Many insurance policies, including auto, homeowners, renters, and business, will cover property damage claims. While many people will make claims for damage to the structure of their homes and cars, nearly anything you own can be insured against loss, including computers, jewelry, appliances, furniture, and even clothing.
In order to collect reimbursement for your items, you will have to prove the value of your damaged property. Some insurance policies will cover the amount it takes to replace your lost items, while others will give you the original cash value. In most cases, an insurer will pay the amount it takes to replace or repair the item, unless restoration will cost more than the property is worth.
In order to get fair payment for your damaged items, you should have evidence of the:
- Price paid. If the item you lost was relatively new, you can prove its worth using the original receipt. If you cannot find the receipt, you can contact your bank to help them track down the charge. You will need to know the approximate purchase date and where you bought the item.
- Repairs. If it is possible to wait to perform repairs on your damaged property, you should do so and collect estimates for any work that needs to be done. However, many damaged items (including cars and houses) will need immediate repair to prevent further loss or destruction. If you must get repairs now, save and make copies of all invoices or receipts related to repair costs.
- Replacement value. Many people are surprised to find that an insurer will not pay full price for an item that has depreciated in value. An item’s actual cash value will go down significantly over the years it is owned, (such as when a car begins to lose value when you drive it off the lot). Similarly, an item cannot be replaced for more than it is worth due to sentimental value.
- Economic damages. You may have had to live somewhere else while your roof was repaired, or missed work due to cleaning up the mess from a fire or flood. Always keep receipts or any expenses you incur, and keep a clear document trail—such as emails and paid time off statements—showing your family’s economic losses.
An Attorney Can Help You Get a Fair Replacement Value
An insurance company's claims adjuster will need as much evidence as possible showing both the cause and costs of your property damage in order to get you fair compensation. The attorneys at Wayne Wright can gather the necessary evidence to get you the funds you need to rebuild. Contact our office or call us today at 800-237-3334 to have us examine the details of your case at no cost to you!