S​Earlier this year, largely unbeknownst to the general public, Texas Farm Bureau submitted an interesting proposal to the Texas Department of Insurance; lower premiums for the insured in exchange to relinquish suing rights. This proposal would be considered legal and binding insurance policy language and thus, all disputes would be handled solely through the claims process or arbitration.

Last week, rather suspiciously, Texas Farm Bureau rescinded the motion. Even though the request is now seemingly innocuous and off the table, the mere consideration has rattled the insurance industry. To be frank, Texas policy holders have unknowingly dodged an extremely destructive bullet. Here is why:

Arbitration is final. Typically, under the Texas Consumer Bill of Rights, an insured homeowner may take the insurance company to court on suspicion of inadequate compensation for damages or other applicable monies. Under a special ‘low premium’ policy of the said proposal, suing would not be an option and homeowners would only be able to enact their rights to appraisal. The verdict of the appraisers or umpire would be final.

Furthermore, if low premium polices surrendering the right to sue were implemented, they could become standard for all policies in the insurance industry. This scenario is disturbing and warrants consideration.
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Now more than ever, it is imperative that consumers safeguard their rights, understand the intentions of high power companies, and speak out when something is not in the best interest of the clientele. The goal of Morgan Elite Specialist Services is to assist our valued customers with their insurance claims and relay beneficial information.

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If you are handling your own insurance claim, it is possible that the process can happen very quickly; within a two week period, your claim may be filed, inspected, negotiated, paid out, and settled. Easy. While this scenario is likely and quite common, it is an unrealistic expectation for our team of certified public adjusters at Morgan Elite Specialist Services who are hired to manage your claim and ensure a fair and adequate compensation.  Here is why:
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Insurance companies
Most insurance companies find ways to delay the case when working with public adjusters due to the probability of increased compensation. Our experienced team of public adjusters are policy experts with extensive knowledge of the claims process and know the value of compensation according to individual policy.
Legitimately, there are circumstances that require extra time such as engineer reports, specialized inspections, or actual repairs on your home when specialty work is required. However, we have also dealt with unsavory scenarios. For example, we encountered a month delay when an insurance company adjuster went on vacation and the firm refused to reassign the claim. Delays such as these can and do happen.   

Mortgage companies
Mortgage companies take their time! In order to avoid lengthy delays, it is important to properly fill out all pertinent documents related to the claim and send them to the correct department. Three business days are normally expected for processing, excluding transit time.
 
Staying in contact and checking status on a regular basis is crucial because many mortgage companies will not call if something is incorrect. For instance, if claim payments are accidentally sent to the wrong department, they may be applied to your mortgage which result in lengthy delays in order to get reversed. Please note that the sole purpose of insurance money is to repair damage/loss to your home and it is wrong for a mortgage company to apply any insurance money to your mortgage.
 
Recoverable depreciation and supplements
Homeowners with a replacement cost value policy will likely receive recoverable depreciation after repairs are completed. Insurance companies pay actual cash value for damages and withhold the replacement cost difference until all work is done. This step is typically the final stage of the insurance claim process and compensation depends on the homeowner and contractor. There might also be a supplement for damages discovered late in the process which will not be addressed until the end of the claim.
On average, our professional and certified team of public adjusters receive 30% more compensation on claims than homeowners handling their own settlements. Not all claims are created equal and must be treated based on individual merits. Regardless of the required time period, rest assured that Morgan Elite Specialist Services guarantees full compensation per your insurance policy. ​

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