Devastating Property Damage
How to Make the Most of an Underinsured Loss
After suffering devastating property damage, perhaps the most unwelcomed news for policyholders is learning that they do not have enough insurance.
Ten important avenues that can be explored by any property owner faced with an underinsured property loss are:
"There are a few sections in the policy where you can anticipate finding extra insurance to help cover the loss."
"If the insured is going to pursue a tort claim, they should consider hiring their own cause and origin investigator immediately."
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Key Points and Page Numbers
- Consult with your agent or broker – 2
- Obtain a complete copy of the policy – 2
- Review the policy for unapparent coverage – 3
- Investigate the potential for third-party recovery – 5
- Work with the insurance company adjuster (don't hesitate to ask for help) – 7
- Request advance payments – 7
- Analyze all restoration activities – 7
- Negotiate with all vendors – 7
- Investigate tax relief and/or government benefits – 8
- Investigate legal options – 8