Theft and Vandalism Damage, Here's What You Should Know Before Filing a Claim
Florida can seem like paradise. However, while most people are respectful and honest, bad actors steal or destroy property every day. Fortunately, many Florida homeowner’s insurance policies cover dmages arising from theft and vandalism.
Understanding Your Theft and Vandalism Coverage
It’s essential to know whether your homeowner’s policy covers theft and vandalism damage. If it does, great. But you also need to understand the claim-filing process is and how much your insurer will cover. If you do file a claim, a claims adjuster will examine the theft and vandalism damage during an investigation at your home or business. They’ll review the damage to determine what can be covered by your policy.
It’s essential to understand if your policy is All Risk (Open Peril) or Named Peril. A Named Peril policy limits your coverage. A peril is the cause of the loss (such as fire, water, wind, etc.).
RCV vs. ACV
Insurance settlements are calculated using either replacement cost value or actual cash value. Knowing the difference and what your policy covers is essential to understanding your payout. Replacement cost coverage doesn’t factor in depreciation of the original value of your damaged items, so you’ll get the full original cash value to repair or replace any damages to the item, minus your deductible. An actual cash value policy will subtract both your deductible and depreciation.
Do you know how much your deductible is? The deductible is the amount of money you’ll pay out of pocket for repairs. Many insurance companies won’t issue your claim payout payment until they know you’ve paid your deductible.
Some types of damage may not be covered by your policy. Exclusions may include hurricanes or floods. You should know whether your insurance policy contains any exclusions. Read your policy, or call your insurance provider and ask.
Thieves Have Damaged Your Home. Now What?
Damage to your home and property from theft and vandalism can be highly stressful for you and your family. The damage can range from broken furniture to fire or other types of damage. Whatever the bad guys did to your home, Louis Law Group’s expert attorneys can help you navigate your theft and vandalism damage claim.
If you’ve filed a claim and it has been denied or if the insurance company has limited your coverage, contact Louis Law Group at (954) 676-4179 . We’ll go review your situation and advise you on the next steps to take.