Water-related damages are the second most common type of insurance claim filed by homeowners. This can include burst pipes or flooding from storms. Your property insurance can cover the cost of the damage, including expenses related to fixing structural damage, replacing soaked carpets and removing mold.
Do you know about
Insurance claims and Insurance law?
Every claim has 3 parts that need to be presented and negotiated:
The insurance company loves to wipe down your building – cleaning the walls and scrubbing down the carpets.
This means they will not pay you for them. All the components of a house need to be negotiated as scope (what to leave in and what to leave out). They will be priced and then re-negotiated as a whole number. After that, three numbers will appear; the replacement cost value, depreciation/penalty, and the actual cash value.
The insurance company will only give you the actual cash value which is the least amount.
All amounts need to be properly presented to the insurance company and negotiated.
The insurance company loves to clean your contents, that means they don’t have to pay for them to be replaced, and you get back smelly, smoky, contaminated items.
Similar to a building claim, all contents items need to be negotiated as scope, and then re-negotiated as the replacement cost value, contents depreciation/penalty, for an actual cash value payment.
All three amounts require negotiation.
Additional Living Expenses
You are entitled to enjoy a similar quality of living arrangements during your insurance claim process and during the rebuilding process.
The replacement of your property is paramount and don’t settle for less.
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Office: 609.926.6500 | Linwood, NJ | Serving South Jersey
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