Insurance companies always advertise themselves as “charity” organizations that are honest and ready to help you in case of danger. While useful for protecting assets, they are still a business.
This means that their main goal is to make a profit and stay in business. You can also hire the best public adjuster via https://www.allcityadjusting.com/public-adjuster/service-areas/illinois-public-adjuster/glenview-public-adjuster/.
One trick insurance companies use to do this is to introduce loopholes to help them avoid compensating some of their customers when they file a claim.
Therefore, they voluntarily enter into insurance contracts without fully understanding the terms and potential loopholes.
This is where the public order authorities intervene. They challenge insurance companies when they fail to negotiate fair compensation. Some of the common doors they deal with are:
Some people lost their possessions in a double tragedy. For example, your house might be hit by a hurricane and still be washed away by a flood.
So if you’ve been hit by a hurricane but not flooded, your claim is likely to be denied. However, public regulators can negotiate your request to help you avoid falling victim to the loophole.
Many insurance companies will not reimburse you if you file a claim for a condition that existed before your insurance. For example, cancer patients cannot benefit from their health insurance if the insurance company determines that they have been diagnosed before applying for coverage.
The best way to avoid falling prey to such loopholes is to read each insurance company’s policies thoroughly. Also, contact public regulators if you think you may be making an insurance claim.