Amica Mutual Insurance: Low-Balling Homeowners Settlements
I recently experienced a total loss of my home insured by Amica Mutual. Unlike most reputable insurers who typically pay out the full policy amount, Amica opted to exploit a little-known loophole in New York law to “average” what they believe I should receive, rather than honoring what I actually paid for. Their settlement offer is less than 50% of their own adjuster’s estimated replacement cost, with the remainder pending “their review and approval.”
I’m really sorry to hear about your experience with Amica Mutual Insurance. It’s incredibly frustrating when an insurance company doesn’t meet your expectations during such a stressful time. Many people understandably expect their insurers to honor the full value of their policy, especially in cases of total loss.
It might be worth reviewing your policy in detail to fully understand the terms, including the “averaging” clause they invoked. Additionally, you could consider reaching out to the New York Department of Financial Services to file a complaint if you feel that Amica is not complying with state insurance laws. Seeking legal advice from an attorney who specializes in insurance claims could also help you explore your options. You deserve a fair settlement for your loss.