While we are focusing on homeowner’s insurance, anyone can receive a denial letter from their insurer, regardless of what type of coverage. If you are experiencing this right now with your health, auto, or homeowner’s insurance company, give us call now so we can get you connected with appropriate legal professional who can assist you.
Although your insurance carrier is expected to explain the various types of policies they offer and provide you with a detailed description of the type of policy you elect to purchase, you are expected to understand what your responsibilities are and these differences in coverages. When you choose which deducible amount you want, you should already know that if your home sustains any sort of damage, you will be paying X amount of dollars out of pocket before your insurer is going to step in and help.
One of the main causes of insurance disputes is because of this very reason. Consumers file a claim for a flooded home or damaged roof and expect for all the destruction to be paid for. Although insurance companies have acted out of bad faith in the past, sometimes a denied claim may be a shear reflection of your lack of understanding of your policy. If you aren’t sure why your insurer has denied your claim or you feel it may have something to do with you not understanding your policy, our insurance claims attorneys in Wyoming can help. They work with various types of insurance cases on a daily basis so skimming through a policy or denial notice for clarity isn’t going to be a difficult task.
In fact, rather than sit and try and battle with your insurer as to who is right and who is wrong when it comes to your denied claim, you could always schedule a meeting with one of our insurance claim dispute attorneys nearby in your city who will be able to break down the meaning of everything and have you feeling a bit more comfortable and confident with the terms of your policy.
What Else Should You Be Aware Of?
One major issue that often arises after an insurance claim has been filed is that the amount offered doesn’t exactly meet the cost of the true damage. This is where the replacement cost value vs. the actual cash value comes into the picture.
Replacement Cost Value (RCV)- If you choose this type of coverage, your loss will be covered for the amount necessary to replace the damaged property with like kind and quality material regardless of the age or pre-loss condition according to the Wyoming Department of Insurance.
Actual Cash Value (ACV)- This coverage is a little different as it allows payment to be rendered for a loss with a like kind and quality material minus the depreciation value. If you aren’t sure what the terms of your policy state, maybe this is one of the reasons why you claim has been denied.
Now, one thing to consider is that if you are aware of the terms of your policy and feel your insurer is giving you a hard time, they may very well be. In this case, it is suggested you get an insurance claim denial lawyer in Wyoming to step in and assess the issue. Maybe legal action needs to be taken against your insurer, or maybe they need to be reminded that as a claimant and policyholder, you are expected to receive what it is your policy states.