Will My Property Damage Costs Be Covered by Insurance?

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A home disaster can seem like a never-ending nightmare: a fire destroys a portion of your home; putting out the fire causes water damage, which leads to mold growth. After all of that, you have to get on the phone with your home insurance company and figure out how to cover restoration costs. Understanding a few things about the process can make everything go a little more smoothly if disaster strikes.

1. Your Coverage Type

Insurance policies generally use one of two methods for calculating coverage: actual cash value or replacement cost. Actual cash value is the actual value of the damaged property at the time of the loss. Replacement cost is what it would cost you to replace the damaged property, based on market prices at the time of the damage.

2. The Fine Print

Review your home insurance policy carefully. It’s not unusual to have replacement cost coverage for your home itself—meaning the actual structure—and have actual cash value coverage for the items in your home, like furniture and other possessions. Furthermore, some policies cover only a certain percentage of actual cash value or replacement cost, rather than the full amount. Finally, the amount of your insurance deductible will be subtracted from whatever the insurance company pays. The deductible is the amount you are expected to pay out of pocket for repairs.

3. Restoration Costs

To get your home back to normal as quickly as possible, you should contact a reputable remediation company in Dallas, TX about your property damage. Be sure to ask whether that company works with a third-party billing service. These billing companies specialize in preparing repair estimates that are consistently approved by insurance adjusters. This can have a huge impact on how quickly your insurance company approves your claim, and, in turn, how soon your repairs will begin.

Arguing with your home insurance provider is the last thing you feel like doing in the wake of a disaster. Having a firm grasp of your policy terms and using insurance-friendly repair estimates can make this situation much less stressful.
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