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Without an experienced diminished value attorney, some insurance adjusters will often refuse to pay diminished value or offer pennies on the dollar to settle your diminished value claim.

More importantly, it is imperative that you be very careful and cautious when signing any release from an insurance company. If you sign a General Release, then you usually have waived your claim to any other claims such as personal injury or wrongful death. An insurance adjuster may refer to the release they give you as a property damage release only but, that may not be true. The controlling language will be found in the release itself.

What are the penalties if the insurance company refuses to pay my diminished value?

Under Georgia law, you or your attorney can make a 60-day demand on the insurance company to pay the full value of your diminished value claim pursuant to OCGA 33-4-7. If the insurance company’s refusal to pay the claim is in bad faith, you will be entitled to recover an additional $5,000 penalty or 50% of your claim, whichever is greater, as well as all reasonable attorney’s fees.