WINDSTORM INSURANCE CLAIMS
When Disaster Strikes
Hurricanes, tropical storms, straight line winds, and tornadoes can cause devastating damage and loss to your home or business. With large loss claims, it may not be in your best interest to rely on your insurance company to adequately document the damage.
You should always take your own pictures and video. Thoroughly document your losses. Be careful not to throw anything away without getting permission from your insurance company.
In large loss claims, it is also be helpful to keep a log of all conversations with your insurance company. Note the time, date, who you talked to and and what you talked about.
Keep copies of all written communications. Also keep copies of all receipts for services and repairs you pay for as well as for all items you replace.
When you have an insurance claim, read your policy carefully. You may have several different types of insurance coverage to help you get back up and running.
You should have insurance coverage for the contents of your building (including valuable papers and data); coverage to replace or repair the building structure; and coverage for business interruption to help you keep your business going when you are not able to operate normally.
You also need to understand whether you have “replacement cost coverage” or “actual cash value coverage”.
- Replacement cost is what you would pay to rebuild or repair your property, based on current construction costs. Replacement cost is different from market value and does not include the value of your land.
- Actual cash value is what you would pay to rebuild or replace your property minus depreciation. Depreciation is a decrease in value due to wear and tear or age. If your building is destroyed and you only have actual cash value coverage, you may not be able to completely rebuild.
Business insurance claims can be complex. If you have any doubt about whether your insurance company is being fair, you should contact an experienced insurance attorney.
Insurance Bad Faith
We have the experience to walk you through the insurance claim process from start to finish. We also have experience in successfully handling bad faith insurance claims throughout Mississippi.
To set up a meeting with our team of insurance lawyers, contact us online or call us at 601-957-3101.