Property damage to real estate can be a result of natural or man-made causes.

Very often, real estate is the single largest asset in an individual portfolio. Protecting that asset is a paramount concern for individuals and businesses alike, and that includes compensation and recovery when your property has been damaged.

In cases where real estate has been damaged as a result of natural causes, you generally first want to contact your insurance carrier. If it is a clear case of, for example, damage as a result of severe weather, your insurance may be sufficient to rectify the damage. In fact, it is very important to carefully consider whether your insurance policy will fully protect your real estate assets against any and all possible events of that nature.

However, if the damage is a result of the actions of another person, then it may be time to consult with a property damage lawyer.

Examples of property damage which may be recoverable include:

  • Negligent home repairs made by a contractor that causes consequential damage.
  • Damage to property caused by a bordering property owner’s negligence.
  • Any act resulting in damage caused by a third party.

One way to protect your assets is to create a visual inventory of them. Check out the 17 Items to Have a Video/Photo Inventory to Recoup a Property Damage Loss to best protect your valuables.

What is property insurance and why do you need it for your real estate?

roperty insurance is an important consideration if you own or rent, these songs it is most often required by the mortgage company.

Umbrella policies give additional protection, often for very little premium increase. This additional protection affords the insured greater piece of mind.

The key considerations in purchasing a property insurance policy for real estate are:

  • Make sure the policy covers contingencies that are most common for the area the property is in, but also contingencies that are less likely, but still reasonably possible. 
  • Policy limits need to reflect the current reality of the investment and/or assets in place at or in the property. As you add furniture, art, jewelry, or other valuables, you may find that your previous policy ceilings are too low.
  • A business may add expensive equipment, or a home or other structure may undergo renovation or improvements over a period of time. Policy limits need to reflect these changes.
  • Homeowner’s insurance covers not just the home, but also things inside the home.
  • Rental insurance coverage is for the personal property owned by the renter that inside or at the rental property. Be sure to have adequate protection to cover all loses to personal property.
  • Even if the structure at your property is not yet completed, you will want some insurance in place to protect that uncompleted structure. Liability insurance,  and construction insurance should be in place while your building or structure is being constructed.
  • If you don’t own the property, but lease or rent it, you will want to pay careful attention to your renter’s insurance. If damage occurs and you are found to be at fault for that damage, you can be on the hook for not only your own losses, but the losses of an adjacent property owner or neighbor who suffer losses.  in some cases.

Be sure you buy the right insurance coverage for the purpose that the property is being used.

What happens when the insurance company you are paying to protect your real estate doesn’t hold up their end of the agreement?

You buy insurance to protect your investment, and you expect your insurance company to hold up their end of the agreement. The reality is, insurance claims can be difficult, the process of getting paid time-consuming and frustrating. Sometimes, though, a fair settlement is hard to agree on. And sometimes it’s not possible to come to terms at all.

Insurance companies are in business to make a profit. For that reason, there are exclusions, caveats, and exceptions to most policies which can make a huge difference in any settlement. How insurance companies value properties, or pay out for repairs or replacement can make a big difference as well.

There are times when it becomes necessary to to hire a skilled attorney to protect your rights. Property damage lawyers can do this. The first step is often taking a look at the policy and comparing the terms of that policy to claim you are making.

As a property damage attorney, I work with property owners to help them recover damages in such cases. If you would like a free consultation to discuss your rights or have a question, contact me at property damage lawyer.

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