Are your damages worth filing a claim for?

It’s quite common that many Florida homeowners notice damage in their homes, but they put filing a claim on hold because they are unsure if their damages are worth filing a claim for.


It’s understandable that homeowners juggle with the idea of filing a claim over the fear of being denied, not getting enough money, or possibly having their rates increase. However, not filing a claim can present a bigger issue over time if your small damages become bigger over time.

In this post, you will learn a few ways to know if your damages are worth filing an insurance claim for.


1: Determine the extent of the loss:

Some damages may look small on the surface but can cause much larger issues in places that aren’t visible. For example, small signs of water damage to the back of your cabinets may look insignificant, but behind your drywall, a pinhole water leak can lead to moisture & rapid mold growth.

If you’re seeing signs of damages to your home, but you are unsure as to the origin of the issues, then it’s advisable that you get a contractor, leak detection specialist, or inspector who can properly inspect your home & find the origin of the issues.


2: Estimate your damages

Once you find the cause & origin of the loss, the next step is to obtain 2 or 3 proper contractor estimates to find the true cost of bringing your home back to pre-loss condition.

For example, if a water leak in your drywall is damaging your bathroom cabinets, your contractor should provide an estimate that not just covers the cost of fixing your cabinets, but also includes the cost of opening your wall, repairing your pipe, drying out all the moisture in the wall & putting back everything.

It’s important to take into account all the issues that can grow if the loss is not fully taken care of.


3: Know your policy deductible.

The last step in determining if your damages are worth filing is examining your policy deductible. This is commonly found on the declarations page of your policy.

If your estimate rises above your policy deductible, then you may find that filing a claim makes sense.

One big misconception is that you have to pay your deductible payment to the insurance company before you receive payment. This is incorrect as the insurance company typically removes the deductible before making a payment.

For example, if your deductible is $2,500 & your claim payment is $7,500, then the insurance company will make a net payment in the amount of $5,000.


Closing Thoughts

The longer you let your damages sit, the harder it will be to recover money for your loss. Waiting to deal with your damages can also mean that your home can sustain more damage over time. 

Many insurance contracts require homeowners to provide them with prompt notice as soon as property damage is seen. Therefore, it is your duty to act upon damages as soon as they are present to ensure a fair claim handling process with minimum delay.

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