So, what does first-party property claim even mean? When you insure your property (say your home) for physical damage that is a first-party insurance policy. If your home is damages by wind, fire, or flood, you will make a claim directly to your insurance company. This makes it a first-party claim as opposed to a third-party claim. Third-party claims are typically in regards to liability directed to someone else’s insurance policy. Some examples of first-party insurance are homeowner’s policies, business interruption policies, commercial property policies, and certain forms of auto insurance.
Why would it become necessary to retain an attorney to help with a first-party claim? Your insurance company is supposed to be on your side, correct? Not necessarily. Keep in mind, most insurance companies are a for-profit company. Insurance adjusters, employees of the insurance company, will ultimately be accountable to the company’s bottom line.
We have all heard the old adage, get a second opinion. When you purchased your home, you paid for a home inspection. There were probably issues the home inspector found that you overlooked. When your home is damaged, contact an insurance dispute attorney to protect your rights under your insurance policy and ensure you receive full payment for all the necessary repairs to your home.