As a property owner, you have invested hundreds and thousands of dollars into property insurance. It can be very frustrating when you are denied the right insurance compensation for your property insurance claim. Filing an insurance claim can be a complex and time-consuming task. And nothing’s more frustrating when in times of need, you face a denial.
There can be various reasons for denied insurance claims. Some of the reasons are mentioned below:
- Misrepresentation of the damage You must be truthful about the extent of damage done to the property. This is one of the biggest reasons why insurance claims get denied. Misrepresentation of the damage (specifically, claiming there was more damage than what actually occurred) can result in criminal prosecution, with penalties ranging from a fine of up to $15,000 and/or 7 years in prison. Make sure that you furnish the actual extent of damage to your carrier and keep the details precise.
- Insufficient documentation Being a property owner, you are responsible for documenting the actual damage and producing every detail to the insurance company when filing a property insurance claim. Producing insufficient documentation may ultimately lead to a denied insurance claim. Thus, make sure that all evidence of damage is kept and provided.
- Identification of the cause of loss Many insurance claims are denied because they are not correctly reported. It is crucial to identify the correct source of what led to property damage. This will aid in the correct evaluation of the damage and the insurance company affording the right amount of payment for the claim. If the insurance company cannot determine the cause of loss, your insurance claim might get rejected (either from an unidentified cause of damage or misreporting of the cause).
- Not paying the premium on time This is a potential reason for insurance claims denial – that the policy was not in force due to non-payment. Make sure that you pay the amount of premium on time. If you have missed paying your insurance premiums, your insurance provider might reject your insurance claim (as well as, you will likely no longer have an insurance policy).
At David Low & Associates, P.A., our main aim is to get you the compensation that you deserve. Our attorneys hold decades of experience and have a refined skill set that will ensure that your claims are filed on time and you get the right compensation. We thrive to fulfill all our clients’ needs when their property gets damaged.
Has your insurance claim been denied in Fort Lauderdale, Florida? Get in touch with the expert attorneys at David Low & Associates, P.A. For more information, call at 844-96-CLAIM