Property Insurance Claims

Property Insurance

1. Liability (Bodily Injury, Property Damage, Libel and Slander)
2. First Party claims for damage to real or personal property (Storm Damage, Sinkhole Damage, Water Damage, Fire Damage, Lightning Damage, Vandalism Damage)

Almost every homeowner in Florida purchases an insurance policy providing coverage for two types of claims: the first, liability coverage protects a property owner from (third party) claims (injury or others, or loss and damage to the property of others), and the second for first party claims, indemnifies the insured for losses to the insured’s buildings and structures, personal property (contents and possessions and fixtures).

It is virtually impossible to secure a mortgage for the purchase of real estate without demonstrating to the lender that the property is insured against loss. Coverage claims made by insureds against insurers arise from losses related to natural causes, like wind, hail, lightning, fire, sinkholes, plumbing leaks and backups, as well as from damage to property caused by vandalism. Determining the extent of recoverable property insurance in Florida is often not easy to determine. Issues relating to “law or ordinance” coverage, “replacement cost” versus “actual cash value” and “overhead and profit” have been the subject of much litigation in Florida.