This is the actual building itself. Whether it is a commercial, residential, or rental property, this is the actual building. This is normally the largest part of a claim in terms of financial implications. Your insurance company will assign you one of their adjusters to come up with a scope of work and determine the cost to do the actual repairs. The problem is that this number is almost always too low to do the repairs the right way. It is not uncommon for the scopes of work that we write to exceed that of the insurance adjuster by hundreds of thousands of dollars. You might ask, how does that happen? Well while the insurance company is looking for every reason possible to limit the amount of money they pay, we are doing the exact opposite. We leave no stone unturned to ensure your property can be rebuilt the right way!
Sometimes referred to as personal property, this encompasses all of your possessions in the property. This is often the most frustrating part of the claim for policy holders. It is YOU that is responsible for listing out every single item in the structure. Not only that, but you also have to record when you purchased each item, how much it cost then, and how much it would cost to replace today! Does that sound exhausting and near impossible? You’re right! Policy owners almost never are able to recover near enough money on this part of the claim, and that is because they do not know how to properly put together their list. We have a team of contents adjusters who help guide you through this entire process. We will make sure there is not a single piece of silverware or half used tube of toothpaste that is forgotten. It may seem small, but those little items can add up to tens of thousands of dollars in your pocket.
This covers things like fence, sheds, a detached garage, etc. It is normally set at 10% of whatever your structure limit is, but it can be more if your property has lots of these things. This can get tricky as well. For example, the way that a deck is attached to a house can determine whether or not that falls under structure or other structures coverage. It is important to know the difference, and without an expert on your side you likely will never catch that small yet significant detail.
Additional Living Expenses:
Sometimes abbreviated as ALE, this is for additional costs that you incur if you are displaced from a loss. This includes things such as having to eat out for meals, a hotel in the short term, and also a rental property for you to utilize while your structure is being repaired. This can sometimes be a set dollar amount (for example $35,000), or it will say “actual loss sustained”. That means that whatever you lost from the peril, that is what you get while the rebuild is happening. In this scenario, let’s say you have a fully furnished 2,000 sq ft house. Since that is what you lost, that is what you get to live in for a specified time period (normally up to 12 months) until the rebuild is completed. Insurance adjusters will often try to skimp out on this as well in order to save their company money. They will try things like having you just stay in an extended stay motel for 8 months. We will not let that happen! We will fight to ensure you are provided the proper accommodations per your policy.