Although the terms Actual Cash Value and Replacement Cost Value are not commonly used outside of property insurance disputes, they can have a substantial effect on the amount of money you receive from your insurance company after a loss.
After your insurance company determines that your insurance policy provides coverage for your loss, the insurance
It seems like every April 1st, the National Flood Insurance Program informs us that it is raising the premium rates for flood insurance. (Feel free to insert any April Fools jokes here.)
As of April 1, 2018, the average flood insurance premium rose 8 percent, with some property owners seeing increases of up to 25
Roof damage is the most common type of hurricane insurance claim we see after a hurricane, wind storm or hail event. Wind from hurricanes and tropical storms can cause substantial roof damage – whether just a few loose shingles or the total destruction of the entire roof structure. Even worse, any opening in your roof
After a hurricane, storm or other disaster, you hoped that your property insurance company would honor your claim and pay for your damages. After all, you purchased homeowners insurance with the expectation that, if a catastrophic loss ever occurred, your insurance company would provide for the repair of your property back to its pre-loss condition.
Now that Hurricane Irma has marched through the entire length of Florida, those affected by the storm must now face perhaps an even more stressful event – the pursuit of a property damage claim against their homeowners insurance company. Although it may take several weeks for property owners to fully realize the damage caused to
When dealing with a hurricane or tropical storm, surviving the weather event is often only the beginning of the battle. The insurance company’s constant nit-picking of your claimed losses can drive you bonkers – especially while you are trying to put the rest of your life back together. Then, just when you think you may
Even as the internet is full of Hurricane Harvey damage pictures, another storm is quickly approaching Florida from the eastern Atlantic. Tropical Storm Irma – soon to be Hurricane Irma – is projected to be a major storm and may make landfall along Florida’s coastline. The time is now to stop looking at flood pictures
After a flood or other substantial water event, flood insurance policy holders are often surprised to learn what is covered by their flood policy – and more surprisingly, what is NOT covered under their flood insurance policy. As I have written about before, flood insurance is totally separate from homeowners insurance, and both provide
Policyholders are often shocked to learn that the loss settlement check they receive from the insurance company is payable not only to the policyholder, but to their mortgage company as well. Homeowners insurance policies are broken down into several types of coverage – whether for the building, personal property, liability, alternative living expense, or
Most people believe that when they buy homeowner’s or commercial property insurance that they will be covered for any damage that may occur to their property. Unfortunately, as many people have painfully learned during recent flooding events, the normal policy of homeowner’s property insurance does NOT provide coverage for damage caused by “rising water” or