How Can I Avoid a Denied Property Insurance Claim?

Oakland Park, FL insurance claims attorneys highlight one important way to help you avoid having a claim denied or rejected.

Insurance isn’t necessarily the easiest to comprehend. There are many terms individuals aren’t familiar with, and unfortunately, many property owners aren’t even clear on what they are agreeing to when they sign up for coverage. When it comes to your policy and the fine print that is included in it, you need to be certain you have a clear understanding of what you can and cannot file a claim for. Not only will this help you determine if you need to purchase more coverage, but also save you the disappointment of having a claim denied simply because your policy excludes that type of damage.

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One of the most efficient ways to avoid having a claim denied is to know what you can and cannot file a claim for.

One of the best ways to avoid having a claim rejected, denied, or undervalued is to understand your policy and what type of coverage you need. Whether you are rent or own your property, you need to be aware of what your options are. Some of those options are presented below.

  • Replacement Cost– When selecting your coverage or evaluating the policy you already have, be sure you factor in the cost to replace your home and not the actual market value of your property, says If your home is destroyed by a storm, or a small part of it sustains damage after a natural disaster, there are certain ways to get this damage compensated for. One is by electing the “guaranteed replacements” option, which is good to have when you want the entire cost covered. “Replacement cost” generally “covers less than the full amount.” Be sure to discuss the limitations and exclusions with your insurance agent so you can properly select the option that is most suitable for you and your home.
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If you are renting your property, you need to be aware of what you landlord will and will not cover and whether you are required to have coverage of your own.
  • Renters Insurance– Do you rent your property? Has your landlord left the decision up to you as to whether you purchase a renter’s insurance policy? Well, insurance claim lawyers in Oakland Park point out that in the event a flood occurs or a wall becomes damaged resulting in your own personal property being ruined, it is up to you to obtain a policy to cover it. You see, while your lease agreement probably states that your landlord will cover the costs associated with repairing your unit, they will not compensate you for the cost to replace your destroyed items. Many renters are often confused by this and only learn they have no coverage when a disaster strikes.

If you have recently filed a property damage claim and aren’t sure your insurance carrier provided you with the most accurate settlement offer, consult with a skilled insurance claim dispute attorney at Leader & Leader, P.A. in Florida who can further advise you on what steps you may need to take.

Understanding your policy and the types of coverage you may or may not need is extremely important. You work hard for all of the things you have acquired and you don’t want to risk not having adequate protection to cover the costs of these items in the event they need to be replaced or repaired.

By | 6:27 pm | Categories: Insurance Claims News | 0 Comments

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