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How Are Fire Damage Claims Calculated? Our Guide

How Are Fire Damage Claims Calculated? Our Guide post

A fire isn’t just a fire. There are so many factors to consider when making a claim that it can leave even the most confident individuals trying to figure out where to start. Your trusted team of public adjusters at Altieri Insurance Consultants Ft. Lauderdale is here to offer valuable expertise in how fire damage claims are calculated. When you need help filing your fire damage claim, reach out to schedule a consultation!

Doing the Math For Your Fire Damage

One item at a time, one room at a time. Creating a record of items damaged by fire, in some of the filthiest of conditions, is a daunting task for a novice, that can take weeks to compile and months to establish value. There is no air conditioning to work in during the summer, and if up north, there is no heat to work in during the winter. Many items are piled on top of each other or even burned out of sight. To create an organized list to follow at a later date is quite a chore, let alone tabulating an accurate valuation process, while remembering the ages of each item listed that the insurance company will be sure to demand for depreciation. Additionally, many people do not realize you are supposed to value your lost items using today’s costs to replace them, not what you paid years ago, otherwise you shortchange yourself.

Factors That Pros Account For

When calculating the expected cost of your fire damage, it’s better to hire a professional who performs the physical tasks necessary to create the complete presentation for your carrier to review and does so from a professionally prepared perspective. A public adjuster will study your insurance policy to determine coverage, prepare an accurate damage appraisal, research today’s replacement costs, factor in appropriate depreciation, and document their findings supporting your loss to the carrier.

What Can Influence the Value of My Fire Damage?

Let’s take a closer look at the various factors involved in calculating fire damage so you can know what to expect when you hire a public adjuster:

The Type or Cause of the Fire Damage

Identifying fire damage involves more than just tallying up what’s burnt. Fire will contaminate your entire property, and it creates its own form of damage with soot, smoke, and carbon deposits (whether visible to the naked eye or through microscopic identification), whether observed on plain-in-sight surfaces or hidden in remote obscure partitions. You also need to account for water damage that occurred when firefighters were putting out the fire. Public adjusters know how to look for all of these signs to bring a comprehensive claim document to your insurer to adjust.

How Bad Can the Damage Become?

Of course, the size of the fire can greatly alter the value of the damage. However, a small fire can still generate loss in the tens of thousands, while a larger fire can escalate loss exponentially. Sometimes, a severe enough fire can result in damage that equates beyond the insured value of the property itself. 

The Terms of Your Insurance Coverage

Not all insurance policies are the same, and that fact can affect your fire damage claim. In claims where loss exceeds policy limits, it is imperative that a policyholder has their claim fully documented to collect all available coverage from its policy. You must prove the loss value to the insurer to be sure all areas of coverage are considered for payment, including those which only trigger once policy limits have been exhausted. 

A public adjuster can review your policy with your interests in mind, determine what areas of coverage apply, and match those with the damages sustained to provide you with the best opportunity towards getting your life back.

What to Do If Your Offer Is Lower Than Your Estimate

If you decided to go it alone on your claim but feel like you’re not receiving what you are owed or your claim was outright denied, it is time to get the professional insurance consulting help you need by hiring a public adjuster. Public adjusting firms are there to help you receive the correct amount with fire damage claims services backed by industry knowledge and expertise.

Make Sure You’re Getting the Correct Amount. Call Altieri Insurance Consultants!

Need to make a fire damage claim? Reach out to Altieri Insurance Consultants Ft. Lauderdale and let us handle your fire damage claim for you! We’ll handle every step of the process so you can get your life back.

The Partner Property Owners Rely On.

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