"Many people short themselves and don't know it," said Carlos V. Freyre, managing director of MySmartClaims.com, referring to the fact that homeowners may accept settlement amounts that are inappropriate because of lack of resources.

Traditionally, homeowners have been somewhat limited in their options in negotiating claims. They could either accept the carrier's estimate or hire a third party, such as a public adjuster, which typically charges between 10 and 40 percent of the recovered amount. However, Florida-based MySmartClaims.com offers a new estimation tool to help homeowners determine if the insurer's price is right, without seeking outside assistance.

The tool does not require special training to employ successfully. In fact, the average procedure takes about one hour. Each homeowner need only have Internet access and the information provided by the insurance company to answer a set of questions. The service then analyzes the estimate; calculates the true cost of restoring the property, which is based on industry-standard expenses for time and materials categorized by zip code anywhere in the U.S.; and provides forms that consumers can then use to recover more money.