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In the past, insurance companies have marketed their services as a ‘charitable organization’ that is ready to assist you in any situation. They are businesses, even though they protect assets. Their main objective is to make a profit and stay in business. They can only do this by ensuring the payouts are much lower than overall premiums paid.
Insurance companies often use loopholes in order to avoid paying out to some clients who file claims. Most people don’t read the fine print before signing their insurance papers, which is fortunate for them. As a result, they sign insurance agreements without fully understanding the terms or potential ‘loopholes.’
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What happens if you submit a claim only to be shocked when you find out you can’t get compensated due to a loophole? Public adjusters are there to help. They negotiate with insurance companies to get a fair settlement by challenging the insurance company’s loopholes. They deal with the following loopholes:
Double Tragedies
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Double tragedies can cause people to lose their homes. Your house could be hit by both a hurricane and floods. Some insurance companies will only pay out if you are insured for both disasters, regardless of when they occurred. If you are covered for floods but not hurricanes, then your claim is likely to be denied. However, public adjusters can help you negotiate your claim and avoid being a victim of such a loophole.
Pre-existing Conditions
Most insurance companies won’t compensate you for a condition you had before you were insured. A cancer patient, for example, may not be able to benefit from their health insurance policy if they discover that the condition was already diagnosed before applying. Insurance adjusters often mistakenly link new damage with a pre-existing illness when it is not the case. A homeowner’s claim could be wrongly denied due to a pre-existing problem. Public adjusters can be very helpful, especially when the victim is not aware of the condition and the way damage is assessed.
It is best to read the insurance policies thoroughly to ensure that you are not a victim of such loopholes. Don’t sign anything before you understand the terms and conditions. Contact a public adjuster if you’re thinking about filing an insurance claim.