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Property Damage – Should I take a Cash Settlement?

This is the advice many a claims management repairs contractor may give when assessing property damage claims. There is some merit in this advice; claimants certainly should be wary of any unsolicited offers made by Insurance agents looking to swiftly close the door on your insurance claim. In this article we look at why insurers may encourage a cash settlement and whether we would advise against it.

Property damage claims other than contents amount to building fabric damage, this is damage to structural elements, secondary and decorative elements, the heating, plumbing and the mechanical functionality of your home or business.

For Insurers the case is clear, get out as quickly as possible saving further loss and expense on the claim, provision of alternative accommodation, extensive drying, the possibility of finding additional material damage, and other additional they can accrue the longer a claim remains open.

Insurers may present an alternative, sending in a calvary of restoration agents on a ‘don’t worry we’ve got this’ basis. Whilst no one can argue that the quicker you can treat water damage for example, the more likely you’ll be able to stop the migration of humidity and secondary water damage (alongside the possibility of reducing primary water damage) through advanced restoration techniques. However this comes with a BUT, and that is large organisations are inpersonable, their successes are attributable to the process. For every A team there is a B team and if you’re unlucky the C Team. Then you’re in for trouble!

So the question of ‘should I take a cash settlement for my claim’?

But the elephant in the room here is none of these Agents will likely fight your corner if your claim if denied or reduced. For example, if Insurers deem your sums are under insured; without external involvement and scrutiny you will struggle to challenge such a declaration and you could be in for a hefty reduction of your gross claim settlement.

One of our key drivers at YourClaim is to add value, to make a difference to the outcome of a claim. Whether this is through the presentation of technically superior and extensive schedule of loss, the knowledge and experience to fight what is contractually due, and what is fair, and to ensure claimants are not pushed into accepting cash settlement offers they are not satisfied with.

As far as cash settlements, ‘Your Claim’ will provide you with broad advice of when it can be advantageous to think about a ‘cash out’ option and when clearly this will not work in your favour.  Many of my clients prefer cash and receive cash settlements every bit as good as a repair bill, with the ability to use agreed settlement sums more flexibly. View some of our recent case studies to see how Your Claim has helped them.

Adding value is our key driver. Please get in touch for a no fee, no premium assessment of our claim before you settle, preferably before you claim.

Make Your Claim, our claim.

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