Five Worst Insurance Companies: Is Your Property Damage Insurer On The List?
Insurance is designed to protect you when unexpected events happen, preventing you from suffering heavy out-of-pocket losses. Insurance companies charge a dear price for premiums and in return, generally promise you are ‘in good hands’ and to watch out for your best interests. Unfortunately, this is far from the truth when dealing with some homeowner insurance companies, whose main motive is protecting their own profits. The following ranks the worst offenders. In terms of property damage insurance in Daytona Beach, is your provider on the list?
Beware When Dealing With These Insurers
Earlier in 2021, the National Law Review published a list of the worst insurance companies. Based on research and extensive studies conducted by the American Association for Justice (AAJ), it ranked insurers known to put profits over their customers and to engage in unfair, misleading, or downright deceptive practices.
The list is likely to come as a shock to most people, as it contains the names of some of the largest and most respected insurance companies in the industry:
- Allstate: One of the most well-known names in the insurance industry, the company is one of the worst offenders in terms of placing profits over policy holders. They have been accused of bad faith practices in numerous lawsuits filed through the Florida Supreme Court and have had to pay out millions in legal judgments.
- AIG: The world’s largest insurance company, AIG has been continually accused of mistreating clients, overcharging in terms of pricing, and refusing to make reasonable payouts on claims.
- State Farm: The company promotes itself as being ‘like a good neighbor’, but State Farm’s actions prove otherwise. They are alleged to be among the worst offenders in terms of unfair practices designed to avoid payouts and achieved infamy for their poor treatment of policy holders after Hurricane Katrina.
- Farmers: Despite the steadfast, earnest, and humble image the company’s name may project, Farmer’s is repeatedly cited by Consumer Reports as one of the worst homeowner’s insurance companies in the country in terms of how it deals with clients.
- Liberty Mutual: In addition to abandoning and refusing renewals to customers in high risk errors, Liberty Mutual is accused of using lengthy processing delays and wrongful denials in an effort to protect the company’s shareholder profits.
Shocked to see your homeowner’s property damage insurer on this list? This does not mean that you should automatically cancel your policy. Doing so could put you at even greater risk. It is strongly suggested that you review policy documents, paying close attention to coverage limits and exclusions. If property damages happen and you need to file a claim, speak to our Daytona Beach property damage attorneys before making any statements or accepting any settlements.
Let Us Help You Today
To protect your rights when filing a homeowners insurance claim, get Bundza & Rodriguez on your side. Call or contact our Daytona Beach property damage claims attorneys online and request a consultation today.
Source:
natlawreview.com/article/11-worst-insurance-companies
