Five Common Reasons For Denial Of Property Damage Claims
Property damages can happen for a variety of reasons. Fire, storms, flooding, and theft can all leave you facing tens of thousands of dollars or more in repairs. Property damage insurance you have in place can help offset these costs, but claims often end up denied. Our Daytona Beach property damage attorneys explain five common reasons and what you can do to protect your rights.
Common Causes Of Denied Property Damage Claims In Daytona Beach
Property damage insurance can save you from having to pay out-of-pocket when unexpected events happen. According to the Insurance Information Institute (III), one out of every 20 insured property owners files a claim each year, with an average estimated value of roughly $14,000. Damages due to wind, hail, and rain are among the most frequent causes. This is particularly common in Daytona Beach, where spring and summer storms have the potential to be severe.
Unfortunately, after paying large amounts in premiums over the years, it can come as a shock when you do file a claim to have it denied. The following are five leading causes:
- Not keeping up to date with your policy: Mistakes can easily happen, causing you to fall behind on policy premiums and have lapses in coverage. As property owners are often unaware of issues until the time comes to file a claim, review all policy documents regularly and make sure your payment information is up-to-date.
- Damages suffered fall under policy exclusions: All insurance policies have exclusions that limit the insurer’s liability. In property damage coverage, exclusions can often be found for flooding, sinkholes, and mold. Carefully review your coverage to determine any exclusions that apply and make any updates as needed.
- Failure to properly maintain your property. This is another common exclusion. If the property was previously damaged or not properly maintained over the years, the insurer could use this as a reason to deny your claim. Report any damage when it happens and make routine repairs as needed.
- Not reporting damage in a timely manner. Under the Florida Statutes, property owners are required to notify insurers about property damages as soon as possible. If they fail to do so, the insurer could use this as justification for denying your claim. In the aftermath of a fire, heavy rains, or other conditions, protect your rights to compensation by thoroughly inspecting your property.
- Not properly documenting damages. As a property owner, be thorough in carefully documenting conditions surrounding your home or business and in taking a routine inventory of your belongings. This includes taking pictures. Likewise, if property damage happens, use photos, videos, and written descriptions to thoroughly document these as well.
Let Us Help You Today
At Bundza & Rodriguez, P.A., we act as a strong ally on your side in dealing with property damage insurers. Our goal is to ensure you get the maximum amount in your claim. When disputes arise, contact our Daytona Beach property damage attorneys and request a consultation.