Collecting On A Homeowner’s Property Damage Claim Settlement
When you suffer losses to your home or personal property, homeowners insurance policies you have in place can help to prevent you from having to pay out of pocket for losses. Obtaining a reasonable amount in a settlement often proves challenging. As experienced Daytona Beach property damage claims attorneys, we are here to help throughout the process. One of the most common questions clients have concerns how to collect on a settlement.
Important Steps In The Property Damage Claims Process
Despite faithfully paying insurance premiums for years, collecting on a homeowner’s insurance policy when property damages happen is rarely easy. Before even thinking about a settlement, you need to take the appropriate actions in filing your claim. The Homeowner’s Toolkit, published through Florida’s Chief Financial Officer (CFO), provides some important background information. Steps you will need to take include:
- Filing your claim promptly. Delayed claims are a common reason for insurance denials.
- Reviewing your policy. Pay close attention to the terms of coverage and policy exclusions.
- Assessing damage. Having an up-to-date home inventory makes this process easier.
- Gathering evidence. This includes taking photos and videos of damaged areas.
- Meeting with the claims adjuster. As employees of the insurance company, an adjuster reviews your losses and makes recommendations on whether to approve your claim, as well as settlement amounts.
Your Insurance Settlement
Even if you follow all of the above steps, homeowner’s property damage claim denials in Daytona Beach are common. If this happens, you have the right to appeal, both under Florida Statutes and the terms of your policy, but there are deadlines that apply.
If your claim is approved, there are still important issues that must be addressed in collecting on your homeowner’s insurance settlement. These include:
- The amount you are entitled to. Review the terms of your policy to see whether you are entitled to actual cash value or replacement costs. There can be a major difference between these amounts.
- Payments to your bank. If you financed your home, your lender likely required homeowners insurance and is listed as a payee on your policy. Checks may need to be distributed through them or they may be required to cosign. This only applies to your home or other structures they have a financial interest in, not your personal property.
- Payments to contractors. You may enter agreements with contractors, in which they perform services up front and are paid directly by insurers. Make sure you are dealing with reputable companies.
- Replacement coverage. The insurer may allow several months for you to replace damaged items prior to receiving a settlement. If you fail to do so, you will likely receive a depreciated amount.
Contact Our Daytona Beach Property Damage Claims Attorneys
Filing a homeowner’s insurance claim is never easy. Even if you get approved, the process for obtaining your settlement can be complex. To protect your rights and to help ensure you get what you are entitled to, reach out to Bundza & Rodriguez. Call or contact our Daytona Beach property damage claims attorneys online to request a consultation today.