How Do Insurance Companies Reduce Hurricane Insurance Claims?
As a responsible homeowner, you have purchased insurance to protect your property. As such, when your property is damaged by a hurricane, you expect that the insurer will be there for you and cover any loss you sustained. Unfortunately, as many homeowners find after a storm, insurance companies are often reluctant to provide full coverage. Even when they say that they will take care of everything, which they often do, homeowners are left wondering why the initial estimate or offer is not sufficient to repair or replace the damage.
Insurance companies use many tactics to delay, deny, or reduce claims. Below, our Daytona Beach hurricane insurance claims lawyer outlines what these are, and how you can obtain the full coverage you deserve.
Denying Claims Based on Exclusions and Pre-Existing Damage
One of the first tactics the insurer will use when denying all or most of your claim is to argue that the damage was not caused by a hurricane or that it is excluded under the policy. They may also state that the damage existed before you took out the insurance policy.
Undervaluing the Damage Sustained
If your insurance company cannot find a reason to deny your claim, they will try to undervalue the cost of repairing or replacing the damage. They will try to limit the scope of repairs that need to be done, which means they will not include all of the damage within an estimate. Insurance companies also work extensively with many adjusters, contractors, and other experts they retain for the sole purpose of minimizing the value of your claim.
Depreciating the Value of Your Property
Under state law, insurers are only required to pay the actual cash value of the property that was damaged. The actual cash value is equal to the value of the property after it has depreciated. It does not provide for the full cost of repairing or replacing the property. Calculating how much certain property has depreciated is not an easy task and the insurers are quite subjective about it. They may state, for example, that your television is only worth half of its original value because it is two years old.
High Deductibles for Hurricane Claims
If your property suffered damage due to an event that was not a hurricane, your deductible may not be very high. On the other hand, insurers are known to apply very high deductibles to hurricane claims. This often comes as a shock to homeowners, particularly when the amount of coverage ends up being just below the amount of the deductible.
Call Our Hurricane Insurance Claims Lawyer in Daytona Beach Now
Dealing with the insurance company is rarely easy, even when you rightfully deserve coverage. At Bundza & Rodriguez, our Daytona Beach hurricane insurance claims lawyer can deal with the insurer on your behalf so you obtain the full and fair coverage you are entitled to. Call or text us now at 386-252-5170 or chat with us online to book a free consultation and to learn more about how we can protect your rights.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0624/Sections/0624.155.html
