From burst pipes to leaking roofs and natural disasters, water damage is one of the most common types of damage a property owner could encounter. Accordingly, water damage insurance claims are one of the most frequently submitted claims to insurance companies. Water can cause costly damage to residential and commercial properties in very short amounts of time. After suffering water damage, most home and business owners rely on their insurance companies to recoup their monetary losses. Unfortunately, some insurance companies may undervalue or wrongfully deny a valid water damage claim to avoid making large payouts and forcing policyholders to pay exorbitant expenses out-of-pocket.
If your property has suffered water damage, speak with an experienced insurance attorney before filing your claim. Contact our Nevada law firm today to request a free, no-obligation case consultation with one of our experienced insurance lawyers!
Water damage can occur in residential and commercial properties for various reasons. Whether or not a policy covers water damages will depend upon depends on that policy’s unique protections and language. The following are some of the most common reasons water damage occurs.
Policyholders need to remember insurance agencies are for-profit companies. While it’s true that not all insurance companies place their financial interests above the needs of their clients, some may avoid paying sizable payouts for legitimate claims. When an insurance company refuses to provide a fair payout for a valid claim, that company is considered to be acting in bad faith. Most states, including Nevada, have enacted the Unfair Claims Settlement Practices Act (UCSPA) to deter bad-faith insurance practices and to protect insured individuals against unjust practices and unfair claim settlements. Specifically, the UCSPA grants policyholders the legal right to file a claim or lawsuit with a bad-faith insurance attorney against the insurance agency.
It is vital for policyholders to be able to recognize when an insurance company acts in bad faith. Below are a few of the most common bad-faith insurance tactics policyholders should look out for after filing a claim.
If you suspect your water damage claim has been wrongfully denied or your settlement offer was severely undervalued, our experienced insurance dispute attorneys can help you pursue a fair settlement. Our skilled Las Vegas lawyers have a deep understanding of insurance laws and can represent clients such as homeowners, homeowners associations, business property owners, and more!
Contact us today to request a free, no-obligation consultation with one of our experienced insurance litigation lawyers!
