Every person in this world faces risks - from health problems to accidents to natural disasters. While we can't always prevent these things from happening, we can protect ourselves financially by purchasing insurance. But the real deal comes in understanding the intricate details of insurance law and its impacts on us, particularly for homeowners and business owners. In this blog, we’ll unravel how insurance law affects you and guide you on when to seek help from a public adjuster or an insurance attorney.
Insurance Law and Homeowners
As a homeowner, you want to protect your investment. A typical home insurance policy provides coverage for damages to the property and personal liability. In principle, this seems straightforward, but the reality often gets complicated due to the intricacies of insurance law.
Insurance law governs the contractual agreement between the homeowner and the insurer. This agreement stipulates the details of what's covered, what's not, and under what conditions you can make a claim. It can sometimes be tricky to navigate, especially when you have suffered damage to your home and are under stress.
A common area of contention involves the interpretation of policy language. For example, does your policy cover "water damage" from a burst pipe, flooding, or both? The insurer may interpret the language in a way that favors them, leading to partial or complete denial of your claim.
The law also requires insurance companies to act in good faith, meaning they should handle your claim promptly, fairly, and without trying to avoid their responsibility. If they fail to do so, they could be held accountable for bad faith practices.
Insurance Law and Business Owners
Business insurance, also known as commercial insurance, plays a crucial role in safeguarding the interests of business owners. A business owner's policy generally includes property insurance, liability insurance, and business interruption insurance.
Business interruption insurance can be a complex aspect of commercial insurance because it involves an understanding of the business’s operations, revenue streams, and projected profits. Insurance law dictates how these components are factored into a claim in the event of an interruption due to covered perils like fire, vandalism, or specific natural disasters.
Additionally, businesses have to comply with certain legal requirements related to insurance. For instance, businesses must carry workers' compensation insurance to cover work-related injuries or illnesses. Non-compliance can result in severe penalties.
When to Consult a Public Adjuster
Now that we understand the basics of insurance law for homeowners and business owners, let's discuss when you might need professional assistance. A public adjuster (that's us!) is a licensed professional who can assist you in negotiating a claim with your insurer. We work on your behalf to ensure you receive the maximum payout possible.
Public adjusters can be invaluable in situations where there is a significant amount of property damage. We're experts at assessing damages, interpreting policy language, and dealing with insurance companies. Typically, public adjusters charge a percentage of the claim amount, so it's in our best interest to get you the highest settlement possible.
When to Consult an Insurance Attorney
While public adjusters can help with the claim process, there are situations where legal assistance may be necessary. If you believe your insurance company is not acting in good faith, such as denying a legitimate claim or unnecessarily delaying the payout, an insurance attorney can help.
Insurance attorneys are legal professionals with a deep understanding of insurance law. They can advise you on your rights, help you take legal action against your insurance company if necessary, and represent you in court. An attorney is also essential if your case involves liability claims where there's a possibility of lawsuits, or if your insurance dispute is complex and high-value.
Harrell Adjusting Services: Ready for Your Call
Understanding insurance law and its implications is a daunting task for most homeowners and business owners. Nevertheless, being aware of the fundamentals can help you better navigate the complexities of filing insurance claims. Remember, a public adjuster from Harrell Adjusting Services can be your best ally in negotiating a damage claim, while an insurance attorney is your go-to professional when legal disputes with your insurance company arise.
Navigating the world of insurance doesn't have to be a journey you undertake alone. Knowledge is your first line of defense, and professionals are there to help you when things get tricky. Don't be afraid to seek help and ensure you're getting the protection you're paying for. Your home, your business, and your peace of mind are worth it.
Needing some guidance with your claim?
At Harrell Adjusting Services, we can help!
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