Property damage claims are made every day. Many times property can be damaged because of bad luck (water leaks, mother nature, etc.), but other times it can be caused by somebody else’s negligence, such as in the case of car accidents, damage to your home caused by your neighbors, or defective work done by contractors.
Determining the Value of Your Property Damage Claim
Whatever the cause of the accident, people always want to know what their case is worth. This is an extremely difficult thing to estimate and requires consideration of a variety of factors:
1. How Much Will It Cost to Repair the Damage?
First and foremost, you will need to figure out what it will cost to repair the damage or replace the damaged items. This will likely be one of the biggest components of any property damage claim.
2. Is There Insurance to Cover the Damage?
This is really more of a practical question than anything else. If somebody caused your damage but doesn’t have insurance, they may not have the money to pay for the value of your losses. Similarly, if you suffer property damage that was not caused by somebody else’s negligence and you don’t have insurance, you likely will have no way to recover for your damages.
3. What Losses Have You Suffered?
In addition to the cost of repairing the damage and/or replacing the damaged items, there are other losses that you might be able to be compensated for, such as loss of use, lost income, emotional distress, and out-of-pocket expenses. Properly evaluating your claim requires consideration of all of these different items of damages.
4. Is There Anything That Would Legally Limit Your Ability to Recover?
You should keep in mind that contract provisions and other laws may limit your ability to recover. For example, some leases may protect a lessee from being sued for damage to leased property. Likewise, the law may limit your ability to have your property repaired and you may only be able to be compensated for the decrease in value. You should consult with a property damage lawyer to fully understand these potential limitations.
5. Did The Insurance Company Timely Adjust and Pay the Claim?
Insurance companies can be liable for penalties and attorney’s fees if they fail to timely adjust and pay property damage claims. These additional items of damages will increase the value of your property damage claim.
New Orleans Property Damage Lawyer
If you’ve suffered property damage, you will likely have many questions. The Mahone Firm can help. Call (504) 564-6342 today to discuss your options with a Louisiana insurance lawyer.