If you are in the process of making a homeowner’s insurance claim or renter’s insurance claim in Fort Lauderdale, Florida, Leader, Leader, & Zucker, PLLC are insurance claims lawyers who can assist you with the claims process. One of the ways that homeowner’s insurance or renter’s insurance protects you is by covering the contents of your home should you experience a natural disaster, fire, theft, or other covered loss. This means that your policy will not only pay to repair your home if it is damaged, it will pay to replace or repair furniture and other items that may have been damaged in your home.
Part of the challenge of the insurance claims process is that not everyone knows what their policy does and doesn’t cover. This is normal. Homeowner’s and renter’s insurance policies can sometimes be complex and include fine print. While most homeowner’s insurance and renter’s insurance will cover you for the loss, damage, or theft of most of the items in your home, the amount of money you’ll receive for these losses will vary depending on the type of insurance you have. There are two main types of homeowner’s or renter’s insurance that can cover the contents of your home. One policy is an actual cash value policy and the other is a replacement value policy. What are the differences between these policies and how can they impact your claim? Below we’ll discuss these two different types of policies. If you are not sure which policy you have and are trying to make a claim for the loss, damage, or theft of the contents of your home, you may want to speak to Leader, Leader, & Zucker, PLLC in Fort Lauderdale, Florida. The policy you have can make a big difference in the outcome of your claim and how much money you may be entitled to claim. Our insurance claims lawyers can look at your policy and help you understand what kind of policy you might have.
Actual Cash Value Policies
If you have an actual cash value policy for your renter’s insurance or for your homeowner’s insurance policy, you’ll only receive the value of the items you lost based on how much they are valued today. Older items are worth less than they are new, so individuals with actual cash value policies won’t receive enough money to purchase new items that were lost. Rather, individuals with this type of policy will receive what the adjuster determines is a fair market value for the items lost, taking depreciation into account. When making a claim, if you have an actual cash value policy, it is useful to have an itemized list of the property that was damaged, stolen, or lost, and descriptions of each item’s model, make, and age. When it comes to determining the actual cash value of items, this is where negotiating with adjusters may be possible. For example, your insurance adjuster may use a formula to determine that your 2-year old computer was worth, say $300. But if you can show your insurance adjuster that the cost to purchase that same 2-year old computer on the market today is actually more than the adjuster’s estimate shows, then you may be able to negotiate a higher settlement. If you are struggling because your actual cash value policy reimbursement isn’t enough for you to purchase new items, the bad news is that you won’t likely be able to get a settlement that would permit you to purchase new replacement items. This is just not what the policy covers. However, the good news is that your insurance should be sufficient to make you whole. This means that if you do your research, the amount of money your insurance company should provide you ought to be enough to purchase similar used items on the market. Leader, Leader, & Zucker, PLLC are Fort Lauderdale, Florida insurance claims lawyers who can assist you with negotiating with adjusters if you believe the settlement you are receiving for your actual cash value policy is too low.
Replacement Value Policies
A replacement value policy is more robust than an actual cash value policy. This policy should reimburse you for the full value of the items you lost if you were to buy similar items new. Replacement value policies may vary, but some policies will only reimburse you the full value of the item once you submit receipts for the purchased replacement item. Before going out and purchasing replacement items, it is important to speak to your insurance adjuster, because some insurance companies may have recommended or preferred vendors where you must purchase the replacement items and some insurance policies will only cover certain models when you purchase replacement items. If you find yourself having difficulty making a claim for your replacement value policy, or if you are not certain whether you have a replacement value or actual cash value policy, consider speaking to the Fort Lauderdale, Florida insurance claims lawyers at Leader, Leader, & Zucker, PLLC today. Our insurance claims attorneys can review your policy and help you work with adjusters to assist you in getting the best possible settlement permitted under the law.
Other Issues with Insurance for the Contents of Your Home
Individuals with homeowner’s insurance or renter’s insurance can sometimes encounter difficulties if they own expensive items like jewelry, electronics, or collectible items. While typical homeowner’s insurance or renter’s insurance can cover you for the contents of your home, this insurance may have limits on how much each item can be worth before the insurance limits are reached. If you own expensive items, you may be required to purchase a rider for your insurance to cover these special items. When homeowners or renters have insurance, and lose these valuables, they may either not always understand policy limits. Leader, Leader, & Zucker, PLLC are insurance claims lawyers in Fort Lauderdale, Florida who can help you navigate all aspects of the claims process. Whether that means reading your policy, helping you understand your rights, or fighting to help you get the best possible settlement under the law, the insurance claims lawyers at Leader, Leader, & Zucker, PLLC are here for you.