Immediately after a recent hurricane in Florida a lot of people are making claims for the massive damages that resulted from this catastrophic event. Most people are struggling with insurance companies to cover their damages; they depend on insurance companies for both financial and physical recovery. If you have been affected by this disaster your insurance coverage will cover most of the damage incurred from the hurricane. Some important steps that must be taken if you want to make your claim. Don’t go to your insurance company and think it’s going to be an easy process, you may need to seek professional advice on how to deal with the insurance adjusters that you deal with on your claim. Remember they are there to aid the insurance companies not you.
Hurricane Insurance Claims – Are Businesses Covered?
Whenever it comes to natural disaster most people take into consideration that insurance is for the home only without thinking of their businesses. Recently, businesses in Florida have faced massive losses and the question now is; do insurance companies cover such businesses that have faced massive destruction? These businesses affected are facing a lot of problems when it comes to dealing with insurers. Yes, it’s tough for the insurance companies also because they’re dealing with physical damage and business income loss that resulted from the disaster. Making claims for natural disasters is a tricky process and you cannot do this alone You need a professional and experienced lawyer that will guide you throughout the process in order to deal with your insurer.
Does Insurance Cover Hurricane Damage?
Hurricane insurance is really a complex process and when it comes to making claims it depends on the insurer’s policy and the type of plans you have with the insurer. Private home insurance doesn’t cover any flood damage, while hurricane winds are fully covered. Insurance companies have special deductibles for homeowners which can take care of hurricane damage coverage. The amount of coverage you’ll get on hurricane damages depends on the premiums and deductibles you’re paying with the insurer; it is mostly paid based on a percentage of the coverage you want.
Hurricane Insurance Claims – Business Coverage
Just like in the case of homeowner’s insurance, business insurance also covers roof and wall damages, the materials that are within the building like computers and other electronic equipment. Most available insurance policies cover damages caused by wind yet they don’t cover damages caused by flooding. If businesses want coverage for flooding they can, however, apply for separate coverage, business insurance policies are unique and expensive because they cover the loss of income as well.
Getting your claims processed due to loss of income is really difficult for most insurers and this is because there are exclusions in your policies. For the hurricane in Florida, most businesses lost their claims from the insurance company because the damage wasn’t caused by the storm but due to the flooding that occurred nearby.
Loss of income claims also can take a very long time before they’re even approved and most time it leads to disagreement. There is a lot of paperwork involved when it comes to making such claims. You have to provide a report of profit and loss for the current year and the previous years so that you can justify your claims. This in-depth review must be done by a forensic and professional accountant and can take several months or even a year sometimes before this analysis is done. The compensation a business owner would receive will depend on the type of hurricane that occurred and also it will be analyzed to see if the business is able to make a profit in the next quarter. All the confusion that results from being involved with the process would be alleviated with a professional attorney. Your claim should be done under the supervision of a lawyer in order to avoid your claim from being rejected because you did not understand the process.
Most insurers don’t really cover the loss of income in your claims. Even the National Flood Insurance program doesn’t cover the loss of income; they only cover structural damages that are up to $500,000 and also the same amount for the contents of the building that are destroyed. If you are a homeowner and your house or/and business has been damaged during the hurricane season, you will definitely need legal advice to make your claims. You should contact us at Massey & Duffy for a free consultation on how to handle the insurance adjusters and claims appropriately.