Buying insurance is probably right up there with having a root canal on the list of ways you want to spend your free time. Even so, purchasing insurance is not unimportant.
But do you really know what you’re getting into? If you buy into some common insurance false beliefs spread by the industry itself, you could be setting yourself up for disappointment, frustration and a struggle against your insurer that will test the skills of even the best Corpus Christi personal injury lawyers.
Think You’re Buying Peace of Mind? Think Again
You aren’t totally to blame if you believe the myth that you’re in “good hands” with your insurer, that they’ll treat you like a “neighbor.” Day in and day out, we’re bombarded by insurance company advertisements that tell us not to worry, if something happens, we’ll be covered.
The fact is, Texas insurers often market policies with more holes than a cheesecloth. According to the Texas Department of Insurance, reductions in coverage over the last decade range up to 45 percent, with dangers you’d expect to be covered by your home or auto policy (damage caused by theft, falling trees or vehicle collision, to name a few) increasingly going by the wayside.
Your Insurer Is on Your Side, Right?
In reality, after making money off your premiums, several Texas insurers have been caught rejecting, delaying or undervaluing legitimate claims. Even though such bad faith practices are prohibited by consumer protection laws, insurers usually get away scot-free because customers are either unaware of their rights or are too worn down to bother pursuing them.
Myth: Deregulation Brings More Insurers and Lower Rates for Texans
With premiums shooting sky-high in 2003, Texas lawmakers gave in to insurance industry pressure and began intensive deregulation in the hopes it would draw more insurance companies into the state and lower rates. Yet, the Lone Star State’s top five insurance carriers have lost just one percent of the market in the last ten years, premiums remain precipitous and the only thing deregulation has seemed to accomplish is the (use a different word) of shoddy policies.
These are only a small amount of false information and half-truths that infect the insurance industry; keep an eye open for more helpful information. And, if you have an insurance claim, don’t try to find your way through the harsh reality of these myths alone: contact an attorney to help you fight for every dollar you’re entitled to.