First, you need to be completely sure that your insurance company overpaid the cost of your claim. For instance, if you were in a car accident, speak with your mechanic to make sure that all necessary repairs have been made to your vehicle. It is possible that you were not overpaid.
If your home was damaged by a natural disaster, talk to your contractor about the possibility of future repairs that need to be made. After you have exhausted these options, you will need to contact your insurance company to notify them that the insurance check is more than the repairs.
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How the Overpayment is Handled Depends on the Situation
In some situations, they may allow you to keep the funds in case you incur other damages related to your claim. However, they may also ask you to fill out a form returning the excess money to their agency. How each insurance company handles overpayment varies on a case-by-case basis.
If the insurance check is more than the repairs, you should not just keep the money. If the insurance company realizes their error without you notifying them, they may accuse you of insurance fraud. It is best to err on the side of caution rather than face criminal charges.
Insurance Adjusters Determine the Cost of Covered Losses
Whether your losses were incurred because of a collision, natural disaster, or another unforeseeable event, an insurance adjuster will evaluate your expenses by examining the damaged property. Usually, the adjuster works for the insurance company. Unfortunately, many of these adjusters have a reputation for purposefully undervaluing claims to save their organization money. This is why many claimants hire third-party adjusters to provide an unbiased opinion regarding the cost of the damages.
We are familiar with the tactics that insurance companies use to devalue claims, and we do not want you to leave money on the table or have your claim denied. A lawyer with our firm can make sure you do not fall victim to these tactics.
Your Check should Cover All Your Losses
Afterward, if the insurance company accepts the adjuster’s verdict, they will issue a check designed to cover the cost of a claimant’s losses as illustrated in their policy. It is imperative that you make sure that before accepting a settlement, you are positive that the amount of money you take covers your losses.
For example, if your home was damaged, and you accepted a check for $5,000 only to find out from your contractor that you need additional repairs, it may be very difficult to pursue additional funds.
One of Our Lawyers Can Help with an Insurance Claim
Regardless of what you are filing, you may want to speak with a legal professional to make sure that you are informed of your legal rights throughout the claims process. A lawyer can comb through the fine print of your policy, represent you to the insurance company, and make sure that you accept a settlement that completely covers your damages.
You would rather receive an insurance check that exceeds the cost of your repairs than accept a check that still leaves you with out-of-pocket expenses. However, if you know you were overpaid, you should contact the insurance company to let them know about it and find out what they want to do. You do not want to risk being accused of insurance fraud.
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The Law Offices of Anidjar & Levine Can Navigate the Claims Process
The claims process can prove to be a stressful experience. After a car accident or suffering damage to your property, you want a legal professional who can guide you through these complicated proceedings. Whether you are negotiating with your Florida insurance company or need protection against bad faith insurance practices, The Law Offices of Anidjar & Levine are at your service.
You may be injured from your accident, and we believe you should only have to worry about getting better. We take care of everything else. We can file your claim on your behalf and collect any evidence needed. We can even help you get a car fixed and schedule any appointments for you. We are here to shoulder the burden of managing the legal work and will answer any questions you have and update you frequently.
Contact Us Today for a Free Consultation
You do not have to be alone in the claims process. We work on a contingency fee basis, so if you hire us, you pay us nothing upfront and out of pocket. We only get paid if you do, and our attorney’s fees come from your settlement or court award.
Our team offers responsive legal care. For a free case review, call us today at (954) 525-0050.