When dealing with property damage claims, ensuring that your insurer adequately values the extent of your loss is essential. Insurance companies are notorious for doing everything they can to minimize their outgoing payment. Remember – they’re for-profit and care more about their finances than your damage and repair. Below, our Florida property insurance lawyer explains more.
Here Are 10 Signs That Your Insurer May Have Underpaid Your Property Damage Claim:
Discrepancy in Repair Estimates: If your insurer's repair estimates significantly differ from those obtained from reputable contractors or professionals, this could indicate an undervaluation of your claim.
Omission of Damages: Your insurer may have overlooked certain damages or failed to include all the losses in their assessment. This could include hidden damage, structural issues, or secondary damage resulting from the initial incident.
Lowball Settlement Offer: If your insurer's settlement offer is substantially lower than the estimated cost of repairs or replacement, it may suggest that your claim has been undervalued.
Market Rates vs. Actual Costs: Your insurer may undervalue your claim by using outdated or inaccurate market rates for labor and materials, resulting in a settlement offer that does not reflect the actual cost of repairs or replacement.
Exclusion of Additional Living Expenses: If your property is uninhabitable due to the damage, your insurance policy may provide coverage for additional living expenses (ALE), such as temporary accommodation and meal costs. Failure to include these expenses in the settlement offer could indicate an undervaluation of your claim.
Failure to Account for Depreciation: Your insurer may undervalue your claim by failing to account for depreciation in the value of your property or belongings. Depreciation reduces the value of items over time due to wear and tear, and it should be factored into the settlement offer for damaged items.
Underestimation of Loss of Use: If the damage renders your property unusable, your insurance policy may cover loss of use or rental income. Failure to include these losses in the settlement offer could indicate an undervaluation of your claim.
Inadequate Assessment of Structural Damage: Structural damage to your property, such as foundation issues or compromised integrity, may require thorough assessment by qualified professionals. If your insurer fails to assess or address these structural issues adequately, it could result in an undervaluation of your claim.
Exclusion of Code Upgrades: Your insurance policy may cover these costs if local building codes require upgrades or modifications during repairs. Failure to include code upgrades in the settlement offer could result in an undervaluation of your claim.
Unresponsive or Delayed Communication: If your insurer is unresponsive to your inquiries or delays the claims process without justification, it could indicate a lack of thorough evaluation or undervaluation of your claim.
What To Do If Your Florida Property Damage Claim Has Been Undervalued?
If you suspect your insurer undervalued your property damage claim, consult one of our insurance lawyers for a free claim evaluation. At Williams Law, P.A., we will review your policy, assess the extent of your damages, and advocate to ensure you receive fair compensation for your loss.
Has Your Home Insurance Company Denied or Undervalued Your Property Damage Claim in Florida?
If your insurance company is dragging its feet regarding your commercial property damage claim, you should speak with an experienced insurance claim lawyer as soon as possible. Please contact us online or call our Florida law office at 800.451.6786 to schedule your free consultation. We help Florida residents fight the big insurance companies who fail to abide by their policies. Remember, we work on a contingent basis, meaning you don't pay us anything until we win your case.
