After a total home loss, your insurance company may owe you up to 100% compensation, depending on the value of your insurance policy.
According to the Louisiana Valued Policy Law, if your insurance company visits your home, values it, and uses the valuation to charge for its insurance policy, the homeowner can claim compensation for losses and damages that amount to a total loss.
Full Compensation Under the Louisiana Valued Policy Law
The Court of Appeal of Louisiana holds that for homeowners to seek total compensation, they must have the appropriate insurance coverage, and they must suffer a total loss.
For instance, if wind and flood damage a house whose home insurance policy only covers damages from wind, the Louisiana Valued Policy Law dictates that the insurance company should pay full value in the event of a total home loss. Even though the homeowner’s policy only covers damages caused by wind, the Court of Appeal reasoned that a covered peril plays a part in a home’s total loss.
Most insurance companies in Louisiana exclude flood coverage in their insurance policies, but they commonly include wind coverage.
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What Constitutes a Home Total Loss?
Any immovable property qualifies for compensation under the Valued Policy Law in case of a total loss. However, many debates arise on what “total loss” is. Generally, the federal law in Louisiana dictates that if you estimate that you will spend more money than your property’s value for repairs, it is considered a total loss.
When Can I File a Home Insurance Total Loss Claim?
After the disaster that causes your home’s total loss, you need to notify your insurance company as soon as possible. Given that Louisiana Law requires insurance companies to act on their clients’ claims within 30 days, filing your claim early enough ensures you get compensation sooner than later. A home is a basic need; the sooner you have it back in one piece, the better.
As you prepare for the insurer’s adjusters to visit your home for inspection, take clear videos and pictures of the damage – they will serve as evidence that natural disasters caused your losses. Also, track of all your expenses while out of your home. Most home insurance policies have the “loss of use” clause that you can use to earn reimbursements for hotel rooms, etc.
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Understanding Your Homeowner’s Insurance Policy
While it’s true that the federal laws in Louisiana have done their best to protect homeowners from natural disasters resulting in a total loss, take it as a personal initiative to understand your home insurance policy. There are six basic types of homeowner insurance coverage designed to protect you at different levels.
These insurance policies include:
- The basic form
- The special form
- The tenants’ policy
- The comprehensive form
- The special condominium coverage
- The special form
If you reside in Louisiana, a region prone to natural disasters such as hurricanes, the best decision you can make as a homeowner is to pick an insurance policy that covers most factors that can affect the safety and structure of your home.
A Lawyer from Our Firm Can Help Pursue Compensation After a Home Total Loss
Given that most home insurance companies only cover damages caused by wind, homeowners find it difficult to follow up with their home total loss claims caused by hurricanes (a combination of both wind and flood). Insurance companies are finding ways to claim that floods (usually not covered) played a more significant part in the homeowners’ property losses. They use this method to avoid making full payments as indicated by the Valued Policy Law.
A lawyer can help you determine if you qualify to file a home total loss claim under the Valued Policy Law then advise you on the best way forward. Having a lawyer by your side can help you focus on getting your life back in order.
We Can Help You With Your Claim
After a total home loss, you need to file your claim as soon as possible and recover compensation to help you rebuild. At The Law Offices of Anidjar & Levine, we focus on helping our clients get back what is rightfully theirs. We will work on your behalf so you can focus on your family.
Contact us at 1-800-747-3733 for a free consultation. Our firm will not charge you a cent to start your case; we only collect payment if we win your case.
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