Five Things You Need to Know About Property Insurance: 5) The Only Way To Maximize The Value Of Your Claim Is To Understand The Law
In our final installment of our series Five Things You Need To Know About Property Insurance, Mark Miller addresses the importance of understanding the law.
The phrase “industry customs and practice” describes what insurance companies do. These are the normal procedures and practices used in the insurance industry to adjust property claims. These practices, though, can be markedly different from policy language and the law. If you ask about an issue, and you hear, “this is just how we do things,” you should be concerned. Insurance industry custom and practice, more often than not, has nothing to do with policy language or the law interpreting that policy language. It is also entirely irrelevant in determining what rights are afforded under the insurance policies.
Watch the video to learn more.