Filing a property insurance claim is the first step in getting the compensation you deserve after an unexpected event that results in damage to your home or property. The process may seem daunting, especially when dealing with insurance companies and adjusters, but with the right knowledge and resources, you should be able to receive compensation from your claim.
Understanding Your Homeowners Insurance Policy
Whether you have a homeowners, condo, or renters insurance policy, there will likely be certain events and types of damages that are covered and others that aren’t. Check what your policy covers and whether you’re eligible to make a claim before you file.
Types of Coverage and Exclusions
Your homeowner's insurance policy is designed to protect you in case of property damage or financial loss. Different types of coverage available may include dwelling, personal property, and liability coverage. The exclusions matter as much as the coverage list, because a peril your policy excludes is a loss you pay for yourself.
For example, many policies in Florida do not cover flood damage. In such cases, a separate flood insurance policy may be required. Review your policy thoroughly, understand the coverage it provides, and identify any gaps in your protection.
Policy Limits and Deductibles
Your policy limits and deductibles matter as much as the list of covered perils. The limit is the maximum amount your insurance company will pay for a covered loss. It can vary depending on the property's agreed value and coverage type.
For instance, you may have different limits for dwelling, personal property, and liability coverages. On the other hand, the deductible is the amount you must pay out-of-pocket before your insurance kicks in.
Homeowner’s insurance policies often have separate deductibles for different types of losses, such as wind or hail damage. Find out which deductible applies to your loss before you file. A separate hurricane or windstorm deductible is usually set as a percentage of your dwelling coverage rather than a flat dollar amount, and it comes straight off your payout.
Preparing to File a Property Insurance Claim
Document the damage before you file. Photographs, video and an itemized list of what was damaged are what the adjuster, and later a judge, will work from. Begin by creating a detailed inventory of all belongings, including damaged items.
Using a home inventory reference, if available, can facilitate the process. Be sure to take photos and record videos of all affected areas. This visual documentation is key in providing evidence to the insurance company and adjusters.
Keeping Accurate Records of Expenses
Keep accurate records of every expense when filing a property insurance claim. To do this, keep all receipts related to the damage or repairs. Examples of relevant expenses might include:
- Temporary repairs: Expenses involved in securing and protecting the property from further damage (e.g., tarping a damaged roof or boarding up broken windows).
- Additional living expenses (ALE): These costs arise when the property becomes uninhabitable after the damage, including hotel bills, restaurant expenses, or other additional costs due to displacement.
Speaking With A Property Damage Attorney
Your insurer will handle the claim, but it is also a business with an interest in keeping the payout down. It’s usually in your best interest to consult a property damage attorney about your claim before you speak to your insurance company to ensure you’re treated fairly.
An attorney can help you understand your rights, review your policy, and negotiate with the insurance company on your behalf.
Contacting Your Insurance Company
Once you’ve engaged a property damage attorney to assist with your claim, you can have them contact your property insurance company to begin filing your claim. If you are speaking to the company directly instead of through an attorney, provide them with the necessary information, such as your policy number and a brief description of the damage.
Report the loss early, because Florida sets a hard outside limit. Under Florida Statute 627.70132, a property insurance claim or a reopened claim is barred unless notice was given to the insurer within 1 year after the date of loss, and a supplemental claim is barred unless notice was given within 18 months after the date of loss.
They may ask you questions about the event and will likely guide you through getting the necessary documentation for your claim. For instance, the representative may inform you about any deadlines for filing a claim, the appropriate claims forms required, or the process of obtaining repair estimates from professionals.
Completing Claims Forms
Once you’ve begun the claim process, you will receive forms from your insurance company to complete. Most homeowners don’t realize this, but your answers on these forms can impact your total settlement, so it’s critical that you be as detailed and accurate as possible with your claim.
Include the following essential information in the forms:
- Policy number: This can be found on your insurance policy documents.
- Date of the incident: Be specific and provide the date the damage occurred.
- Description of the damage: Provide a detailed account of the property damage.
- Estimates: Include any repair estimates you've obtained, as instructed by your insurance company.
- Documentation: Attach any relevant documents, such as photos, receipts, or invoices.
If you’ve engaged an attorney, they will take care of these forms to ensure they are all completed properly. This will also give you the best opportunity to maximize the value of your final payout.
The Claim Investigation
Once your paperwork has been submitted to the insurance company, they will begin investigating your claim. This process is conducted by insurance adjusters responsible for evaluating your claim to determine the appropriate settlement and claim payout.
The adjusters will visit your property to document the damages and assess the necessary repairs so that the insurance company can determine whether you are eligible for a payout and how much that payout will be.
The insurer is on a clock the whole time. Florida Statute 627.70131 gives it 7 calendar days to review and acknowledge your communication about the claim, 7 days after it receives your proof-of-loss statements to begin a reasonable investigation, 30 days after receiving those statements to complete any physical inspection of the property, and 60 days after receiving notice of the claim to pay or deny it.
How An Attorney Can Help
Having an attorney present during your claim investigation is usually a good idea. Not only will they ensure that the adjuster documents all of the applicable damage, but they will also be available to answer any of the adjuster’s questions so that you don’t accidentally say something that could impact your claim.
The last thing that a homeowner wants to hear after dealing with property damage is that the insurance company won’t be reimbursing them for the damages because they answered a question wrong.
Insurance Settlements and Payouts
Once the investigation has been completed, the insurance company will determine if you are eligible for a payout and, if so, how much. In most cases, their initial offer may not be what you had hoped for or expected, so it is always advised to retain an experienced attorney to handle the negotiations.
What you are paid depends on the nature of the damage, your policy limits and your deductible. Four things move that number more than anything else:
- Claim Adjuster: They will investigate the loss and help determine the appropriate settlement amount. Their findings will influence the claim payout.
- Repair estimates: Ensure you provide accurate repair estimates from reputable sources to be considered by the adjuster.
- Settlement: Once the adjuster has evaluated all relevant information, they will offer a settlement. Review this offer carefully and, if necessary, negotiate for a fair payout.
- Policy Limits: Be aware of your policy's limits and coverage so you can protect your interests during the settlement process. An attorney can help you understand these limits.
Knowing the deadlines, the documents and who decides what puts you in a much better position when the insurer makes its first offer.
Speak To A Florida Property Damage Attorney About Your Insurance Claim
If your home has been damaged and you need to file a property insurance claim, contact Weinstein Legal Team before you contact your insurance company. We will review your contract, the damage to your property, and the estimated costs for repairs to ensure we can get you the maximum compensation.
Give us a call at 888.626.1108 or click here to schedule a free, no-obligation consultation with a property damage attorney today.
