Navigating insurance coverage declare disputes and coping with insurance coverage corporations will be difficult, and hiring an legal professional to assist is likely one of the greatest strikes you can also make. Nonetheless, many individuals have heard unfavourable issues about attorneys and are apprehensive about working with them. Do you resonate with this?
In that case, we’re right here to clear the air. We all know there are various myths and misconceptions about disputing insurance coverage claims and insurance coverage declare attorneys, and we’re right here to debunk the highest 5.
5 Myths About Attorneys and Disputing Insurance coverage Claims
On this weblog, we’re breaking down 5 widespread myths about insurance coverage claims and the attorneys who tirelessly advocate for his or her purchasers with the intention to get them the compensation they rightfully deserve. So, in case you’re questioning how this entire course of works, we’re right here to assist!
MYTH #1: Attorneys demand cash upfront.
TRUTH: It is a widespread fantasy; a respected insurance coverage declare dispute legal professional is not going to ask for cash upfront. As a substitute, they work on a contingency foundation, which means they solely receives a commission in the event that they win the case. This implies there are not any upfront prices to the home-owner, and the legal professional solely will get paid a share of the settlement or verdict quantity they safe for the home-owner.
If the legal professional doesn’t win the case, the home-owner isn’t answerable for paying any authorized charges. It is a win-win state of affairs for the home-owner.
MYTH #2: There will not be sufficient cash to switch the roof after the legal professional is paid.
TRUTH: Since insurance coverage corporations are legally required to pay legal professional charges, authorized prices, and curiosity penalties along with the declare proceeds, this isn’t true.
Beneath most insurance coverage insurance policies, the insurance coverage firm is required to cowl the affordable legal professional charges and prices incurred by the home-owner once they pursue a declare. Because of this if a house owner hires an legal professional to dispute a declare denial or insufficient settlement provide, the insurance coverage firm should pay for the legal professional’s providers.
On prime of that, if the insurance coverage firm unreasonably delays or denies fee of the declare, the home-owner could also be entitled to get well 18% curiosity penalties on prime of the declare quantity.
MYTH #3: The insurance coverage coverage may very well be canceled, or charges may very well be raised if an legal professional is employed or initiates a lawsuit.
TRUTH: Completely not – state legislation prohibits insurance coverage corporations from retaliating in opposition to policyholders who file a declare, rent an legal professional, or take authorized motion in opposition to them. Because of this insurance coverage corporations legally can’t cancel a coverage or elevate charges solely as a result of a house owner hires an legal professional or sues the insurance coverage firm.
MYTH #4: Public adjusters (PAs) are higher suited to deal with insurance coverage disputes than attorneys.
TRUTH: Public adjusters aren’t at all times greatest suited to deal with insurance coverage disputes. Whereas it is true that PAs have experience in assessing and estimating property harm, it is necessary to notice that they aren’t licensed attorneys and should not have the ability to deal with authorized points associated to insurance coverage claims.
Attorneys are higher geared up to deal with authorized points and conditions the place there are disputes over protection limits or exclusions. They’ll evaluation the insurance coverage coverage and decide if the insurance coverage firm is performing in good religion and complying with state insurance coverage legal guidelines.
MYTH #5: Attorneys receives a commission with cash they didn’t earn or that the home-owner bought on their very own.
TRUTH: This isn’t true. Attorneys are solely paid with the “web new” cash, which is over and above what the home-owner acquired on their very own. In different phrases, the legal professional is just paid on the cash they had been in a position to get for the home-owner that the home-owner wouldn’t have been in a position to get on their very own.
For instance, a house owner filed a declare with their insurance coverage firm and was awarded $50,000 for damages to their property. The home-owner then hires an legal professional to dispute the insurance coverage firm’s determination, and the legal professional can negotiate a settlement of $70,000. On this case, the legal professional would solely be paid on the $20,000 distinction between the unique $50,000 settlement and the $70,000 settlement that the legal professional was in a position to receive.
The Lane Regulation Agency Is Right here To Assist Settle Denied Insurance coverage Claims
As outlined above, hiring an skilled insurance coverage declare dispute legal professional can present vital benefits to householders in getting the compensation they deserve and defending their rights. Attorneys are solely paid on the web new cash they can get for the home-owner, and their charges and prices are required to be paid by the insurance coverage firm, not the home-owner. So, there is no motive to hesitate to hunt out authorized assist if you wish to dispute an insurance coverage declare.
The Lane Regulation Agency has a group of skilled attorneys specializing in tackling insurance coverage declare disputes. In case you’re on the lookout for a devoted advocate who will combat tirelessly in your behalf, click on this hyperlink to arrange a free session.