Should I Sign a Low Insurance Settlement Offer?
Your signature on an insurance settlement offer closes out your claim. You cannot re-open it later if you discover you have damages that exceed the settlement amount. Many insurers try to convince claimants to take advantage of a quick settlement so they can avoid paying higher damages later. This practice often represents one type of insurance bad faith, which is illegal. Therefore, claimants in Tampa and throughout Florida need to think twice before signing away their rights unless they are sure these offers truly provide full and fair settlement for their claims.
Florida statutes prohibit a wide array of deceptive acts insurers can use to leave claimants unfairly facing out-of-pocket expenses. The complexity of policy language alone can confuse claimants into believing their damages are not covered.
In some situations, you know the full value of your claim up-front. For example, if you sustain minor damage to your vehicle in a fender-bender and the settlement offer represents the full value of the repair estimate, you can probably sign the offer without adverse consequences. However, particularly when your damages include significant injuries, consider seeking legal advice before you sign. An experienced Tampa insurance bad faith attorney can often spot signs of deception even when an offer appears fair on the surface.
Most people do not retain lawyers to file insurance claims. However, even if you file your own claim, you need to be sensitive to signs of bad faith insurance practices and seek legal support if you have concerns. The attorneys at Larson Johnson, P.L. all have prior experience in the insurance industry. We can review your settlement offer to help ensure it provides the full compensation you deserve for your claim.
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This article provides valuable insights into the importance of carefully considering insurance settlement offers before signing them. It emphasizes that signing such offers can close out a claim, preventing any further compensation for damages that might arise later. The article highlights the potential risks of quick settlements and points out that insurance companies using deceptive practices to convince claimants to accept lower settlements is illegal. It wisely advises seeking legal advice, especially when dealing with significant injuries or complex situations. Overall, this article has shed light on the need for caution and the importance of understanding one’s rights when facing insurance settlement offers, and it does an excellent job of conveying this important message. Well done!