Learn to Love Your Insurance Policy

Valentine’s Day is more than just a celebration of romantic relationships. It’s an opportunity to nurture a relationship with something equally important—your insurance policy. While insurance might not be the most exciting topic, understanding and appreciating your policy can bring peace of mind and financial security. This Valentine’s Day, learn to love your insurance policy and feel confident in the coverage you’ve chosen. 

Strengthen Your Relationship

Know What You’re Covered For

The first step in loving your insurance policy is understanding what it covers. Take the time to thoroughly read through your policy documents and/or discuss them with a licensed professional. Pay close attention to key details such as property damage coverage, liability coverage, and any additional endorsements or riders that may be relevant to your property use. Understanding your coverage limits and exclusions can help you avoid surprises in the event of a claim. 

Assess Your Risks

Every property faces unique risks, whether it’s due to the nature of the industry, the location of the property, or other factors. Conduct a risk assessment to identify potential threats to your commercial or residential property, such as fire, theft, natural disasters, or liability claims. Once you understand your risks, you can work with your insurance carrier to tailor your policy to provide adequate protection against those specific threats. 

Review Your Policy Regularly

Just like relationships, insurance policies require regular attention and maintenance. Review your policy annually or whenever there are significant changes to your business or property. This could include renovations or expansions, changes in inventory or equipment, or updates to local building codes and regulations. Keeping your policy up-to-date allows you to have the right coverage vs. right amount of coverage.

Ask Questions

Don’t hesitate to ask for assistance when navigating your insurance policy. While your insurance carrier can offer valuable insights, sometimes you may require additional support to fully grasp the complexities of your coverage. That’s where a team like Premier Claims can step in. With our team of licensed public adjusters and legal professionals, we’re dedicated to helping policyholders fully understand their policy. Whether you’re unsure about a particular clause in your policy, need clarification on a claim process, or simply want experienced guidance, our team is here to provide personalized support.  To have your policy thoroughly reviewed by our team of licensed professionals, submit your policy here: https://premier-claims.com/policy-review/

Consider Additional Coverage

Depending on your needs, you may want to consider additional coverage options beyond the basic property and liability insurance. Evaluating your specific risks and considering additional coverage can provide added peace of mind. For example, as hail season quickly approaches, it’s important that your insurance policy protects your property against any damage that hail may bring. Learn more about hail damage coverage in our blog: https://premier-claims.com/blog/commercial-property-hail-damage-coverage/

Document & Maintain Records

In the event of a claim, having thorough documentation can make the process smoother and help you fight to receive fair compensation. Keep detailed records of your property, including photos, receipts, and inventory lists. Maintain copies of insurance policy documents, correspondence with your insurance carrier, and any relevant contracts or agreements. Being organized and prepared can help expedite the claims process and minimize possible disruptions to your business operations. 

Stay Informed

Insurance regulations and industry standards can change over time, so it’s important to stay informed about developments that may affect your coverage. Being proactive can help you make informed decisions about your insurance policy and allow you to be adequately protected. We recommend that you subscribe to updates from your insurance carrier and participate in industry associations, so that you can stay informed of relevant news and developments in your area. We believe that knowledge is not just power but a path to peace of mind. Stay connected, stay informed, and let our team be a resource for you. For ongoing industry updates, subscribe to our blog: https://premier-claims.com/resources/blog/

By following these tips, you can develop a deeper understanding and appreciation for your insurance policy. Ultimately, giving you the confidence to face whatever challenges are thrown your way. This Valentine’s Day, take a moment to show some love to your insurance policy. It’s a relationship worth nurturing for the security and protection of your property. 

When Should I Hire a Public Adjuster?

Understanding when to hire a public adjuster is the first strategic move in your claim process. Every decision plays a role in the pursuit of fair compensation for your property damage. We unravel the layers of timing – from the initial moments of property damage to the complexities of denied claims. 

Timely Claims Assistance

Understanding the Role of a Public Adjuster

Before going into the timing aspects, it’s crucial to comprehend the role of a public adjuster. These professionals act on behalf of policyholders, assessing and negotiating insurance claims aiming to earn a fair compensation for property damage. Their experience in the claims process can make a significant difference in the outcome. 

Immediate Action after Damage Occurs

Swift action is vital when property damage occurs. While policyholders might be tempted to start the claims process independently, involving a public adjuster from the start can streamline the process. A public adjuster’s early involvement aims to make a thorough assessment of the damage, setting the stage for a comprehensive and well-documented claim.

Before Filing a Claim

Policyholders often question when is the right time to bring in a public adjuster. Ideally, it’s before filing a claim. By consulting with a public adjuster beforehand, you benefit from their expertise in evaluating policy coverage, estimating potential damages, and strategizing the most effective approach. This proactive step can significantly impact the outcome of your claim. 

Denied or Underpaid Claims

If your insurance claim has been denied or you feel the compensation offered is inadequate, it’s not too late to hire a public adjuster. These professionals excel in reevaluating claims, identifying discrepancies, and negotiating on behalf of policyholders. Their involvement can lead to a fair resolution and the compensation you rightfully deserve. 

Complex Claims and Policy Understanding

Insurance policies can be intricate, and navigating complex claims requires a deep understanding of the language and nuances within. Hiring a public adjuster becomes crucial when faced with intricate claims, aiming for every detail is thoroughly examined, and your interests are protected. 

Premier Claims encourages policyholders to consider engaging a public adjuster early in the process or, if needed, at any point when challenges arise. Our team stands ready to provide the expertise and guidance necessary for the intricacies of the claims journey. Don’t wait; connect with Premier Claims today for a smoother, more informed claims experience.

Involving Legal Professionals in Your Claim

Is Involving Legal Professionals Necessary for Your Insurance Claim?

While the optimism of seeing the world through rose-colored glasses may suggest otherwise, the complexities of insurance claims can make legal assistance invaluable. Discover why having someone advocate for your best interests is crucial in the modern insurance landscape, where carriers aim to protect every cent.

Public adjusters typically handle claim advocacy effectively, rendering attorney involvement unnecessary. However, there are scenarios where legal assistance becomes vital:

Coverage Denial and Refusal to Negotiate

In instances where insurance coverage is denied or negotiations are refused, consider involving legal professionals. Legal professionals work to challenge denials, advocating for policyholders’ right to secure the coverage they’re entitled to. Legal professionals can also engage in negotiations with insurance carriers, striving for a settlement that is fair and reasonable.

Policy Interpretation Issues

Insurance policies often involve intricate language open to interpretation. Legal assistance becomes essential when disputes arise over policy terms. Attorneys can provide clarity on policy language, aiming to safeguard the rights of policyholders and that carriers adhere to the agreed-upon terms.

Bad Faith Practices by Insurance Carriers

Bad faith practices occur when an insurance carrier acts dishonestly or unfairly toward a policyholder. This includes unreasonably delaying claims processing, undervaluing claims, or wrongfully denying valid claims. Legal professionals can identify and challenge such practices, holding carriers accountable for acting in good faith and aiming to maintain fair treatment throughout the claims process.

Beyond the situations highlighted above, there are less apparent, yet valid reasons to consider legal counsel. Chip Merlin of Merlin Law Group, discusses one of these less apparent reasons in his blog “Insurance Company Claims Adjuster Bonus Programs and Criteria.” Some carriers may incentivize adjusters to underpay claims, making it crucial to involve legal representation. Legal professionals can file discovery motions to uncover any undisclosed bonuses that may compromise the fairness of claim payouts.

Uncovering these bonus programs may be challenging, as carriers often attempt to disguise them. An attorney, equipped with the expertise to refine discovery requests, can reveal less savory bonus programs. While not every claim requires legal intervention, having an attorney available ensures that, if needed, assistance is just a phone call away.

Explore the nuances of public adjusting claims and understand when legal involvement can make a significant difference in securing a fair and favorable settlement.

By: Ashley Balsbaugh | Associate Attorney