If your home was damaged by a tornado, hurricane, hail, heavy winds, fire, or an act of vandalism or burglary, depending upon your coverage, you most likely have a right to your insurance benefits. In order for you to be compensated for your damage, you have to submit a valid property damage claim to your insurance company.
Although insurance companies are supposed to pay claims promptly, they often delay paying benefits. This is not only wrong, as it can cause a great financial hardship on you, but it is bad faith insurance. By law, you have a legal right to be paid on your insurance claim benefits within a reasonable time period.
Why do insurance companies delay payments?
Insurance companies often delay paying out on claims because it is another day that they hold onto the money, which gains them more interest in their bank accounts. They make money when they delay a claim, so they would rather keep the money as long as they can and delay payment as long as possible.
How do I know if my insurance company is delaying payment on my claim?
Insurance companies use many tactics in delaying property insurance claims, such as asking you multiple times for the same documents and saying they never received them, asking for unnecessary documents, failing to provide you with an explanation of the delay, waiting for a third party payment before providing you with benefits, or accusing you of fraud.
Consequences of Delaying Insurance Benefits
When your insurance company delays your insurance claim benefits, it can cost you a lot. You may be out of your home waiting for the repairs to take place, or you may already have fronted the money and now do not have enough to pay it back. You may start receiving collection calls and your credit may get ruined as a result of delayed payment.
If you have been a victim of bad faith delaying tactics, you need to talk with a skilled insurance litigation lawyer today. There is no time to wait in getting the benefits that you deserve. Contact a bad faith insurance attorney at the Voss Law Firm to get what you deserve. Call Texas insurance claim attorney Bill Voss today at 888-614-7730. Your first legal consultation is free.
You can also order your FREE book from attorney Bill Voss today: Disputes With Your Insurance Company - What All Consumers Need to Know.
