Insurance Companies Might Not Fully Pay Hurricane Sandy Property Damage Claims
The estimates of the damage caused by Hurricane Sandy have exceeded $50 billion, and will likely increase as the recovery efforts persist. But because insurance companies may face a large number of claims for property damage related to Hurricane Sandy, many people in New York and New Jersey are potentially at risk of not being fully compensated for their losses.
In our experience, when homeowners or business owners attempt to file property damage claims with their insurance companies, the insurance company’s first response is often to deny the property damage claim entirely. Even when the insurance company admits that it may be responsible for paying a claim under a property damage policy, the insurance company may try to pay less than the full value of the property damage claim.
However, homeowners or business owners suffering damage related to Hurricane Sandy should understand that they need not accept the insurance company’s first offer when trying to settle property damage claims. Rather, homeowners or business owners have choices which may help them receive a more favorable settlement of their property damage claim, such as:
- Hiring a public adjuster who will work to increase the settlement payment made by the insurance company.
- Hiring a lawyer to file a lawsuit against the insurance company.
- Hiring a lawyer and a public adjuster for your property damage claim.
We have negotiated with and sued insurance companies on behalf of homeowners or business owners when the insurance company refuses to pay any or part of the property damage claims. Recently, we were hired by the owner of a bed and breakfast because she was denied payment on portions of her insurance policy following a fire which destroyed the business and her home. The insurance company refused to pay for certain damages suffered by our client, and undervalued other losses that she incurred. We were able to successfully resolve many of these matters by filing a lawsuit against the insurance company, and we continue to litigate on others in order to achieve satisfaction for our client.
If you have a Hurricane Sandy property damage claim, and you are concerned that your losses might not be fully paid by your insurance company, please feel free to reach out to us at (212) 486-6060. We have offices in New York and New Jersey.
Visit us on the internet at http://www.triefandolk.com/practices/commercial-real-estate-insurance/insurance-coverage-litigation/