What can I do if the insurance company is lowballing me?
If you’ve been in an accident or suffered a loss and you feel that the insurance company is lowballing you on your claim, it can be frustrating and stressful. “Lowballing” is a common tactic used by insurance companies. Instead of doing an objective evaluation of a claim and paying the insured what is owed, the insurance company will initially offer a much lower amount and see whether the insured will accept the offer. The insurance company’s obligation to the insured is not to see how small of an amount the insured will accept to walk away from an insurance claim; the insurer is supposed to figure out what the property is worth and then pay that amount. This is not supposed to be a negotiation. Before calling insurance claim experts like MGW law, here are some initial steps you can take if you feel that the insurance company is lowballing you:
Review your policy: Make sure you understand what your policy covers and what your policy limits are. This will help you understand what you are entitled to and whether the insurance company is offering you a fair settlement.
Gather evidence: It’s important to have documentation to support your claim. This might include photos of the damage, repair estimates, medical bills, and other relevant documentation.
Negotiate: If you feel that the insurance company is offering you less than you are entitled to, you can try negotiating with them. Make sure to have your evidence and policy information on hand and be prepared to explain why you feel you deserve a higher settlement.
File a complaint: If you are unable to resolve your dispute with the insurance company and you feel that you have been treated unfairly, you can file a complaint with your state’s insurance regulator.
Get a second opinion: If you are unable to come to an agreement with the insurance company, you can get a second opinion on the value of your claim. You can do this by hiring a public adjuster or an attorney who specializes in insurance claims like MGW Law.
It’s important to remember that the insurance company is not required to offer you a settlement that you feel is fair, only what is correct under your policy. However, if you know that you are not being treated fairly it’s time to call the experts at MGW Law.