The purchase of a home will rank among your biggest financial commitments. In order to secure your personal property, you must have home insurance. Home or fire insurance offers protection against probable issues, calamities, or loss of usage for both the house itself and other valuables inside. The majority of property owners hope they never need to make an insurance claim, however these policies are set up to defend against numerous claims of property damage.
The majority of typical policies offer protection against a variety of perils, including fire, wind, theft, hail, and more; the specifics of this coverage will vary based on the insurance provider and property damage coverage chosen.
According to statistics, one in fifteen insured houses will need to submit a property damage claim each year because of damage to their property. We’ll look at the most typical property damage claims, but remember that a lawyer can ensure that your claim is filed properly, assist you in navigating the claims process, and ensure that you receive a fair settlement.
The most typical claims for property damage in the Philippines are listed below along with advice from a property damage lawyer:
Property damage claims due to wind are the most frequent (34%) kind. An average wind damage claim involves ₱600,000 in losses.
These claims encompass damage from tornadoes, hurricanes, and other powerful storms. Strong winds from storms can tear your roof apart or toss debris at your walls, necessitating costly repairs. Typical wind damage includes:
- Outdoor furniture that’s broken
- Errant windows
- Air conditioning units with damage
- Broken Roofs
- Walls with flying debris damage
- Defective solar panels
- Uprooted or dead trees
- Broken or missing shutters
- Severely harmed stucco, cladding, or external paint
- Structural Damage
- Water intrusion
Damage from water is rapid. enduring harm as well. A broken pipe, a plumbing issue, a hurricane, or a flood all require pricey repairs. While the degree of the water damage might be clear, it’s necessary to have a proper appraisal with the aid of a property damage attorney to make sure you and your insurance company don’t overlook anything.
Water damage accounted for 23.8% of property damage claims in 2022. Common illustrations include:
- Defective appliances
- Faulty furniture
- Stains on the floors, ceilings, and walls
- A structural problem
- Bug and termite invasion
- Compromised foundations
Fires are the cause of 32.7% of property damage claims. Fires are violent. Whether they begin in the kitchen or as a result of lightning, fires spread quickly and consume nearly everything in their path. Additionally, they dispersed toxins and smoke throughout the building. Given that a fire can strike anyone at any time, it is essential that your insurance policy covers fire damage.
Be forewarned that insurance companies will use every means at their disposal from claims of arson to policy violations to assign blame for fires to policyholders. To ensure that you receive a just settlement, you should always speak with a property damage lawyer.
This kind of property damage lawsuit often results in damages totaling ₱4,000,000. Examples comprise:
- Damaged electrical and appliance equipment
- Electrical systems in bad shape
- Plumbing systems with damage
- Ruined furniture
- Walls and possessions have stains.
- structural damage
- Smell of smoke
- Roof harm
- Structural problem
Incidents involving theft and burglary are distressing but also expensive. You should receive compensation for any harm, including lost or stolen property, broken windows, or damaged belongings. Every year, a claim for property theft is made by 1 in 400 insured houses.
Fire insurance policies cover these damages, yet insurers frequently refuse to make the necessary payments. They can accuse you of being careless or undervalue your possessions. Fortunately, property damage attorneys are skilled and confident in confronting these significant insurers and demonstrating that you are entitled to the full settlement.
According to the PNP, 74% of burglaries take place in residential areas.
Damage from Sinkhole
Sinkholes should be covered by your homeowner’s insurance if you reside in Makati. Makati has the most reported sinkholes of any cities in the Philippines. Sinkholes can pull your house to the ground yet are frequently difficult to find. Even a tiny sinkhole may be an indication of a larger issue below.
You should speak with a property damage attorney to fight for you because insurance companies are infamous for finding ways to avoid paying for sinkhole damage.
Property owners in the Philippines are well aware of the harm that trees can do during storms and hurricanes. Strong winds have the potential to uproot trees, destroying the yard as they smash against windows and buildings.
But did you realize that trees can suffer damage organically as well? Every day, things like tree branches falling and invading roots do.
Tree damage claims may appear straightforward, but they are frequently difficult. Roots and branches can straddle property lines, confusing insurers and leading to claim denials. If a tree has damaged your property, you should speak with a property damage lawyer to help you build a case that will get you the compensation you need.
How to Respond If Your Property Is Damaged
You can file one of these sorts of property damage claims if your property has been damaged to get compensation for your losses, repairs, and rebuilding.
Unfortunately, insurance companies do not just give money away without making it tough. They have a range of sleights of hand. They frequently try to put the responsibility on you, minimize your losses, dispute claims, employ delay strategies, and more in an effort to persuade you to accept a meager offer.
Even if you take the necessary precautions to secure your house, you can still find yourself in a dispute with your fire insurance provider over whether you are getting a fair financial recovery for your house.
In order to guarantee that you are receiving the necessary repair estimates for your property damage, you need speak with a law firm to help you through the insurance claims you should be making or to assist you in dealing with your insurance provider.