First Party Insurance
First party insurance refers to any insurance intended to protect the purchaser of the policy. This could be uninsured or underinsured motorist coverage on an auto policy, homeowners or renters’ insurance, commercial insurance policies for structures or contents of a building and even excess or umbrella policies. These policies provide protection against catastrophic losses that can devastate not only your physical property, but also your family or your ability to earn a living. Many of these policies also provide compensation for expenses incurred while the home or business is not usable due to the loss and repair of the loss.
The insurance companies that sell these policies will make every effort to minimize the coverage they owe you. They may state that the loss is not covered under the terms of the policy or delay or underpay the claim in bad faith. If your insurance company is disputing your claim for a loss due to fire, broken pipes, hail, wind damage, or any other event, contact an insurance claims attorney at Kirk Law Firm, PLLC today. Our dedicated lawyers can help homeowners and businessowners understand their rights under their first party insurance policies.
State Law Strictly Regulates the Insurance Industry
In Texas, the insurance industry must abide by statutes and laws regarding how claims are handled. According to Texas Insurance Code § 542.003, an insurance company must act in good faith when evaluating policyholders claims. It is a violation of the Texas Insurance Code for an insurance company to fail to respond timely to a claim, refuse to fully investigate the loss and provide a fair settlement of the claim once a covered loss is clear.
An insurance company must not unfairly delay, deny or underpay a valid claim. An experienced lawyer can help you determine your rights under your policy and determine whether the insurance company is acting in violation of the Texas state law.
Enforcement of Insurance Policies and Other Remedies
Insurance policies are contracts between the insured and the insurance company. In exchange for the payment of premiums, an insurance company agrees to provide compensation in the event of a covered loss. Often an insurance company may dispute whether a loss is covered under the terms of the contract.
For example, a common homeowner’s insurance policy may cover water damage from a broken pipe but exclude damage from a flood. An experienced attorney can help you decipher your policy and obtain all available coverage for your loss.
The law in Texas allows an insured to recover for additional interest and attorney fees in cases where there is a breach of contract, or an insurance company acted in bad faith in violation of the Texas Insurance Code. An experienced attorney is essential to obtain all the damages that you are entitled.
A Skilled Attorney Could Help with First Party Insurance in Houston
Holders of first party insurance policies, such as homeowners or businessowners, pay substantial premiums and expect to receive protection from insurance companies after a covered loss. However, insurance companies make money by denying and underpaying claims. Many insureds become frustrated and give up or accept a settlement that is less than the loss.
An experienced attorney can help you demand enforcement of your rights under your insurance policy. A diligent lawyer at Kirk Law Firm, PLLC can evaluate your policy to determine if your loss is covered and help you to obtain the evidence you need to demand adequate coverage of your claim. They can hold the insurance company accountable and ensure that the insured gets all of coverage available under their policy.