Adjusting insurance settlements
Adjusting insurance settlements means an insurer evaluates a claim, determines liability, and calculates the payout based on policy terms. Licensed adjusters review documentation such as police reports, repair estimates, and medical bills to verify losses, as confirmed by YourInsurance.info (Your Insurance Info).
Insurers use industry-standard software like Xactimate or CCC One to estimate damages for property and auto claims. Adjusters contact witnesses and interview policyholders to clarify events leading to the loss.
Insurance companies issue settlement offers after confirming coverage limits and deductibles in policies like homeowners or auto insurance. Disputes over settlement amounts often lead policyholders to submit additional evidence or request independent appraisals.
State laws such as California Insurance Code §790.03 regulate timelines for insurers to respond and settle claims promptly. Policyholders can negotiate settlements by citing comparable claim payouts or providing third-party repair quotes as supporting examples.
What if the insurance estimate is too low?
If the insurance estimate is too low, there are several options available. The first option is to negotiate with the insurer to try and reach a more appropriate settlement amount. This may involve providing additional documentation regarding repair costs or replacement parts. If both parties cannot come to an agreement, it might be worth seeking…
See also Adjusting offers, and Adoption coverage.