First party property insurance is a type of insurance policy that provides financial covers to the policy owner in the event of actual property being damaged either by an occurrence or event that is specifically listed in the insurance policy.
Unfortunately, many policies do not automatically provide coverage for all potential sources of damage and with this in mind, it’s important for first party insurance policy holders to review the contents of their policy to ensure that all of their coverage needs are being met by their policy.
If you have filed a claim for insurance compensation that has been rejected all is not lost. Our team of skilled attorneys can help to fight for your claim.
To find out how, simply fill out the “Free Case Evaluation” form located to the left.
Sources of Property Damage
While many policy holders are under the impression that they are covered against all types of property damage, in many cases their policies are simply not tailored to cover many areas that property damage can occur.
Some of the most common of these areas can include:
- Water (flooding)
- Wind (hurricane / tornado)
- Vehicular accidents (truck / car / motorcycle / other)
- Electrical damage
- Water heater failures
- Pipe bursts
As flooding often causes extensive damage to property that cannot be repaired for an acceptable price, it is very important for policy holders to ensure that their policy includes coverage for water damage.
Unknown to many individuals, most property insurance policies do not provide coverage for water damage and must be added on as an additional component to a policy.
First Party Insurance Coverage Types
In light of recent catastrophic storms that have changed the lives of millions of individuals throughout the United States, many property insurance holders discovered that their policies did not cover many of the items that were damaged or lost in these storms.
Having said that, most insurance companies do offer policies that cover almost all types of property damage, but applicant they need to be certain that they ask for them to be included in their specific policies.
In an attempt to help simplify the application process, these coverage types are generally into two separate groups, which include:
Environmental – as the name suggests, environmental coverage is a broad term that provides coverage for damages that may be incurred by personal property by environmental factors.
Some of these factors are:
It’s always a wise decision to discuss your coverage requirements with your insurance provider, to ensure that your property is sufficiently covered.
Commercial – due to the vast number of potentially hazardous scenarios that businesses are subjected to on a daily basis, commercial coverage policies are created to cater to the varied needs of most business owners.
Some of these areas that can be covered in a commercial first party property insurance policy include (but are not limited to):
- Business interruption
- Embezzlement & dishonesty
- Officers and directors liability
- Employment practices liability
…. Amongst many others.
It’s also important to note that the pricing structure of both environmental and commercial policies can vary greatly due to the geographical location of the individual or business that is being covered.
Furthermore, the payout amounts that many successful insurance claimants receive are often far less than the replacement value of the items that have been damaged.
If you or someone you love has been underpaid for their insurance damages, our team of attorneys can provide the experience and knowledge to help obtain a more equitable settlement.
Contact Our Birmingham First Party Property Insurance Lawyers Today
After a catastrophic event, most individuals, families and businesses have enough to worry about without the additional concern of their insurance company rejecting their claim for damage compensation.
At our firm, we have the experience and determination to help those that have had their first party property insurance claims rejected, and are not afraid of standing up to large insurance firms and corporations.
With our office located in Birmingham, we proudly provide comprehensive legal representation for insurance claimants in:
- Mountain Brook
- Pleasant Grove
…. And most cities and towns that surround these areas.
To find out how we can help you, contact us today at 1-800-25-STORM (1-800-257-8676) and you will be connected to one of our lawyers that is best suited to handling your specific case.
Alternatively, fill out and submit the “Free Case Evaluation” form at the top of this page – it’s FREE.