When filing a property insurance claim, “damage” can mean all sorts of things. You don’t just sustain damage and get reimbursed without going through a complex process. Insurers take the time to assess their idea of scope of damage, their interpretation of details in your policy, and the category of loss that determines how they want to pay. Did your insurer deem your case a total loss? Find out what that means and what you should do in this comprehensive guide.
When you want a fair outcome for your insurance claim, schedule a consultation appointment with Altieri Insurance Consultants Palm Beach today! We’re the partner property owners rely on.
Defining a “Total Loss” In Property Insurance
There’s an insured loss, and then there’s total loss. You might have heard this term before in car insurance. When a car is deemed a total loss, it’s considered irreparable by reasonable means. It would be more cost-effective to replace the car entirely rather than repair it.
Total loss in property insurance works in different ways and becomes more complicated depending upon the characteristics associated with the property, the buildings situated on the property, and the extent of damage. With all of these factors to be considered, a total loss in property insurance can be guided by application of past legal precedent case law decisions, or when the calculated estimated damage amount exceeds policy limits, or when the damage amount combined with other complex repair factors cause the insurer to commit to pay policy limits. The public adjusters at Altieri have handled hundreds of these specialized types of claims, identifying all factors associated with the complexities of Total Loss Adjusting navigating our clients to favorable outcomes they could never have imagined when the damage first occurred. Our team is ready to carry you through this big challenge, both emotionally and professionally.
Learn more > Policy Types Explained: Replacement Costs vs Actual Cash Value
Your Property Was Deemed a Total Loss. Here’s What You Do:
In general, total loss situations are not quite as frequent as the common everyday property claim, even in Palm Beach, but it still happens often enough that you should be prepared for the if and when. Therefore, when you sustain severe damage, it is always best to hire your own advocate, a professional public adjuster who demonstrates the knowledge to bring your total loss claim to a full policy limit payment.
Tips for your total loss insurance claim to go more smoothly if you keep this checklist on hand:
- Let your insurance company know of the damage immediately.
- Look for anything that can compromise the safety of your property.
- Take photos, videos, and written records of all the damage.
- Hire a reputable public adjuster you can trust and who has a proven record of success.
A public adjuster in Palm Beach will be able to help you better understand your policy, so you know the factors behind your settlement amount. This will give you a baseline on what’s fair and when it’s appropriate to negotiate. Not the greatest negotiator? Your public adjuster will step up to the plate and give it their all to get you the best possible offer!
| Altieri Insurance Consultants has decades of experience in policy reviews and insurer negotiations. Read our success stories to see firsthand why we’re counted on for total loss insurance claims in the area. |
Altieri Insurance Consultants Palm Beach Is Here to Help You Navigate Total Loss Claims!
From your typical claim in Florida to total loss cases, Altieri Insurance Consultants Palm Beach will help you receive the correct amount for your insurance claim so you can get your life back! Call us today at (813) 247-4757 to schedule a consultation with our friendly and talented team of public adjusters near you.
