In most instances, an insurance policy is a contract between the insurer (the insurance company) and the insured (the person or entity that requests the policy). However, it’s important to note that most insurance policies are considered a contract of personal indemnity. What this means is that they DO NOT insure property – they insure the person taking out that policy.
Alternatively, a first party property insurance policy ensures that the person taking out the policy is covered against certain risks that may contribute – or lead to – the loss of real property.
If you or someone you love has had a first party property insurance claim rejected, we can help. With decades of combined legal experience, our team of attorneys can help to fight for your MAXIMUM insurance compensation.
To learn more, contact us today by filling out and sending the “Free Case Evaluation” form to the left.
Common Sources of Damage
Personal property and commercial property can be subjected to a variety of situations where there is the potential for serious damage.
Some of the most common areas of property damage include:
- Water (storm damage)
- Wind (hurricane / tornado)
- Smoke damage
- Pipe bursts
- Water heater failure
- Automotive accidents (car / truck / motorcycle / aircraft)
- Explosions (combustible gas cylinders)
- Electrical (shorted circuits)
…. Among many others.
Unknown to many policy holders, most standard first party property insurance policies will NOT provide coverage for water / flood damage. However, additional coverage is often available upon request. Therefore, it’s important to check your policy to determine if you need that extra coverage or not.
First Party Coverage Types
The importance of property insurance often only arises when a large scale natural disaster is broadcast via our various media outlets. However, there are a wide variety of factors that can contribute to property damage and as such, insurance providers generally over a variety of policy types to cater to these specific areas of potential damage.
Some of these include:
Environmental Coverage – as the name suggests, policies that fall under this category are designed to provide financial reimbursement for damages that may be caused by the environment, which may include:
While there are a number of factors that can contribute to the cost of a policy, a prevailing factor is the actual geographical location of the applicant, as some areas throughout the country are more prone to serious natural environmental events (including Texas, Oklahoma, Louisiana, Florida, California).
Commercial Coverage – commercial coverage policies were created to cater to the insurance needs of businesses, some of which include:
- Fire (grease fire in a restaurant)
- Business Interruption (eg: due to a natural event or other)
- Professional Liability
- Employment practices liability
- Automotive (eg: if a vehicle careens through a store frontage)
- Dishonesty & Embezzlement
…. Just to name a few.
Many polices do NOT provide coverage for areas that most policy applicants assume will be covered in their policy. With this in mind, it’s important to understand what your policy covers and if required, to take out additional coverage to ensure that all of your coverage needs are met.
Need Help? Contact Our Houston First Party Property Insurance Lawyer Today
As most insurance companies are responsible for providing an increase in dividends to their shareholders each year, most insurers are looking to pay the ABSOLUTE MINIMUM amount in any insurance claim – if they agree to pay anything at all.
With this in mind, if your initial claim has been rejected, it’s important to have effective legal counsel to ensure that your case is the strongest possible argument for your insurance claim.
Our primary office is located in Houston TX and we proudly provide comprehensive legal counsel to insurance claim victims to:
- Gelana Park
- Mission Bend
…. And most other cities and towns surrounding those areas.
To find out how we can help with your first party property insurance claim, contact us today at 1-800-25-STORM and a member from our intake team will quickly connect you to an attorney at our firm that is best suited to handling your specific case.
Alternatively, simply fill out the “Free Case Evaluation” form located at the top of this page – it’s strictly confidential, 100% FREE to send and we will contact you shortly after receiving your inquiry.