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My Insurance Company Confirmed Sinkhole Activity

Insurance Company Confirmed Sinkhole House

When an insurance company confirms sinkhole activity on a property they usually request repair estimates from multiple companies. It is not uncommon for these companies to get most, if not all, of their business from the insurance company. It should come as no surprise these companies often recommend the least expensive repair as the solution; usually compaction grouting. With several grouting-only repair bids in hand, insurance companies often take the lowest repair estimate then offer the property owner the low bid amount as a settlement for their insurance claim.

If you refuse to settle your sinkhole claim, your insurance company will most likely pressure you to sign a contract with the contractor/company that submitted the lowest repair estimate. In this situation, your insurance company will probably pay the foundation repair company directly.

If you decide to settle with your insurance company prior to repair, it is very important that you understand the many repurcussions this may have. To protect your rights, it is helpful to have an attorney review insurance settlement offers or contracts for repair and/or remediation services prior to accepting a settlement from an insurance company. Once you sign a settlement release and/or accept a payment from your insurance company, you may extinguish your right to recover additional money in the future.

Prior to accepting any insurance settlement, call the Florida sinkhole attorneys and Tennessee sinkhole attorneys at Marshall Thomas, P.L.. They will work diligently to ensure your rights are protected. In some cases, it may not make sense to repair a property if the damage is too severe or if the cost of repair exceeds the value of the property. A knowledgeable attorney can help guide you through all stages of a sinkhole claim, from discovery to confirmation to repair and/or sale of the property. Marshall Thomas, P.L. can assist you even if you have already filed a sinkhole claim and your insurance company has confirmed the presence of sinkhole activity. Call us today for a free evaluation of your sinkhole claim.