The Conflict of Interest in Insurance Claims
There's a reason why doctors aren't allowed to prescribe medications to their loved ones and lawyers can't represent clients in cases that they have a personal stake in- it's called the conflict of interest. When faced with a choice between what's best for the individual and what's best for the organization, the conflict of interest will always favor the individual. Unfortunately, this often results in people abusing their power for personal gain. Same applies to an insurance claim.
When you're filing an insurance claim, it's important to remember that you're up against a powerful organization. An insurance company has a lot at stake in any given case, and they will do whatever they can to minimize their losses. This includes denying claims, delaying payments, and trying to find any reason to avoid paying out on a policy. It's important to be aware of the conflict of interest that exists when dealing with insurance companies, and make sure that you have an advocate fighting for your best interests.
The insurance company has a duty to represent both you and themselves in the claim, but this can be difficult when they are also trying to save money. In most cases, the insurance company will end up representing themselves and not you. This can result in a lower settlement or no settlement at all. The conflict of interest in insurance claims is a serious issue that often results in people getting taken advantage of. By understanding the conflict of interest and taking steps to protect yourself, you can ensure that you get the settlement you deserve. Simply put; The insurance company cannot fairly represent you and themselves in the claim.
There are a few things you can do to protect yourself from the conflict of interest. First, make sure you have a good contractor who understands the claims process and who will fight with you and for your interests. Second, make sure you understand your insurance policy and what is covered. Finally, be prepared to fight for what you deserve.
Understanding your policy, the claims process and your rights as a homeowner will allow you to not only ensure your home is brought back to its pre-loss condition but also provide you with the tools you may need to successfully obtain a fair settlement for your claim. Need an insurance expert, reach out to a local Maven and we would be happy to walk you through any questions you may have.