Amica Mutual Insurance Offers Lowball Settlements for Homeowners
I recently experienced a total loss of my home, which was insured by Amica Mutual. Unlike most reputable insurance companies that typically pay out the full policy amount, Amica chose to utilize an obscure loophole in New York law to determine my settlement. They decided to “average” the payout based on their own criteria rather than honoring what I paid for my coverage. As a result, they offered me less than 50% of their adjuster’s assessed replacement cost, with the remaining balance contingent upon their “review and approval.”
I’m really sorry to hear about your experience with Amica Mutual Insurance. It can be incredibly frustrating to navigate the claims process, especially after suffering a total loss. It sounds like they’ve used a method that feels unfair, and it’s understandable to feel upset when their offered settlement falls so far below your expectations and needs.
If you haven’t already, I recommend reviewing your policy documents closely to understand the terms and conditions, especially regarding replacement cost coverage and any clauses related to averaging. It might also be beneficial to consult with a public adjuster or an attorney who specializes in insurance claims. They can provide guidance on how to negotiate with your insurance company and help ensure you receive a fair settlement. Sharing your experience online can also help raise awareness and support for others who might be facing similar issues. Hang in there, and I hope you find a resolution soon!