If you’re currently in looking for a new insurance policy or making a claim on an existing policy, it’s important to know how to protect yourself in the event that a dispute arises. Unfortunately, some companies view insurance as a business and will prioritize making a profit over your best interests, which can result in you being shortchanged in a settlement. In this blog, we share how to take the necessary precautions to protect yourself when dealing with insurance companies:
Research before Buying
Take as many notes as you can when buying an insurance policy. Anything and everything your insurance agent says regarding coverage, exclusions, limitations and deductibles are important to write down and remember. If your agent tries to read the completed application to you, insist that you read it yourself. You want to make sure your answers are truthful and complete.
If you have a Claim…
All the supporting documents and notes that you’ve saved will come in handy should you find yourself filing a claim with your insurance company. Before speaking to a representative about your claim, review the policy and notes you took. You’ll want a solid understanding of the policy itself and any provisions that the insurance company can intentionally twist into a reason to deny your claim.
As a policyholder, you should never:
- Exaggerate any aspect of your claim
- Accept the insurance company’s evaluations of losses and damages without an independent expert’s estimates
- Sign an insurance release check without confirming the amount is correct and in full
Handling a Dispute
If your insurance company is failing to meet the agreements explicitly stated in the policy you signed with them, you may have grounds to take legal action. If your dispute requires litigation, you should not hesitate to contact an insurance attorney.