Hollywood Commercial Property Insurance Attorney
When commercial property owners suffer losses caused by a natural disaster or accident, commercial property insurance is the primary way to recover compensation for their losses. When commercial property owners are unable to recover a fair amount of monetary damages after such an accident, they may have a legal claim against their insurer with a Hollywood Commercial Property Insurance Attorney.
How a Hollywood Commercial Property Insurance Attorney Helps You Repair & Restore Your Business
After suffering financial losses, known as “damages,” from a disaster or accident, commercial property owners typically attempt to recover their losses by filing a commercial property insurance claim with their insurance company. These claims are designed to help property owners receive reimbursement for insured losses, such as building repairs, damaged merchandise, personal property damage, and various other expenses.
Recovering your damages through your insurance company, however, is not always easy to do. It’s important to remember that insurance companies are like any other company in that their primary goal is to make money. One of the ways they do this is by undervaluing or denying your claim, even if you’ve paid your insurance premiums and have filed a legitimate claim for insured losses.
If you are a commercial property owner who’s having difficulty recovering fair compensation for your losses in the aftermath of a disaster or accident, a Hollywood Commercial Property Insurance Attorney at our experienced law firm can help.
Commercial Properties Affected by Storms and Other Hazards
Commercial property is real estate that is used for business activities. Commercial property refers to the buildings from where the business operates, but can also refer to land used to generate a profit, as well as large residential rental properties. Common types of commercial property in Florida include:
- Retail Stores
- Housing Complexes
- Office Buildings
- Sports Facilities
- Farm Land
- Nursing Homes
- Medical Centers
- “Mom and Pop” Stores
Each of these commercial properties is susceptible to damage caused by natural disasters, such as fires, hurricanes, floods, and tornados; as well as accidents, such as explosions or major spills, and even unfortunate events such as theft.
Property damage insurance is meant to compensate you for the resulting losses covered under your commercial property policy, although not all disasters and accidents are covered under standard commercial property insurance policies. For example, coverage for flood and earthquake damage may require the purchase of optional add-on policies, or “riders.”
For commercial business owners and even employees, lacking adequate insurance coverage threatens their very livelihood. When everything is on the line, a Hollywood Commercial Property Insurance Attorney at Klotzman Property Damage Law can help you examine your current policy and be sure you have appropriate coverage.
About Commercial Property Damages in Florida
Commercial property insurance generally includes three main components: building coverage, business property coverage, and coverage of the personal property of others.
- Building Coverage. Building coverage covers losses directly related to any buildings on the commercial property, including equipment, machinery, and permanently installed fixtures.
- Business Property Coverage. Business property coverage generally covers losses related to inventory, such as stock and supplies, furniture, important documents, non-permanent fixtures, and other equipment not covered under building coverage.
- Personal Property Coverage: Personal property coverage covers any other personal property that is within the commercial property owner’s custody, control, or care.
Other forms of coverage, such as specialized liability policies, umbrella liability policies, and terrorism insurance may be purchased separately through certain insurance carriers.
Reasons Insurance Coverage May be Denied
Denied claims are particularly frustrating and potentially devastating for business owners. However, there are several legitimate reasons why a claim may be denied, including:
- Late or absent premium payments
- Losses not covered under the policy
- Coverage limits that have been met or exceeded
- Suspicion of fraud, including false statements or questionable claims
- Filing a claim too late
- Insufficient documentation of the damage
- Exclusion clauses
- Insufficient mitigation of damage after a loss
These may be legitimate reasons for a denied claim. However, there are also circumstances in which claims denials are not as clear-cut. When a claim is questionable, there’s a chance that misinterpretation or other mistakes, such as misreading a policyholder’s coverage limits, may potentially occur, resulting in an unjust denial or an undervalued settlement.
Insurance companies look hard for reasons to deny or undervalue your claim. Fortunately, a Hollywood Commercial Property Insurance Attorney can help you keep your insurance company in line.
Insurance Company Bad-Faith Tactics
Good-faith mistakes can happen during the insurance claims process, and these mistakes may not be indicative of an insurance company’s bad faith. When challenged by the business owner’s attorney, a proper settlement may be reached.
However, there can also be times when the insurance company purposely acts in bad faith, mismanagement, or negligence, using tactics that are intended to deny or reduce their payout. Some of these bad faith tactics may include:
- Undervaluing your claim or challenging the value of your losses
- Ignoring evidence of your losses and/or property damage
- Failing to provide an explanation for a denied claim
- Providing false or misleading information regarding the coverage of your policy
Disputing a Claim With a Hollywood Commercial Property Insurance Lawyers
Most insurance policies have a limit for the number of time policyholders can dispute an insurance claim. Filing a legal claim against an insurance company can also be limited by the “statute of limitations,” which is the legal deadline for bringing a claim. In Florida, the statute of limitations is five years from the date of a bad-faith incident.
If you feel that your insurance company may be denying or undervaluing your claim, it’s best to contact a Hollywood Commercial Property Insurance Attorney as soon as possible. Aside from the time limits set by your policy and/or the statute of limitations, the longer you wait, the more difficult it becomes to procure evidence. Memories fade, evidence becomes stale, misplaced, or “lost,” the insurance company has more time to maneuver, and preparing a proper claim takes time.
Disputing an insurance claim is a complex process. Your best bet by far is to immediately contact a Hollywood Commercial Property Insurance Law Firm. We will help you examine your policy, analyze your case, represent you to the insurance company, and file your insurance and/or legal claim.
However, in the meantime, you can assist your attorneys by reviewing your insurance policy and preparing answers to the following questions for your free consultation with Klotzman Property Damage Law:
- Have you paid your insurance premiums on time?
- Do you have the correct types of insurance to cover the property damage you’ve filed for?
- Have you documented your damages; in other words, obtained photos, videos, repair estimates, and receipts for all of the losses you have suffered?
- Has your insurance company provided a written detailed explanation of their decision to deny or undervalue your claim?
Contact a Hollywood Commercial Property Insurance Attorney for Help With Your Insurance and Legal Claims
Losses suffered from damage to your commercial property can literally sink your business and cause extreme mental anguish. Unfortunately, your insurance company is not on your side and will try to talk you into the lowest settlement possible. You don’t have to face this alone. A Hollywood Commercial Property Insurance Attorney at Klotzman Property Damage Law is standing by to help. We offer free consultations, same-day return calls and emails, a multilingual staff, and cutting-edge technology. All we do is issue insurance companies. We will give your matter uncommon personal attention, and we operate on a contingency fee basis. Contact us online to get started with your free consultation.