First party property insurance policies are generally defined as a contract between an individual or business (known as the “insured”) and an insurance company (known as the “insurer”) that provides financial coverage for damages that may occur to a residence, commercial building, item or object that is listed on that policy.
This policy is often referred to as an integrated contract, which means that it includes any and all forms that are associated with the agreement between the issuer and the insured and also includes the cost for the insurance policy (known as the “premium”) and any other stipulations that are agreed to between the insurer and the insured.
If you or someone you love has filed a claim for insurance that has been denied, the policyholder may still be eligible to obtain compensation for those losses.
To find out how we can help, simply fill out the “CONFIDENTIAL EVALUATION” form located above.
Potential Sources of Damage
Due to the many different factors that can cause damage to the property of an individual or business, it’s important for policy holders to ensure that their policy covers them in the event of an unforeseen event or situation.
Some of the most common sources of property damage include:
- Electrical (including short-circuit damages)
- Water (storm)
- Wind (tornado / hurricane)
- Explosions (gas cylinders)
- Pipe bursts
- Ice / Snow / Sleet
- Accident (car / truck / motorcycle / aircraft / bicycle)
- Water heater failure
…. Amongst many others.
With water damage being one of the most frequent causes of property damage, it’s wise to inspect your first party property insurance policy to confirm that a provision for water damage is included, as in many cases that will need to be purchased separately.
When you file a property damage claim with your insurer, an insurance adjuster will typically be in contact with you in order to settle the claim. Unfortunately, the job of most of these adjusters is to get the matter settled as quickly as possible for as little as possible. Working for large insurance companies means that adjusters will typically put the needs of the company before the needs of the consumer.
The following is a deposition of a claims adjuster that was handling one of our client’s tornado damage claim. The videos below demonstrate several faults found within the adjuster’s statements and actions.
Types of First Party Coverage
With damage claims amounting to BILLIONS of dollars in the US in 2011 alone, it’s important for policy holders to ensure that any policies that they own are able to provide enough financial compensation to replace the items that are included on that policy.
Some common types of coverage offered by insurance providers can include:
Environmental Coverage – this is generally the largest area of first party property insurance as these policies provide financial protection for damages caused by the environment, which often includes:
It’s worth noting that the pricing for these policies often depend on the geographical location of the applicant, along with any other conditions that may increase the level of risk that the insurance company may be exposed to.
Commercial Coverage – these types of policies often include coverage for many different circumstances or situations that may be encountered at a place of business.
Some of which may include:
- Auto (vehicle smashing into a shop frontage)
- Dishonesty and embezzlement
- Business interruption
- Professional liability
- Directors and officers liability
- Employment practices liability
…. Just to name a few.
Needless to say, the peace of mind that insurance coverage brings to most policy holders is very valuable; however, it’s VERY important to note that not all policies cover all areas of your property – and aside from the fact that many policies are simply not honored in the event of a claim, many policy holders are often paid less than they expect to receive when they do file a claim.
In these types of instances, we can help to fight for a fair and just compensation amount.
Contact Our First Party Property Insurance Attorneys Today
Being declined for damages compensation can leave many policy holders feeling dejected and wondering what to do next. The entire team at Arguello, Hope & Associates are compassionate to those seeking reimbursement for damages that their property has sustained and are not afraid to fight insurance companies for the MAXIMUM compensation amounts for our clients.
With decades of combined experience and a history of working in the insurance industry, our first party property insurance lawyers can provide the experience and insight that many claimants need to help stand up for their rights.
Our primary office is located in Houston, TX and we proudly provide comprehensive legal representation for insurance victims in:
…. And many other towns and cities throughout those states.
To find out how we can help with your insurance policy claim, contact us today at 1-800-25-STORM (1-800-257-8676) and a member from our intake team will quickly connect you to one of our attorneys that is best suited to handling your specific case.
Alternatively, simply fill out and submit the “CONFIDENTIAL EVALUATION” form located at the top of this page – it’s strictly confidential.