The age of your property does have an effect on what your insurance company will pay you for a property claim. As a policyholder in good standing with your insurer, you deserve the best for your property when the time comes to file a claim despite how long you’ve been with your insurer. In this article, you’ll receive insights on how the age of a building can affect an insurance settlement and how Altieri Insurance Consultants Tampa can help!
Think Like An Insurance Provider For a Second…
To you, it might not be fair to judge a property based on its age. To an insurance provider, however, it’s completely justified. Think of it this way: Your insurance policy is meant to respond to fortuitous loss as described by its terms. It is not a maintenance policy.
Obviously, a brand-new building is far less likely to run into issues than a significantly older one. The age of a building transitions into depreciation deductions at settlement. An older building or home, can be considered a ticking time bomb to an insurer. The older the materials that make up a building are, the more depreciation for wear and tear of those materials is used by the insurer to reduce claim payment. Therefore, to overcome the stigma of an older home being severely depreciated, it is best practice to maintain your property by replacing those items that fall into disrepair through typical wear and tear by daily use. Properties that are decades old are favorite targets for extreme reductions in depreciation. Take that weapon away from your insurer by maintaining your property to its fullest before a claim event occurs.
Here’s What Can Happen With Older Homes:
What type of damages are older homes more susceptible to? Here is what you can expect sometime in the near future:
Roofing Damage
When homes get older, the roofing is many times the first to degrade. Many property owners fail to maintain their roofs, avoiding annual inspections and repairs. Years or decades of neglect can cause existing damage to spread and worsen. Because aging roofs (especially those 20 years or older) are likely to result in damage, insurance companies may be reluctant to offer a full payout. In today’s insurance climate, an insurer may not even insure your home without a new roof.
Damaged Plumbing and Electrical Systems
As you can probably surmise at this point, old piping can fall apart and old electrical systems can go haywire. Even if these damages have yet to occur, outdated plumbing and electrical components can be seen as safety hazards. Therefore, neglecting these areas may result in a denied insurance claim.
Structural Integrity Failure
Buildings that have been built decades ago may not meet the current building codes. When you don’t upgrade your property to comply with today’s regulations, your insurer may deny your claim because the building may be seen as a safety hazard and a liability.
Is This Fair For You? We Don’t Think So
Let’s say that you are keeping up with maintaining your property, replacing old fixtures and staying up to date with building codes and such. If your insurer still denies your claim or offers you much less than what you are owed just because of the age of the building, you can fight back!
Not everyone owns a brand-new building, but that shouldn’t be a problem for you. Understanding how to collect the proper payment, even when depreciation is to be applied, is key to successfully resolving your insurance claim. At that point, you need a team of public adjusters like Altieri Insurance Consultants to help you settle your claim the right way. Altieri has a track record of helping the community get what they are owed!
Get What You Are Owed With Altieri Insurance Consultants!
The age of your property shouldn’t stop you from receiving a fair settlement. The house can be decades old, but if retrofitted with new materials, you will be able to avoid the dreaded severe depreciation deductions insurers will gladly take from your claim payment. If you have a property insurance claim, get in contact with Altieri Insurance Consultants Tampa to get your life back! Meet the team today and see what we can do for you.
