Fire Damage, Here's What You Should Know Before Filing a Claim
Fire can devastate your home and your life. Whether it’s caused by faulty wiring or a cooking accident, a house fire is a force you can never take lightly. In addition to the fire and smoke damage, a fire can also lead to water, roof, and other types of damage to your home.
In many homeowner’s insurance policies, fire is a covered peril. However, you must know exactly what your policy covers if an issue with your claim arises.
Understand Your Policy
Knowing your insurance policy is the first step. Since every policy and insurance company is different, it’s best to take a careful look at your policy to identify key terms that may affect your claim.
Perils refer to fire, water, hurricanes, and others potential causes of property damage. Confirm whether your homeowner’s policy is “All Risks”. Other names for this are “Open Perils” or “Named Perils”. This mean your policy covers any peril that the policy does not specifically exclude.
RCV vs. ACV
Does your policy offer “replacement cost value” or “actual cash value”? When it comes to a payout, knowing which one your policy uses will make it easier when it’s time to receive your money. “Replacement cost” means there’s no factoring in depreciation. You’ll get back whatever the damaged or destoyed item was worth, minus your deductible. “Actual cash value” factors in depreciation and your deductible; both will be subtracted from the replacement value. You’ll get the remainder.
Your deductible is what you pay out of your pocket for repairs. Your insurance company is supposed to pay the rest. It’s essential to know your deductibles so you can be better prepared in case damage occurs.
Your homeowner’s policy may contain exclusions. These are the damages the insurance company won’t cover. Because of exclusions, you may have no coverage for certain items or perils, so it’s crucial to know what they are.
Fire Damage – Now what?
Fire damage can lead to a host of other problems, like mold and mildew. In turn, these can damage your health. That’s why, if your home is damaged by fire, you must take measures to prevent further damage from occurring.
Louis Law Group is a team of experienced litigators that specialize in fire damage insurance claims. We can help you with every step in the claim-filing process. You don’t have to be alone in your struggle, and we’ll work hard to ensure your peace of mind.
As the most trusted fire damage lawyer in Florida, we’ll also ensure that you can get back to normal so you can live your life. If you’ve filed a claim and it’s been denied, or your insurance company is limiting your coverage, give us a call at (954) 676-4179 or use contact form here. We’ll be happy to discuss your situation and guide you on what to do next.