Receiving a denial letter in response to a loss is always a disappointment to a property owner. Policy premiums are very highly priced, carry large deductibles and a rise in cost every year. Insuring our properties is one of the largest overhead expenses in our budget. We purchase our Insurance agreement policy in good faith, believing that whenever we may suffer a loss, our insurance company will reciprocate and give us a “just claims settlement.”
We imagine that an industry of such wealth and magnitude will treat their policyholders respectfully and honestly. After all we have entered into a lawful agreement with them. We expect them to pay a claim that deserves to be paid.
How often do most residential owners or commercial property owners actually file a claim? Once or twice in a lifetime?
Certainly, it is unexpected when the denial letter is received. Often with no understandable reason given for the denial.