Dealing with an insurance company can be a frustrating experience, even when everything runs smoothly. When a wrench gets thrown in the works, however, frustrating can turn to infuriating.

Some citizens around the country are learning that the hard way, after having their houses and businesses damaged by storms.

Normally, with an insurance claim, you would submit a claim, they would have someone come out to evaluate the extent of the damages, and then a short while later you would either receive a check or have an insurance-approved repair company fix the damage right away.

However, as some individuals are finding out, there are additional problems. One couple, who had their house and business both severely damaged, said that even following a successful insurance claim, the bank would not pay out any money until after all of the repairs were already completed. They were forced to take out a separate loan to pay for the repairs, which they repaid in full once they got their insurance money.

In addition, commonly in situations like these, people don’t realize what their policy actually covers until they go to file a claim. Many times, policy holders don’t know that their plan only covers market value instead of full purchase price. That little mistake could cost tens of thousands of dollars, and could be the difference between a fully-functional house at 100% and a house that has been barely patched up to functional.

Source: http://www.ketv.com/news/storm-victims-struggle-with-insurance-claims/26521024#ixzz355OMA1Cj