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It takes quite some hard work to acquire properties such as a home, household furniture, jewelry, and cars. Unfortunately, situations such as hurricanes, floods, fires, and theft could mean losing all or part of your property within no time.
Fortunately, if you have insurance coverage for your property, you could recover compensation for damages. Additionally, you may be eligible for compensation if another person’s negligence causes damage to your property.
This guide highlights four types of property damage and what you can do about them.
1. Wind and Hail
Wind hail storms and tornadoes can occur anywhere, leaving a trail of destruction in their wake. Under normal circumstances, you should recover compensation for property damage resulting from a hailstorm thanks to your home insurance coverage.
If you live in a hail storms and hurricanes prone area, insurers may require you to buy additional coverage, so you need to confirm with your insurer if your home is covered against these perils.
2. Water Damage
A considerable part of the US experiences freezing winters. If a home’s water pipes are not adequately insulated, it could result in water freezing inside the pipes. As water freezes, it changes its structure to form hexagonal-shaped crystals, which causes it to expand.
This expansion can sometimes cause the pipes to burst, resulting in water damage to your home and property. Luckily, this type of damage is covered under home insurance. Your home insurance may also cover flood water, ice storm, and rainwater damage.
3. Theft Damage
According to a study conducted by Jacksonville State University in collaboration with Crimepreventiontips.com, one home is burglarised every 15 seconds in America. This translates to 4,000 burglaries every day.
Also, the study shows that most burglaries occur during the day. Damages resulting from burglaries are compensable under home insurance. However, it is essential to put measures in place to prevent burglary because every claim can mean paying a higher premium when renewing your policy.
4. Fire Damage
Fire damage is not prevalent; however, it can be very destructive. If your home is not covered for fires, it could mean losing a substantial portion of your life’s investment.
If another party causes a fire, you could sue them for damages. However, you may need to work with a lawyer under such circumstances to increase your chance of recovering compensation.
What to Do After Property Damage
Events that cause property damage can strike at any time. So it is a good idea to have coverage against common perils. Insurance claims should be straightforward, but as always, you may encounter some pushback when pursuing compensation from an insurer.
So, working with a property damage lawyer is best when pursuing your insurer or the liable party’s insurer.
If property damages are from a natural peril, the filing process may be straightforward as it would involve your insurer. If a private entity, government agency, or person is responsible for the damage, you will need to issue a property damage claim notice to the liable party or their insurer with the help of your lawyer.
Upon receiving the notice, the liable party will send a reply agreeing to pay or disputing liability. If the latter happens, your claim will take the natural course in property damage cases.
The at-fault party can choose to pay at any point of the process or go to trial, where a jury determines fault and the value of compensation based on the severity of the damage.
Final Words
Property damage can take you many steps behind. Even while you could recover compensation for damages suffered, there are some things you could never recover, for example, if a fire destroys something with sentimental value to you. Even so, recovering compensation for damages can make the situation much better.