Many homeowners and business owners in Oklahoma suffer catastrophic losses due to damage to homes, businesses and property from tornadoes, thunderstorms and hail storms. As a result of the violent weather, Oklahoma led the nation in insured losses in 2013, with insurers paying out almost $2 billion. As any property owner knows, Oklahomans pay some of the highest homeowners’ insurance premiums in the nation because of frequent violent weather.
Homeowners’ insurance covers tornado damage and other storm damage, but many insurance companies act in bad faith when it’s time to reimburse property owners for their losses. They try to deny the claim or pay far less than the amount the homeowners’ policy promises.
The attorneys of Burch, George & Germany can help if your homeowners’ insurance company is not responding properly to a claim for storm damage. Failing to investigate, not offering a settlement in a reasonable amount of time, and not offering an appropriate settlement are among many bad faith practices that insurance companies pursue to save money. We can meet with you for free to advise you of your legal rights and how we can help you obtain a proper claim settlement.
A homeowners’ insurance policy is a binding contract providing that the insurer will pay the policyholder certain compensation for specified damage to his or her home and other property. This contract establishes an “implied covenant of good faith and fair dealing” between the insurance company and the homeowner.
Unfortunately, insurance companies know they can save money if they pay less than what is owed to a homeowner. They act in bad faith to obscure facts of the policy and deny or reduce the amount of the claim. Because of the complexity of an insurance policy, it is also easy for an insurer to ignore portions of the policy and fail to inform the homeowner of additional benefits they are owed.
You can protect yourself from bad faith practices by the company that holds your homeowners’ insurance. After suffering catastrophic losses from a tornado, hailstorm, a lightning strike or other severe weather, take these steps to protect your right to appropriate insurance payments:
If you have suffered significant damage to your home or other real property from a tornado or other storms in any of Oklahoma’s 77 counties, a Burch, George & Germany lawyer can help you obtain proper compensation for your losses. We’ll make sure your insurer lives up to the contracted agreement they have with you through your homeowners’ insurance policy. Don’t delay. Call us today at 405-213-0674 or fill out our online form for a free initial consultation.