Should I Sign a Release for My Property Damage Insurance Claim?
At The Morgan Law Group P.A., our Florida insurance claims attorneys represent clients throughout Florida, Louisiana, Mississippi, California, and Puerto Rico, because we know the challenges that come with filing a property damage claim in each state or territory. More importantly, we understand how difficult it is to get a fair valuation for their damages, and an adequate settlement amount that makes our clients whole again.
Part of any insurance company’s response to their policyholder’s claim will include a release or authorization document that finalizes what is covered, and how much the insurance company is willing to pay for the property’s damage. Chances are, your insurance adjuster will submit the release form as “routine.” The reality is, it is crucial that you understand what these documents say and what signing them means.
Here is what insurance policyholders need to know.
What is an Insurance Release of Claims Document?
If you file a property damage insurance claim with your provider, they will supply you with a “release of claims” document before they issue a settlement check.
In most cases, signing the document will finalize your claim. That means you agree with the valuation and release the insurance company from any further liability to this specific claim in exchange for the settlement amount.
If you believe the insurance company is providing a full and fair settlement office, signing the release may do you no harm.
However, if you disagree with the valuation, and believe you are entitled to a better settlement, do not sign any documents the insurance company provides.
It is very important to remember that you are not required to sign a release to receive properly owed benefits under an insurance policy.
How Do I Know if My Insurance Settlement Offer Fair?
Each insurance claim is unique, so determining what is fair to one property owner may differ for another, based on the facts of the case.
However, if you believe the insurance company’s settlement offer is unfair, you should:
- Review the terms of your insurance policy.
- Take photographs of your property damage.
- Document all conversations with the insurance company representatives.
- Keep records of all repair-related expenses.
- Obtain an appraisal from a qualified neutral party.
- Get a second damage estimate, if needed.
- Be prepared to contact an attorney.
It is important to understand that the claims adjuster who is assessing your property damage works for the insurance company. That means he or she has their employer’s best interests in mind when evaluating your damages.
At The Morgan Law Group, P.A., our skilled insurance claims attorneys in Florida, Mississippi, Louisiana, California, and Puerto Rico will evaluate your insurance policy, including what is covered by its terms and conditions, and have an experienced public adjuster evaluate your complete property damage for what it is actually worth.
You do not have to take the insurance company’s word for what your property damage repair or replacement costs are worth. We can help.
Contact our insurance claims attorneys by calling 888-904-2524 to schedule a free consultation and learn how we can help you pursue the outcome you deserve from your insurance policy without further delay.