When a tornado hits a home or other property, the damage can be devastating. Strong winds can tear off even the best of well-built roofs and ruin everything inside a home. After the storm passes, property owners turn to their insurance companies in order to get back what they have lost. Unfortunately, in order to save money, these insurance companies can delay, underpay, or deny tornado property damage claims.
The winds in a tornado can easily reach over 100 miles per hour, causing property damage including:
- The repair or replacement of a roof
- The repair or replacement of structure including foundation, frame, etc.
- The replacement of electronics, appliances, furniture, personnel items, etc.
- The repair or replacement of vehicles on the property
- The replacement of any landscaping damaged in the tornado
Most general homeowners’ insurance, property insurance, vehicle insurance, or commercial insurance policies probably contain coverage concerning tornado damage. However, insurance providers are not always fair or prompt in their assessment of tornado related claims. In extreme cases, the insurance company may even outright deny a claim or say that the damage existed before the tornado struck. If your insurer delays, underpays, or denies your tornado property damage claim, you have legal options. A knowledgeable attorney can help you get the compensation the insurance company owes you.
Tornado Damage Depreciation
If your insurance policy is an actual cash value policy, it is likely the insurance provider will seek to capitalize upon the amount of depreciation to your property that will be applied when determining the value of your loss after the tornado. Actual cash value coverage insurance policies only require the insurance company to compensate its insured for the property value before it was damaged. Insurance law allows the insurance provider to deduct an amount from your settlement, often known as depreciation, when it determines the value of how much it will pay out. The depreciation factor lets the insurance provider pay you less because your property is not considered new, so those who have owned a property for 20 years may not receive as much as those who own for 10 years.
If your property has been damaged as the result of a tornado and you are experiencing difficulty collecting compensation for your damages from your insurance provider, call the tornado insurance lawyers at Dax F. Garza, P.C. to get the most from your insurance policy.