Fire victims not fully protected by insurance companies
Posted on Friday, October 21st, 2011 at 5:09 pm
Property-casual insurers have claimed some of their highest-ever profits amidst some of the nation’s most disastrous tragedies. These insurers focus on damage to homes and cars.
Their high profits are a direct result of paying substantially less to policy holders than what they are owed. When purchasing property insurance, a promise to the customer of being “fully covered” is always noted.
Insurers often pay only 30-60 percent of the total cost of rebuilding damaged homes. A San Diego resident lost her home during the devastating California wildfires in 2003. The cost of reconstructing a new residence was $306,000, yet the insurance company said they would only contribute $220,000 towards the rebuild.
According to a report in 2007, property-casual insurers recorded a profit of $73 billion which was substantially higher than the previous year. These profits stem from rejecting and reducing policyholders’ claims and paying significantly less than market value for destroyed homes.
If your home has been damaged by a fire and you believe your insurance company has acted in bad faith, please contact the Dallas fire damage claim lawyers of Smith Kendall, PLLC by calling 214-361-6124 today.