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Home Finance

Is Your Insurance Company Acting in Bad Faith?

by Miles Austine
in Finance
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Insurance policies have an important purpose: they protect commercial and residential property. When policyholders file claims, they expect to be treated fairly. Insurers that fulfill their promises are said to act in good faith, while those who do not are acting in bad faith.

Insurers are in the business to make a profit, but if they put profits ahead of customers’ interests, it may be possible to file a claim for what you’re owed. Look over at raiznerlaw.com for additional information on insurance companies’ bad faith tactics.

Insufficient Communication

Insurers that do not communicate with customers after claims are filed may be attempting to dodge responsibility. If the insurance company doesn’t acknowledge the receipt of documentation, or if they do not move forward with a claim in a timely manner, they may be acting in bad faith. Communication with insurers should be free-flowing, frequent, and easy in terms of asking for and getting answers that lead to timely claim decisions. If your insurance company isn’t communicating, give us a call.

Delaying Payouts on Valid Claims

Another sign that an insurer is acting in bad faith is using stall tactics to delay the settlement process. A common strategy is to make unfair demands for evidence and documentation. By delaying a claim, a provider may try to convince a policyholder to accept a low settlement offer. Those in need of a timely payout are more likely to accept these offers and fall victim to these bad faith tactics.

Denying Claims for No Reason

Some bad faith insurers may deny requests for coverage in the hopes that the policyholder will simply give up. However, if you’ve been denied coverage for no reason, you are allowed to challenge the insurer’s decision. Insurers have the right to deny claims, but they must show how and why they reached those decisions.

Pressure to Make Lowball Offers

Another bad faith tactic comes when insurance companies pressure policyholders to agree to unreasonable settlements. Companies often try to convince clients that there’s no other option, or that an event is not covered. An experienced insurance attorney can help you determine how much you’re owed and pursue full compensation.

Canceling or Changing a Policy with No Notice or Permission

Insurance companies also act in bad faith when they change or cancel policies without authorization. This is done to minimize a potential payout or deny coverage altogether, with the idea being that claim eligibility is based on the revised policy rather than the previous version. Be sure to retain a copy of the original insurance policy to keep this from happening.

Get In Touch with an Insurance Lawyer Today

It’s frustrating to encounter difficulties with insurance settlements and claims, but we’re here to help. Insurers are entitled to make reasonable profits, but if it comes at policyholders’ expense, it’s not acceptable. If you’re fighting with a bad faith insurer, call today to schedule a no-obligation consultation with a local insurance attorney.

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