Showing posts with label policy. Show all posts
Showing posts with label policy. Show all posts
Tuesday, February 4, 2014
Make sure that your automobile insurance policy has underinsurance coverage in the event of an automobile accident.
Did you know that in North Carolina, a person is only required to have $30,000 in automobile liability insurance coverage? With the rising cost of health care and mandatory diagnostic medical procedures, a person seriously injured in an automobile accident may face medical expenses in excess of $30,000 in a matter of a day or two. That is why it is imperative that your insurance policy contain underinsurance coverage, sometimes called UIM.
UIM coverage means that if the person who caused the accident does not have enough insurance to pay you for your medical bills, pain and suffering, lost wages, disability, etc., then your policy will provide you with additional coverage - up to a million dollars.
Buy UIM is not required in North Carolina and there is an additional premium to have it included in your policy. However, the increased premium is well worth it. Furthermore, if you make make a UIM claim, it will not increase your premium or affect your insurance in any way.
In making a UIM claim, one must be very careful. Oftentimes the injured party will mistakenly give a release to the insurance company that insured the person that caused the wreck. When this occurs, your right to make a UIM claim may be lost.
If you have questions about this, email me at Fred DeVore visit us at DeVore, Acton & Stafford, Attorneys at Law.
This blog does not create an attorney-client relationship. You should not rely upon this blog for legal advice, but instead should consult an attorney experienced in your area of concern.
Tuesday, March 6, 2012
Insurance Information for Tornado Victims
From the deep south, through the midwest, and even into the Carolinas, recent bad weather has spawned multiple deadly tornadoes. While we grieve for the lives lost, many are faced with the task of rebuilding.
Undoubtedly, most of you affected will file insurance claims to compensate you for your losses and assist you in restarting your lives. It is important that you read your policy carefully to understand your rights.
In general, insurance policies compensate you in one of two ways: 1) actual cash value, which gives you the appraised value of your property at the time of the damage and incorporates a depreciation deduction, or 2) replacement value, which gives you the value of new items of like quality. Replacement value coverage is usually an insurance add-on that requires a higher premium. When compensating for replacement value, the insurance company will initially pay the actual cash value while withholding the depreciation until repairs are complete, thereby forcing you to front some of the costs. So, though replacement coverage gives you a larger recovery than actual cash value, the burden on you is still great.
Regardless of your policy, you do not have to accept what the insurance company offers. They have appraisers that represent their interests - so should you. Virtually every insurance policy has a quasi-arbitration provision that enables you to hire your own appraiser - the insurance company must comply. Your appraiser and the insurance company's will select a third-party umpire to determine the amount of your claim.
Additionally, insurance companies have a duty to handle your claim in good faith, without delay, and with the intent to fully compensate you for your loss. Having a knowledgeable attorney in your corner can help expedite the claims process and increase your recovery.
As we enter the turbulent spring months, and while we hope and pray that the devastation of this past year will not repeat itself, it is important to be prepared if and when you face the task of rebuilding.
This blog does not create an attorney-client relationship. You should not rely upon this blog for legal advice, but instead should consult an attorney experienced in your area of concern.
Undoubtedly, most of you affected will file insurance claims to compensate you for your losses and assist you in restarting your lives. It is important that you read your policy carefully to understand your rights.
In general, insurance policies compensate you in one of two ways: 1) actual cash value, which gives you the appraised value of your property at the time of the damage and incorporates a depreciation deduction, or 2) replacement value, which gives you the value of new items of like quality. Replacement value coverage is usually an insurance add-on that requires a higher premium. When compensating for replacement value, the insurance company will initially pay the actual cash value while withholding the depreciation until repairs are complete, thereby forcing you to front some of the costs. So, though replacement coverage gives you a larger recovery than actual cash value, the burden on you is still great.
Regardless of your policy, you do not have to accept what the insurance company offers. They have appraisers that represent their interests - so should you. Virtually every insurance policy has a quasi-arbitration provision that enables you to hire your own appraiser - the insurance company must comply. Your appraiser and the insurance company's will select a third-party umpire to determine the amount of your claim.
Additionally, insurance companies have a duty to handle your claim in good faith, without delay, and with the intent to fully compensate you for your loss. Having a knowledgeable attorney in your corner can help expedite the claims process and increase your recovery.
As we enter the turbulent spring months, and while we hope and pray that the devastation of this past year will not repeat itself, it is important to be prepared if and when you face the task of rebuilding.
This blog does not create an attorney-client relationship. You should not rely upon this blog for legal advice, but instead should consult an attorney experienced in your area of concern.
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