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  • By Andrew Komarow
  • Posted January 18, 2022

How Financial Planners Can Help You Avoid Trouble When Dealing with Insurance Companies

Insurance is a necessary aspect of living your life with a sense of security. All kinds of insurance, whether it is homeowners’ insurance, renters’ insurance, car insurance, business insurance, health insurance, or any other type, help you protect yourself and your assets from the worst outcomes. But dealing with insurance companies can be one of the most frustrating and difficult processes to go through. After all, insurance companies make their money off people who don’t make any claims, so they would likely be reluctant to file your claims. But there are a few key things you can do when dealing with insurance companies to help you avoid trouble and get what you want. Our certified financial planner has a few pieces of advice for the next time you must deal with an insurance company.

Keep Good Records

According to Riles and Allen, the first and foremost thing that you need to do when you are dealing with an insurance company is to keep airtight records. Where most people end up having trouble is in offering enough evidence to your insurance company for them to honor your claim. All too often, people assume their insurance company will be looking out for them when filing a claim and don’t worry about preserving their evidence. But as mentioned earlier, insurance companies want to honor as few claims as possible to make money, so you are going to need to provide them with solid evidence of your claim, expenses, and damages to have your claim go through.

Put Pressure on Them if Needed

Another area where people struggle when dealing with their insurance companies is a reluctance to put pressure on them if they are moving too slowly on your claim. The service that you have purchased from your insurance company is their protection in the event of an insured accident, and if they are not following through on their end of the bargain it is your duty to push them to fulfill their deal. According to GB Legal Injury Lawyers, denying a legitimate insurance claim is an example of bad faith. By understanding your rights, you can properly and correctly put pressure on your insurance company to investigate and move on your legitimate claims and get the compensation that you deserve.

Don’t Let Them Scare You

According to Gibson Singleton, another tactic that some insurance companies may use to ignore your claims or prevent you from receiving your claim is employing scare tactics and legal jargon to make you believe that you are powerless. Do not believe them. You are protected by the law and are entitled to your legitimate insurance claims. Whatever they say to you to try to scare you off, half-truths and using big words are often methods used to make you afraid. Don’t buy into it, and hire an attorney if needed.

Dealing with insurance companies is never easy. It can often feel like battling a giant every time you file a legitimate claim. But if you keep good records, know when to put on the pressure, and stay calm and confident, you will be sure to get your claim handled appropriately and expediently.

Read this next: Understanding What Life Insurance Can Mean For You When Financial Planning

Contact Tenpath Financial Group for financial planning services.