Residential Property Insurance Claims

If you suffer a loss to your home it can be more devastating than a large loss to a multi-million dollar commercial loss. This can be a life alter event. Thiis where you and your family live and keep all of your personal keepsakes.

Be aware of who the insurance company sends to assess your property insurance claim, remember they work for the insurer directly or as a contractor and its just routine business to them.

Before buying a policy its very important to ask your agent to explain to you if you are buying an ACV or Actual Cash Value Policy or a Replacement Cost Policy. There is a huge difference when it comes to what you can recover from a loss.

Replacement Cost– The term replacement cost or replacement value refers to the amount that an insurance carrier would have to pay to replace an asset at the present time, according to its current worth.

Actual Cash Value– Actual cash value is the amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time of the loss. It is the actual value for which the property could be sold, which is always less than what it would cost to replace it.

Typical homeowners policy have 4 main coverage’s:

  1. Structure-This covers the damage to your home. (Flooring, roof, sheet-rock, paint, cabinets, etc.)
  2. Personal Property of Content-This coverage allows your to recoup the value of your damage items that are not salvageable in your home.
  3. Other Structures– This will cover detached building and items such as fences in your yard.
  4. Loss of Use commonly referred to as ALE (Additional Living Expenses)-This part of the coverage is provided when you are unable to reside in your home if the damage is great enough or unsafe for you to live in. It is meant to provide like housing or hotel accommodations while your claim is in process and the repairs are made. It will also cover additional food expenses incurred if you stay in a hotel. They will usually only cover over and beyond what you normally spend. So when they ask you how much you spend you need to understand that the number you provide is the starting point for the amount you can recover for food expenses.                            Some Policies also include:                                                                                                                                                                            “Law” or “Ordinance” which provides coverage—typically a percentage of the policy limits—in the event that building codes, enacted after a structure was built, require additional features not contained in the covered structure at the time of loss. Policyholders who purchase replacement cost coverage may expect that upgrades required by law are included in the coverage purchased, but some policies exclude these increased costs of repair.

These are just some basic for you to understand. Most policies are 50-100 pages of coverage’s, coverage limit caps, and exclusions. Before buying a homeowners policy make your insurance agent sit down and explain all 50-100 pages. If he is unable to do so then you may want to get a new agent.

Once the loss has occured you have no option but to try and recover as much as possible within the language of the policy and in accordance with Florida Statutes Public Adjusters exist to be your advocate and are experts at property damage claims. Their only purpose is to help the insured recover the maximum amount they can recover to bring them back to pre-loss condition.

Please call and Experienced Public Adjuster today for a free claim review. Let us handle your claim from start to finish so that no mistakes are made during the process that may make it harder to recover what you deserve. Call (407) 212-8669