Is Property Replaced or Paid for with an Insurance Claim?
If you’ve suffered significant property damage in a hurricane or another type of disaster, you likely have plenty of questions about how your insurance company is going to cover your loss. Understanding your insurance coverage is notoriously complicated but acquainting yourself with the basics regarding property replacement can help you get a better feel for your policy and for what to expect if you have a claim. If you have concerns about a property insurance claim, an experienced Panama City insurance claims attorney can help.
Your Insurance Declaration Page
Your property insurance policy includes a declaration page that’s often referred to as a DEC page. This DEC page will contain all your policy basics, including:
● Your policy number
● Your address
● The type of coverage
● The limits of liability
This declaration is your guide to your insurance policy, but the numbers you find here often don’t reflect the amount you’re likely to be paid. Instead, they inform you regarding your maximum potential reimbursement. To learn more about the amount of money you’re probably going to be reimbursed, the wording of your policy will guide you. The amount often comes down to whether you will be paid to replace your damaged property or whether you’ll be paid the cash value of your damaged property (the difference can be vast).
Actual Cash Value
If your insurance policy covers your losses for their actual cash value (ACV), it means that you’re covered for the depreciated value of your property at the time of your loss. This boils down to the amount you could have sold the property for. Rarely will these terms provide you with the amount of money you’ll need to go out and purchase a replacement for your damaged property. With actual cash value, you’ll be left to cover the overages out of your own pocket.
If your insurance policy covers your losses for their replacement cost, it means that you’re covered for the amount of money that it will take to replace your damaged property. Instead of having to shell out some of your own money to replace your damaged property, your insurance company will provide you with the full replacement funds. If you have extensive property damage, your insurance company may want to negotiate with you regarding replacement costs and your claim total. Before signing off on a settlement offer, however, it’s in your best interest to consult with an experienced Panama City insurance claims attorney. You’ve suffered significant financial damages, and your rights matter.
If You Have an Insurance Concern Related to Property Damage, Consult with a Knowledgeable Panama City Insurance Claims Attorney Today
If you’re relying upon your insurance company to reimburse you for a significant amount of property damage, you need professional legal guidance to help ensure that you obtain the compensation to which you are entitled. The dedicated insurance claims attorneys at Ged Lawyers in Panama City have the experience, skill, and commitment to help you. For more information please don’t hesitate to contact us today.