Insurance Claims (Property)

There are many situations in which an insurance claim can arise from damage or loss related to property damage. The insurance claim process can be complicated and time-consuming, more so when a substantial amount of money is being claimed under a policy.

Property insurance is intended to provide policyholders financial protection by covering the costs of repairs or replacement when an insured property is damaged by covered losses. These policies provide financial support in the event a policyholder’s home is subject to damage or loss. Property insurance can include homeowners policies and personal property insurance, among others.

As with most insurance policies, the basic purpose of homeowner or personal property insurance is to transfer the risk of damage or liability from one person (the insured) to another (the insurer). This type of insurance provides financial peace of mind and security to homeowners in the event of unforeseen events, such as a house fire or a break-in, causing damage to a person’s home or their property.

When an insured home or property is damaged by a covered loss, policyholders may be entitled to make a claim under their policy for repair or replacement cost associated with the loss. Homeowners insurance policies often include personal property coverage, though the two can be separate policies, as the case may be where a person is renting a home and seeks to insure their belongings.

Personal property coverage, like general homeowner’s insurance, is intended to replace or pay for repairs for belonging which have been damaged or lost in events such as fire or theft. Personal property insurance deals with items and belongings that you own, such as clothing, furniture, along with other household items. The expenses which can be associated with losses such as fire or theft to a home or personal property may be significant. For this reason, insurance companies are extremely thorough when considering approval for claims submitted under homeowners policies.

Homeowners policies may also include coverage that goes beyond damage to one’s home or belongings. Some homeowner policies provide policyholders coverage for costs associated with another person being injured on the policyholder’s property.

Some policies also offer the policyholder coverage if they accidentally damage the property of another person. As each policy will vary, it is important to know what type of coverage you are paying for, as you could potentially have coverage for a number of unforeseen accidents.

If you believe you have a claim under a homeowners policy, our lawyers can evaluate your insurance policy to determine what compensation you may be owed, and we will assist you to ensure you receive your maximum entitlements under your policy. Call FDT Law today at 1-800-563-6348.

Insurance Claims