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.
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.
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.
For a free legal consultation, call (800) 747-3733
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.
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.
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.
The Law Offices of Anidjar & Levine Can Navigate the Claims Process
The claims process can prove to be a stressful experience. After an 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. For a free case review, call us today at 1-800-747-3733.