Caddell & Chapman is investigating potential cases where insurance companies might have underpaid insureds on claims involving damage to their homes or businesses.
If you submitted a claim to your insurance company after suffering damage to your home or business, you probably received a document from your insurance company setting forth an estimate of what it would cost to repair the property. These estimates are usually produced with a standard software program which lists various categories of repair and estimated amounts for each category. A common form of estimate will have a column titled "ACV" (meaning "actual cash value") a column titled "RCV," (meaning "replacement cost value") and a column titled "Depreciation."
We have noticed various questionable practices used by some insurance companies in making these calculations, including improperly applying depreciation, failing to include certain costs in the estimate, refusing to pay the insured certain estimated amounts until they are actually paid by the insured, and others.
Some of these questionable practices result in underpayments which are not large enough to justify filing a lawsuit. However, if these practices are systematically done by an insurance company to many of its insureds, it may be possible to bring a class action against the insurance company. If you think you may have been underpaid as a result of one of these questionable practices and you would like Caddell & Chapman to review an estimate you received from an insurance company, we will do so at no charge to you.
Additionally, if we believe you have a valid claim for underpayment as a result of a systematic practice that is suitable for a class action, and that you would be an adequate representative of a class of those in a similar situation, we can explore the possibility of filing a class action against your insurance company, with you serving as a class representative. In the event we decide to do so, we would handle the case on a contingent basis, meaning that you would not be responsible for paying any fees or expenses out of your pocket, and that any legal fees or expenses would only be recovered if the case is successful, and would either by paid by the defendant or out of the relief obtained for the class.
If you are insured by State Farm, Farmers, Nationwide, Allstate, Hartford, Safeco, or any major insurance company and would like to speak to an attorney about your damage estimate, click here to send your message to an attorney at Caddell & Chapman.
*** The use of the company names listed above is solely for informational and identification purposes. Caddell & Chapman is not affiliated in any way with these companies.