An unexpected flood has damaged your furniture, floorboarding, and even the drywall? Thankfully, Floridian insurance companies cover water damage in most insurance policies. Homeowners only need to study their insurance policies to see what payout they can expect if they can file a claim. ProFloridian Public Adjusters is here to shed light on some of the confusion about water damage coverage!
Know Your Water Coverage
Insurance companies offer different types of water coverage. Depending on your insurance policy, you may or may not file a water damage claim in specific cases. After filing the claim, the adjuster will assess your damage and, if it doesn’t match with the official description outlined in your policy, the claim is void. To avoid wasting time, we recommend consulting your insurance policy and looking for a few terms that we’ll discuss below.
This section refers to the types of damage covered by your insurance policy. If your policy is All Risk (known as Open Perils or Named Perils policy), then the coverage is limited. It covers all types of damage that the policy doesn’t specifically exclude.
RCV And ACV
Does your coverage mention Actual Cash Value or Replacement Cost Value? These are two different concepts that lead to different payouts. Actual Cash Value subtracts both the deductible and depreciation value from the payout. On the other hand, the Replacement Cost Value only subtracts the deductible from your payout, but it doesn’t subtract the depreciation.
What About Deductible?
Your deductible is the out-of-pocket amount you pay to repair your home for water damage. Before giving you the entire payout, an insurance company may want proof that you already paid the deductible. This is the case with RCV-based insurance policies, where the insurance company includes the deductible in your payout.
What Is a Damage Exclusion?
Exclusions are types of damage not covered by an insurance company. If your policy has exclusions for hurricane and tornado damage, for instance, the insurance company won’t compensate you for these damaging events. In case of water damage, your policy could include exclusions for hail damage. So, if the water damage is caused by hail, there’s no payout for you.
What Do I Do in Case of Water Damage?
Water damage is pretty severe if you don’t take care of it right away. It can damage the walls and floorboard extensively, leading to mold and mildew eventually. That’s a whole other problem that may require another claim to your insurance company. Furthermore, your homeowner’s insurance policy demands that you take all the precautions and countermeasures to prevent more damage from occurring.
If you can’t prove that you tried to prevent the water damage, your insurance company may refuse to handle a payout. ProFloridian Public Adjusters can help you file a successful water damage claim in no time. Having our expert with you will improve your chances of getting maximum compensation for your losses. It’ll also simplify the claim procedures significantly.
We’re the most trustworthy and efficient water damage public adjusters in Florida. We don’t waste any time as we try to get you the repair money right away. The sooner you can deal with the water damage in your home, the better. Even if you pay your deductible, we’ll bring evidence of it and have your insurance company include it in the payout. Of course, this depends on the ACV vs. RCV terms in your insurance policy.