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What is the valued policy law?

On Behalf of | Feb 16, 2021 | Homeowner Claims

Florida has a specific state law that might be of interest to you if you had a recent catastrophic fire in your home or facility. This article will attempt to explain this law briefly and give you are an idea of why insurers fight so tenaciously.

If you are having trouble with an insurance company after a fire, you should know that you are not alone. Many other people have unfortunately experienced the same thing after their own tragedies.

What is the Florida valued policy statute?

Florida statute 627.702 is the valued policy law. Complexities aside, its spirit is basic to compel your insurance company to pay the full policy price if your home or building is a total loss.

There are quite a few prerequisites your fire damage must meet before you qualify for a full-price payout. However, if you kept up with your policy and the insurer is acting in good faith, you might have no problem collecting what you deserve.

Why do insurance companies say your home is not a total loss?

The fact that your home or facility is a total loss might be obvious to you. It might even be obvious to your restoration company. Why is it not obvious to your insurance company?

The answer might come down to a combination of internal policies and bad-faith tactics. Even some otherwise good insurance companies might push the limits when it comes to opposing valued-policy-law payouts. In a worst-case scenario, your insurer might go to great lengths to avoid the contractual obligation to pay you what you deserve.

Nobody can bring your property back after a fire. However, your home insurance company should at least fulfill the promises that are right there in black and white in your policy.