Did you know that 90% of most property insurance claims are water damage claims? Water damage claims can be caused by a broken pipe, A/C leak, shower pan leak, roof leak, even a toilet overflowing can cause water damage to your home or business. All these losses accumulate to the majority of water damage insurance claims. These types of property claims can settle for far more at least 5 times more than meets the eye.
It is very common for most water damage claims to lead to mold damage as well. In order to prevent further damage and/or mold growth, and also to show your insurance company that you acted accordingly to your homeowners’ policy, it is necessary to mitigate damages as soon as they are discovered. Mold growth can exist after suffering a water damage in your home or business in as little as 48 to 72 hours. When it is initially discovered, the first step in a property water damage situation is to mitigate the situation and dry out. These type of claims are usually covered. However, if they are not properly filed and presented properly to the Insurance Company, this could present issues.
Cohen & Associates Public Adjusters highly recommend to always have your public adjuster file your initial claim. It is always the the property owners responsibility to find the source of the leak, stop it, and prevent it from causing additional damages. Make sure to call your local plumber so he can present you with a plumbing report of what is the cause of the leak and what needs to be repaired. Your insurance carrier will request this report. Make sure to keep all receipts and take pictures if you have any.
Don’t hesitate or be unsure, after any water damage loss in Florida, it is imperative that you contact your public adjuster. Contacting your public adjuster prior to you establishing a property claim is very important with water damage, as homeowners run the risk of underestimating their claim, or cleaning up damage that prevents them from getting a full claim. This is also why it is a necessity that any homeowner or business owner hire a public adjuster to establish and handle their property insurance claim. A good public adjuster will be able to determine the cause of the loss, and therefore maximize your property claim
If you have already filed your claim, a public insurance claims adjuster can still help you improve your claim and re-reimbursement.
We have encountered many homeowners that have an endorsement in their policy that contains a “’water damage exclusion” or “water damage aggregate limitation” (which is usually 10K limit). When you are purchasing or renewing a homeowner’s insurance policy you may be getting approx. anywhere from $200-$700 off your premium payment. You are given this discount because you are basically giving up your coverage on any type of water damage to your property and basically leaving you and your home or business uninsured against water damages (which is the majority of property damages claims reported).
Remember a small discount in your premium can cost you in the thousands if you are not properly insured and carry the right insurance.
Call Cohen & Associates Public Adjusters for a FREE policy review. We will be more than happy to guide you in the right direction.