In places that are prone to natural disasters, like Florida, it’s important that insurance policy holders know their home will be covered if it is destroyed. Florida’s Value Policy Law is intended to speed up the process of receiving funds for a claim after your house has been destroyed and make it easier for you to repair or buy a new home as quickly and smoothly as possible.
Value Policy Law dictates that an insurer is liable to cover the policy limit if a covered loss destroys a covered structure. In situations when a home is completely destroyed by a natural disaster, Value Policy Law can assure you receive full value for your claim and can move on with your life.
The Requirements for Value Policy Law
Not all damage from hurricanes or natural disasters falls under Valued Policy Law in Florida. The two major requirements necessary for Value Policy Law to take effect include:
- The complete loss of a structure. You will have to prove to your insurance company that there was a “total loss” of your building, or that the building was damaged so severely that it must be demolished.
- The loss must be caused by a “covered loss.” You need to know the specifics of your insurance policy and what is covered in the plan. For example, if hurricane damage is covered in your plan, but flood damage is not, then if part of your home was destroyed by flooding it may be difficult to get the insurance company to pay.
It is also important that you’re honest and accurate when filing your claim. Any evidence of fraud, criminal activity, or inaccurate reporting will be investigated thoroughly by your insurance company and jeopardize your claim.
How is Payment Based?
The payout for your claim will be based on the value of your home when it was assessed by your insurance company. That means if the value of your home has increased since the appraisal, or you have done renovations, this most likely will not be covered by Florida’s Value Policy Law unless you have had the home re-appraised.
Contact an Experienced Hurricane Damage Attorney in Florida
If your home has been destroyed by a natural disaster, it’s important that you receive full compensation for your loss. Johnson & Williams, P.A. has years of experience helping clients receive fair compensation for hurricane claims. Call us today at (407) 245-1268, or contact us online for a consultation. Our Orlando hurricane claims lawyers serving Greater Orlando, Winter Haven and Kissimmee, Florida are ready to help you today.