Insurance companies don't often have a reputation for being fast. Many claimants give companies the benefit of the doubt and assume their case is complicated, the company is busy, or that claims take time to settle. Unfortunately, the delay of your claim likely has more to do with your insurance company’s bottom line than any other factor.
Float & How It Harms Your Hurricane Recovery
When an insurance policyholder pays their company, it is called a premium. When an insurance company pays a policyholder, the process is referred to has a claim. These are common terms that insurers and the insured are both familiar with, but insurers would prefer that their customers avoid learning about the concept of float.
Float is a term insurance companies use to refer to money being held before it's paid out to claimants. The insurance company does not own this money and relies on it for the ability to pay someone after they have paid a premium toward their policy for years. Insurance companies make money by collecting interest on float. The more float an insurance company has, the more interest income they earn. This characteristic of float has inspired many companies to avoid paying claims out as their profits grow with every day they hold on to your money. It's simple: an insurance company will make more money the longer they delay your claim. In some cases, insurance companies will deny claims just to force claimants to appeal the decision. Denying claims helps insurance hold on to float a little longer and maximize profits.
Contact Arnold & Itkin Today for Your Hurricane Harvey Insurance Claims
Insurance providers have become masters at delaying claims while avoiding accusations of bad faith. However, if an insurance company has unfairly denied a claim or delayed a payout, an experienced bad faith insurance attorney can help those who are struggling to receive fair treatment. Hurricane Harvey was over one year ago. If you are still struggling to receive compensation from your insurance company, it is time to hold it accountable for unfairly delaying or denying your claim. Policyholders spend years paying premiums, and when insurance companies abandon them when compensation is needed it is unacceptable.
Harvey brought unprecedented amounts of rain to Houston, and our attorneys were there to see its destruction in person. Our South Texas insurance lawyers want to help our neighbors, and we are fighting to make sure that people get the money that they deserve. We have won billions for clients and will continue to fight for residents of the Coastal Bend who were looking for the financial stability needed to rebuild their lives.
Contact us today to hold your insurer responsible and to finally begin rebuilding your life. A member of our team is ready to hear your story (888) 400-2101