3 Reasons Why You Shouldn't Rush for a SETTLEMENT

When disaster strikes, it may make sense to pick up everything as quickly as possible so that you can resume life as usual. Unfortunately, many insurance companies rely on that eagerness, as policyholders tend to miss important pieces to their claim. In the end, the insurance company is likely to profit from your rush to get a settlement, and they’re hoping you’re in a hurry to be done with the entire ordeal.

While you’re probably already feeling stressed and anxious about getting your settlement from the insurance company, it literally pays to take your time during the claims process. Here are three big reasons why you shouldn’t rush to get your settlement after a property loss.

1. You’re more likely to miss items on your inventory list. During the claims process, you’ll need to report every item that needs to be compensated for by the insurance. Many of these items are tangible goods, but others like the cost of a contractor or your living expenses if you’re temporarily relocated can be overlooked or forgotten if you’re in a hurry. Take your time, collect your receipts, and try to nail down all expenses that you’ve incurred due to your property loss. In this way, your settlement amount may actually be higher, covering more (if not all) of the losses in finances you’ve accrued during the ordeal.
2. You could receive a lower amount than what you’re entitled to. Insurance companies are always changing their terms, and it’s likely that the information you had when you signed up for a policy has changed since then. When you rush for a settlement, you may be happy with the check you receive - but it could be far less than you’re entitled to. Don’t allow your adjustor to rush you through the process. Instead, pace yourself, and be sure to pay attention to the fine print. You may find that you’re entitled to a larger settlement amount than you think! 
3. Once you sign your waiver, the insurance company is not entitled to fixing the screwups you may encounter. If you’re underinsured or if your adjuster is banking on the fact that they could pay you less than you’re owed, you may receive a settlement quickly -- but it’s going to be less than you’re due. Unfortunately, the minute you sign the waiver form after accepting your check, the insurance company is released from any further obligation to paying your claim. That means that when you happen to find additional items that should have been included in the claim, you will not be paid for them. Take your time, because there’s no going back once the waiver is signed!

Get advice from an experienced attorney before you sign any type of waiver form, as this is your only shot at getting the settlement you deserve. Don’t accept any checks with words like “full” or “final” “settlement” printed on them, and understand that your policy does not require you to sign away any legal rights in order to get paid fairly for a covered loss.