5 things insurance companies don't want you to know

Their job is to keep you protected, but their job is also to pay make money. Your insurance provider turns a profit by collecting premiums and avoiding paying money out on claims and keeping you in the dark about your rights and benefits. Here are five things insurance companies don't want you to know:

1. Insurance companies are required to operate in “good faith.” This means the insurance company can't underpay claims, cause unfair delays, or otherwise engage in conduct that is hurtful to the insured. Unfortunately, most policy holders don't understand exactly what this means. It is also often unclear what the insurance company technically can and cannot do. The insurance companies bank on your ignorance. Accident attorneys Denver know what standards are permitted and they aren't afraid to point out the insurance company is acting in bad faith.

2. Ambiguous coverage benefits you, not them. If the language on your policy is vague, do not assume it will be interpreted to go in favor of your insurance company. Legally, the language can be interpreted to go just as much in your favor as theirs. Don't let the insurance company try to intimidate you or convince you the language favors them. Accident attorneys and injury law firms in Denver can help you understand the language in your policy so you are not taken advantage of.

3. The burden is on the insurance company to prove exclusions. All insurance policies come with exclusions, situations where they are not required to provide coverage. However, the insurance company must prove your situation neatly fits into that exclusion. You do not have to prove anything. It's presumed your situation is covered and if they want to deny coverage based on exclusion, it's up to the insurance company to prove why. Remember, if the situation doesn't completely fall into the exclusion, don't take their word for it that you're out of luck. Your Denver accident attorney or injury law firm can help you fight and challenge claim denials based on exclusions.

4. The insurance company is bound to the statements made by their agent. If you bought a policy based on what an agent said or what the agent led you to believe, the insurance company is usually bound to those terms and promises. This holds true even if the actual language in the policy does not include it. For example, if the insurance agent recommends you purchase a $200,000 policy based on your home for full coverage, but in reality it costs $250,000 to rebuild the home, the insurance company may be on the hook for the extra $50,000 because of the agent. An accident attorney Denver will make sure the insurance company delivers what its agents promised you.

5. Your insurance has to pay the balance. If the other person was uninsured or their insurance did not completely cover the damage, your insurance company may be obligated to pick up the rest of the bill. Your accident attorney or injury law firm can help you determine whether your insurance company has to cover the balance.

In this article Jonathon Blocker writes about

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