It has been a hot dry summer in the Houston area and storm damage to their homes is the last thing homeowners are thinking about. Unfortunately, weather forecasts for today and later this week mention street flooding and damaging winds. We hope you stay safe from the storm and from an insurance claim denial that leaves you desperately frustrated afterwards.
Insurance companies are not always as accommodating as we’d expect. Sometimes they drag out or deny claims outright even when the claim is legitimate. When the insurance company is wrongfully denying claim compensation, call The Finman Law Firm. We have experience working with Insurance companies to resolve wrongful claim denials.
In Texas, there are state-specific rights given to homeowners. The Texas Department of Insurance is a free resource for every Texas homeowner. But there are some simple steps you can take if your insurance claim is denied. When You Receive an Insurance Claim Denial
You did everything right, but your Insurance company is still denying your claim. You made sure the damage was sustained by a covered risk. You know this because you reviewed your home policy coverage every year. You filed the claim within the time allowed, so you know you didn’t miss the filing deadline. You fully documented the damage sustained, backing it up with video and photos. Every documentation item submitted contained your policy and claim number on it. There were no hidden or misstated facts in the claim, and you have always maintained your property. So why was your claim denied, and what do you do next?
1. Follow Up With Your Insurance Agent or Company
Review the claim you filed before you call your insurer again. Figure out whether you need to improve the damage and loss documentation or evidence. Photos, videos, estimates and receipts for items damaged are all part of the loss evidence you should include with a claim. Once you check your initial work, call your agent or insurance company claim department.
Verify the reason for your insurance claim denial. Ask if your claim can be reviewed again if you have new evidence or ask for the adjuster to reexamine the property. Maybe the adjuster made a mistake. It won’t help your case to accuse anyone of this, but ask for their help. They may even agree to send a different adjuster to check your damage.
2. Have an Independent Appraisal And Repair Estimate
The purpose of having an independent appraisal and repair assessment is to get an objective estimate of the damage you’re trying to repair. If instead of an insurance claim denial, you received a low settlement offer, there is some risk when hiring an independent appraiser. The third party will either confirm the current settlement offer validity, or help you argue for a fairer offer. In the latter situation, contact your insurance agent or claims department and tell them about the independent estimate. If you need to, take it up the management ladder and ask them to re-evaluate your case. An independent appraisal will generally cost between $300 to $500 and may be deemed to be influenced by you since you hired them. For that reason, many homeowners option to skip this step and speak to an attorney.
3. Hire an Attorney to for Negotiations or Complaint Filing
Sometimes you just can’t reach an agreement with an insurance company on a claim. Insurance companies tend to respond sooner when a complaint is filed. Even receiving a letter from an attorney can motivate companies to open settlement discussions. Still, getting served notice of a complaint is a strong catalyst inducing settlement negotiations.
When the damage repair costs will be extensive, hiring an attorney can be extremely cost effective. Statistically, settlement results when a lawyer is involved are faster and larger. Contact the Finman Law Firm here to set up your free consultation call. Get informed on how to protect your Insurance claim denial options.
Please note: This article is for general information purposes only and is not meant to be construed as legal advice. Only an attorney licensed in your state can offer you legal advice, and only after talking with you and gathering specific information about your situation. If, after reading the general information in this article, you think that you need legal assistance, please contact a lawyer in your area for legal advice.
You found the business that seems to be a great fit for you. Congratulations! You have taken the first step toward business ownership. We get that you worked to seek, find and mull over your business opportunity. But besides the price there is a lot to consider when negotiating to buy a small business.
Get Represented When Negotiating to Buy a Small Business
Buying a small business isn’t a small matter. Even when you know you want to buy one, there are other deliberations to make. If you have questions about any part of the process, you should protect yourself by consulting an experienced lawyer. Large businesses have their own legal team on staff, but you don’t have to go it alone if you don’t. The Finman Law Firm helps Houston area small and mid-sized businesses on various legal matters every day.
We help in making critical decisions on business purchase, formation and entity choice as well as a multitude of other matters. In fact, the services we provide to small businesses cover the extent of business law requirements. Whether you are considering a business purchase, invoice collections or other, contact The Finman Law Firm for your free consultation.
Contract Negotiation, Drafting And Review
Any time two parties must decide on the terms of an agreement, contract negotiation is in play. It could involve, negotiating to buy a small business, a routine transaction negotiation or anything in between. The other party will employ tactics to come out ahead in all of these. It’s smart business practices to have a representative and strategies of your own ready to use.
Anyone who with access to funds can buy a small business, and they can certainly conduct their own negotiations. Still, anytime one party wants to buy, the other party is likely to use that desire to out-barter them. Having an objective third party negotiate the transaction eliminates emotion-based, unreasonable purchase details.
Breaking Down the Steps of Negotiating to Buy a Small Business
The Finman Law Firm follows a process when negotiating to buy a small business, from negotiation preparation to closing the transaction.
The Importance of Preparation When Negotiating to Buy a Small Business
Preparation includes becoming familiar with the background of the company for sale. Knowing the true value of a business must involve a look at that businesses standing and performance.
Clarifying the Details
We’ll review the seller’s terms and conditions line by line until it is clearly understood by both parties. We’ll then follow up to make sure those terms and conditions are entered into the final agreement. We verify dates of enactment and repercussions for breach of contract. Since the devil is in the details, a lawyer who understands the importance of minutiae can save time, frustration and money.
The Right Amount of Pressure
A good transaction results when both parties are motivated to execute a fair agreement. While high pressure can suspend the transaction, the right amount of pressure can bring all parties to the table for completion. We know the right amount of pressure.
Concessions seems like a bad word to some. However, if negotiations appear to reach a stalemate, the right concessions can push the transaction forward. Ideally, these concessions would benefit the seller, without great cost to you, the buyer. The sell may then offer their own concessions. Once the ice is broken, an agreement can be executed.
The Decision to Close
Even after all the major issue are worked out, the decision to complete the purchase of a small business is yours. Negotiators sometimes create a time limit. They might claim they have a meeting to get to or a plane to catch by a certain time. This is an indication they feel the negotiation time is done. You can either close the transaction with an acceptable offer, or make an unreasonable offer and walk away. Either way, the process of negotiating to buy a small business has run its course.
Please note: The following article is not intended as legal advice, but is solely intended for informational purposes only. To get more information on negotiating to buy a small business and other business law matters, visit our home page at