SEMINOLE COUNTY, Fla. – With an EF-2 tornado comes major wind damage and several Seminole County property owners are cleaning up and figuring out what’s covered by their homeowner’s insurance policies.
There are several factors to consider when deciding if you should make a claim.
News 6 Anchor Bridgett Ellison is getting results for your money and talked to an insurance professional about counting up the costs.
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Tom Cotton of Hugh Cotton Insurance and Assured Partners is a local, 42-year-veteran in the insurance industry. He says there are several considerations in determining if you’ll make a damage claim or opt to pay out of pocket.
It’s an equation that every homeowner has to calculate and everyone’s situation is different and there are some short-term and long-term implications to weigh out before deciding to make claims.
“You file a claim, you have $60k damage and a $50K deductible, you’re only going to get $10k, so you’re going to have a wind claim on your policy you might not want. If you can afford the expense, you might not want to submit a claim,” said Cotton.
While the decision is a personal preference, Cotton warns against racking up a long list of claims that could cost you your coverage in the long run.
“You paid insurance premiums and you’re entitled to receive a payment. Receiving that payment might make you feel like you got something for your money, but in the long term, it might hurt you by having a claim filed on your CLUE report, you really didn’t get a lot of financial satisfaction from,” Cotton said.
Cotton recommends considering these helpful hints first when your property is damaged:
- Survey damage
- Secure documentation (pictures, videos, receipts)
- Mitigate/make temporary repairs - avoid hiring solicitors, use trusted referrals
- Call your agent or Insurer - check on coverage, damage type, deductibles
- Decide on filing a claim
- If filing a claim...
- Meet with the adjuster
- Wait for results
- Call agent as needed throughout process
