Water Damage, Here's What You Should Know Before Filing a Claim
Water can wreak havoc in a house. A small leak or burst pipe can devastate your home if not caught in time. Many insurance carriers in Florida cover water damage, but it’s essential to know what your policy covers in order to avoid potential issues if you file a claim.
Understanding Your Water Damage Coverage
The first thing you’ll need to consider is the type(s) of water damage your policy covers. If your home is damaged by water and you file a claim, a claim adjuster will examine the damage to determine whether it occured before or after you signed up for your policy. Since each insurance policy is different, there may be some exclusions regarding your water damage coverage. If you aren’t sure, look at your policy and look for a few terms, which we’ll discuss below.
The first term to watch for in your policy is “All Risks”. (This is also known as Open Perils or Named Perils.) Iif your policy includes these terms, your coverage maye be limited. Perils that may be excluded or limited are fire, wind, storms, etc.
Does your policy have exclusions? Many insurance policies will exclude coverage for damage caused by hurricanes, wind, or tornados. If an excluded peril caused your water damage, you won’t be covered.
RCV vs. ACV
Is your coverage “replacement cost value” or “actual cash value”? It’s essential to know the difference when it comes to getting a payout. Replacement cost means that depreciation on the damaged item won’t be factored into your payout. You’ll get the full replacement or repair amount, minus your deductible. The actual cash value will subtract both depreciation and the deductible.
Do you know how much your deductible is? This is the amount you’ll pay out of pocket for repairs. Your insurer may want proof that you’ve paid the deductible before offering the rest of the payout.
My Home was Damaged by Water. Now what?
Water damage can lead to a host of other problems like mold and mildew that can cause serious health issues. If your home incurs water damage, you must take measures to prevent more damage from occurring.
Louis Law Group is a team of experienced litigators that specializes in water damage insurance claims. You don’t have to be alone in your struggle to secure fair and just compensation from your insurer. We’ll work hard to ensure your peace of mind throughout the claim process.
As Florida’s most trusted water damage lawyer, we’ll ensure a successful claim outcome so you can return to living your normal 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 next steps.