claims that are underpaid or denied.
Understanding Why Insurance Companies Lowball Homeowners
Homeowners insurance companies are businesses focused on profitability. Their goal is to pay out as little as possible on claims while maintaining customer satisfaction. Several tactics might be used to minimize payouts:
- Downplaying the Damage: Insurance adjusters might minimize the extent of the water damage, arguing that repairs are less expensive than they truly are. This is often done by estimating repairs using lower-quality materials or ignoring hidden damage.
- Misclassifying the Damage: Sometimes, water damage is classified in a way that limits coverage. For instance, if your policy covers sudden leaks but not gradual leaks, an insurance company might argue that the damage was due to gradual wear and tear, which is not covered.
- Delays in Claim Processing: Insurance companies may delay processing your claim in the hope that you’ll accept a lower settlement just to get the issue resolved quickly.
- Offering Quick, Low Settlements: After the initial shock of water damage, some homeowners might be eager to settle quickly. Insurance companies often take advantage of this by offering a low settlement upfront, hoping you’ll take it rather than fight for what you deserve.
These tactics can leave you with insufficient funds to properly restore your home, which is why it’s essential to be vigilant and consider all your options.
The Benefits of Hiring a Public Adjuster
If you feel your homeowners insurance company is lowballing you, hiring a public adjuster can be one of the most effective ways to ensure you receive a fair settlement. A public adjuster is a licensed professional who works on your behalf, not the insurance company’s. Here’s how they can help:
1. Expert Knowledge of Policy Details
Public adjusters are well-versed in the intricacies of homeowners insurance policies. They can interpret your policy’s fine print, identifying coverage you might not be aware of, ensuring that all aspects of your water damage are included in the claim.
2. Accurate Damage Assessment
A public adjuster will thoroughly assess the damage to your home, often uncovering issues that an insurance adjuster might overlook or downplay. This includes hidden water damage, structural issues, and the need for high-quality repairs that will fully restore your home.
3. Negotiation Power
Public adjusters have the experience and skills to negotiate with insurance companies effectively. They understand the tactics insurers use and can counter them, pushing for a settlement that truly reflects the cost of repairs.
4. Saving You Time and Stress
Dealing with an insurance claim can be time-consuming and stressful, especially if you’re also dealing with the aftermath of water damage. A public adjuster takes on the burden of managing your claim, allowing you to focus on getting your home back to normal.
5. Maximizing Your Settlement
Statistics show that homeowners who hire public adjusters typically receive significantly higher settlements than those who don’t. The difference can be substantial, often covering the cost of hiring the public adjuster with money to spare for repairs.
6. Local Expertise in Philadelphia
Hiring a public adjuster with experience in Philadelphia is particularly advantageous. They understand the local building codes, common causes of water damage in the area, and how local insurance companies operate. This local knowledge can be crucial in building a strong case for your claim.
When Should You Consider Hiring a Public Adjuster?
If your insurance company is offering you a settlement that seems too low, if they are delaying your claim, or if the damage assessment feels incomplete, it’s time to consider hiring a public adjuster. Especially for significant claims like water damage restoration, having a professional advocate can make a significant difference in the outcome of your claim.
