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While it may seem counterintuitive, insurers need to be financially sustainable, which includes makinga profit to cover operational costs and ensure they can pay for future claims. They do take a profit from the premiums paid by the policyholders.
Insurance deny claims for various reasons such as insufficient coverages, policy exclusions, or lack of the adjusters not getting all the proper documentation. Low offers may be a cost control measure for the insurance company, but policy holders can negotiate, hire a public adjuster, or seek counsel to get a fair settlement.
Insurance premiums are calculated based on expected losses (pure premium) and additional costs (loading charge), including operating costs and profit margins. The formula is
P=δμ+cP+d+ΟP
No, premiums do not go up solely because you filed a claim. Insurance premiums are influenced by a collective risk pool. For example, if a catastrophic event hits Florida or California, policyholders in Kansas, Nebraska, and other states might see an increase in their premiums to help insurance companies recoup their losses. This shared risk helps insurers stay solvent and able to pay future claims.
Regularly review the policy, pay attention to exclusions and limits, and ask the insurance agent for clarification on any confusing terms.
Call the professionals at Gable Roofing. Our specialists can provide detailed and accurate documentation, including photos and receipts, and assist with filing the claim promptly. We follow up regularly to ensure your claim is processed smoothl
Website: Kansas Insurance Department
Phone: 1-800-432-2484 (in Kansas) or 785-296-3071
Address: 1300 SW Arrowhead Rd, Topeka, KS 66604
We love our customers, so feel free to visit during normal business hours.
Open today | 09:00 am β 07:30 pm |
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