If your home has been damaged in Colorado, then you likely know how overwhelming it can be to face the losses and damages to your home and personal belongings. On top of the losses you have suffered, you will likely, at the same time, have to deal with your insurance company. Dealing with insurance companies can be a daunting task, and filing a claim can be intimidating.
Homeowners’ insurance is a great safety net to help you if your home is damaged in a way that is covered by your policy. So, since you pay for your homeowners’ insurance faithfully, every month, they should be helpful and provide the coverage promised to you, right?
Unfortunately, this is not always the way it goes, so you need to understand your rights as a policyholder.
What to Do if Your Home is Damaged
If your home gets damaged, your first action should be to contact your insurance company and report your claim. Be sure to carefully review and follow your policy’s specific requirements for reporting and documenting the damage. After you report the damage, your insurance will most likely send out an adjuster to evaluate the damage and determine how much coverage is available to you.
Your policy will state the amount of time you have to file your claim– it is important that you file your claim as soon as possible after the damage. If you fail to file within this timeframe, your insurance company may claim you are not in compliance with your policy and give them the right to deny your claim for coverage.
Your Rights in the Claims Process
As a homeowner and policyholder in Colorado, you have certain rights when it comes to the claims process.
You Have the Right to Obtain a Complete and Current Copy of Your Policy
You should always have a copy of your complete and current policy. Be sure to read it to have a basic understanding of what is included and covered.
You Have the Right to be Paid for Your Covered Losses in a Timely Manner
After filing your claim within your policy’s specified timeframe, your insurance company should move the process along in a timely manner. They may ask for detailed reports of what was lost and its value. This is normal.
Due to federal and state laws, insurance companies must investigate your claim within a reasonable amount of time, and offer you a reasonable settlement that is appropriate based on your policy and the damages suffered. If your insurance company does not investigate your claim in a timely manner or offer an appropriate settlement, you may have a bad faith insurance claim. If this happens to you, contact a lawyer for assistance taking on your insurance company.
You Have a Right to Legal Assistance
As stated above, if you feel that your insurance company is not addressing your claim in an appropriate amount of time, you have the right to hire legal assistance. You may want to do this from the start to avoid being taken advantage of. Additionally, you may want to hire legal assistance if you feel that your insurance is offering you a lowball settlement.
Understanding your rights as a homeowners’ insurance policyholder can help you make informed decisions and ensure that you are being treated fairly by your insurance company.