Understanding First-Party Claims

If you purchased your home with a loan from a financial institution, you probably also had to purchase homeowners insurance. This insurance is supposed to provide a safety net for just in case anything bad happens to your home. Accidents happen, disasters strike and, when they do, your insurance policy should have you covered.

After your property has been damaged, you will need to file a first-party claim. However, before you contact your insurance company, you need to understand what these claims actually are.

What Are First-Party Claims?

First-party claims are between the insurance company and the policyholder. In theory, your insurance company will pay what is owed to fix the damage to your property. However, this isn’t always the case.

Why Wouldn’t My Insurance Cover All of My Damages?

Remember, insurance companies are for-profit organizations. Although they provide coverage for your property, they may not cover absolutely all situations that cause damage. For example, if you have a leaky pipe that damages your wall, that would be covered. However, if you have a pipe break and part of your house floods, that might not be covered because not all homeowner insurance policies cover flooding.

Even if your damage is completely covered by your insurance, you should be hesitant before accepting any payouts from your insurance company. It’s possible that your insurance company may try to settle quickly before you fully realize the extent of your damage. In the case of your leaky pipe, it’s unclear whether you will have to repair the damage or whether you will also have to treat for mold growth.

What If My Insurance Company Underpays My Claim?

If your insurance company underpays your claim, you can get help from a lawyer. A qualified attorney can work on your behalf to get you the right amount of money to cover your damages. You might also think of contacting someone knowledgeable in property law if your insurance company:

    • Denies your claim,
    • Fails to respond to your claim,
    • Does not investigate your claim,
    • Fails to explain why they underpaid your claim,
    • Does not provide adequate information about how to appeal, or
    • Uses harassing methods to interview you.

Get Help

If any of the situations listed above resemble your situation, you should get help from a qualified expert in property law. At Barnard Law Offices, we can help you get the compensation you deserve from your insurance company. Give us a call today at (305) 665-0000 or contact us online to find out what we can do for you.

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Barnard Law Offices

The Barnard Law Offices, L.P. has been protecting the rights of Floridians for four generations. Together our attorneys bring years of insurance claim advocacy and trial experience to the table. We don’t believe in half-hearted measures when it comes to proving your claim: after inspecting the damage to your property, our office will engage or connect you with high-quality third-party professionals to assist you with your claim and assess your property damage. Our talented team is dedicated to serving each client’s needs with a passion and commitment that makes us stand out among our peers.

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