What is the average settlement for hurricane damage in Florida?
Insurance policies vary greatly, so it’s difficult to predict how much compensation you can expect if your property is damaged in a hurricane.
There are different types of insurance policies. Here are some of the factors that will impact your settlement:
- Whether you have a replacement cost policy or an actual cash value policy: Replacement cost policies cover the cost of replacing a damaged item with one of a similar kind and quality. Actual cash value policies subtract depreciation on the damaged item and pay out the remainder.
- Whether you have an extended replacement cost policy or a guaranteed replacement cost policy: An extended replacement cost policy requires the insurer to pay a certain extra percentage to rebuild their home after a disaster to protect them if building costs rise. A guaranteed replacement cost policy will pay whatever it would have cost before the disaster to rebuild your home.
Q: What is a hurricane deductible?
In Florida, it’s common for your insurance policy to include what’s called a hurricane deductible, which is an amount of money you are responsible for paying out of pocket before your insurance policy kicks in.
Hurricane deductibles are usually higher than a standard deductible. Often, hurricane deductibles are 2% to 5% of your home’s insured value, but the percentage could be higher if you live in a hurricane-prone coastal area.
Q: How do I get the best settlement for hurricane damage?
Always insure your home based on its replacement cost, which will give you more protection if you need to rebuild or replace something. Also, if your insurance doesn’t cover flood damage, buy an insurance policy that does. Always keep your insurance policies are up to date. A clear understanding of your insurance coverage before a hurricane strikes will save you future stress.
After a hurricane or major storm, call an attorney for help with filing your property damage claim. Property damage attorneys know how to work with insurance companies, interpret insurance policy language, document the damage to a property, negotiate a settlement, and fight for the compensation their clients are entitled to receive.
Q: How can Louis Law Group help me recover from hurricane damage?
Working with your insurance company to obtain a property damage settlement can be challenging to do on your own. An experienced attorney at Louis Law Group can guide you through your options and give you objective advice on the best way to move forward with your damage settlement.
Our attorneys can also communicate with your insurance company, collect important evidence, file a claim, and negotiate fair compensation. We’ll save you and your family time, money, and stress by dealing with your insurance company on your behalf.
How to contact us
Contact our team of Florida property damage claim lawyers at Louis Law Group today. You can learn more about us and our services here. For immediate help, schedule a free consultation by calling 954-676-4179.
Our attorneys will be happy to assist you in English, Spanish, or Creole.
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