Living in Florida comes at a price. We’re not talking about the cost of groceries or other living expenses post-inflation. The larger threat could be lurking in your insurance premiums and your resulting claims settlement. Don’t lose out on any money you have the rights to! This guide reveals how insurance companies assess claims in high-risk areas so you can know if you’re getting what you are owed.
When you need a public adjuster you can trust, Altieri Insurance Consultants Tampa is the partner property owners rely on!
Here’s What Influences Your Settlement Offer As a High-Risk Property Owner:
Your heart will forever live in Tampa. How can you walk away from the warm sun that makes your skin glow, or the tropical vibes so great that people fly in from across the country to experience it for just a fleeting moment? It’s easy to soak in the salty air and forget that being coastal means being a high-risk property owner.
When living in Florida, you are considered near a body of water regardless of your actual location. Therefore, with the Atlantic Ocean or Gulf being close enough, it is easy for them to classify you as a high-risk property. It is natural for insurance companies to treat high-risk properties with a keener eye, closely inspecting these critical aspects of a damage claim:
- The exact location of the property
- The overall pre-loss physical condition of the property
- Your maintenance history
- The extent of the damage
- The actual cause of the damage
- The terms, exclusions, and reduced sublimits of the insurance policy
After taking a close look at these critical aspects, your insurer in Tampa may use a variety of methods to accurately assess your property damage claim, from their perspective.
Read more > Critical Insurance Coverages Homeowners In High-Risk Areas Need
Actual Cash Value vs Replacement Cost Value
A fair settlement is what you need to get your property back on track. Whether you’re running a business or have tenants waiting on you to restore their units, it’s not just a race against the clock. It’s a matter of getting your life back. Insurance companies may use one of two methods for calculating your settlement offer:
Actual Cash Value (ACV) goes off of your property’s current value. Factors that can greatly impact ACV include the age and use of various categories of materials used in the construction of the building. ACV considers the property’s depreciation rate and its current condition through wear and tear over time; therefore you receive a reduced claim value payment.
Replacement Cost Value (RCV) would reflect the amount you need to replace or repair the damage, not factoring in the impact of depreciation. However, to receive the RCV payment, you must complete all insurer approved work first, then prove to them you have spent all of the money associated with the approved repair or replacement.
The choice between these two policies can be the difference between hundreds or thousands of premium dollars. Make sure you’re getting the right policy for your Tampa property!
Read more > Policy Types Explained: Replacement Costs vs Actual Cash Value
Data From On-Site Damage Assessments
Someone will come to your property to assess the damage. How thorough they are will depend on the expert hired for the job. It’s not uncommon for insurers in Tampa to overlook details that could increase your settlement, be it intentional or not. This is why it’s always advised to get a public adjuster involved for a second opinion.
The Power of Negotiations
After all of the investigating and assessing by your insurer, it comes time to discuss reimbursement. You have a good idea of how much you need to restore your property, and there will be times when your insurance company’s offer won’t be quite what you expected. When this happens, public adjusters in Tampa can negotiate on your behalf for a fairer settlement. The insurance policy is there to be used to pay you by its terms. It is not there to be used as a construction repair contract because you will always come out on the short end. Letting the insurer turn your contractor’s estimate into a bill-trading contest is always a loser.
Live In a High-Risk Area? Get What You Are Owed With Altieri Insurance Consultants Tampa!
Insurance companies may put work into assessing your property, but that doesn’t mean you should take their word for granted. Reach out to Altieri Insurance Consultants Tampa today to hire a dedicated team of public adjusters who are ready to help you get the correct amount for your damage claim!
