You can rely on your insurance provider to help you in the event of a natural catastrophe. Your insurance company may deny your claim, or offer little compensation, even though you have paid premiums to them for many years. Insurance companies have a business model that involves paying as little money as possible to claimants. A typical policy for homeowners or businesses does not cover certain types of natural catastrophes.
Leverty & Associates provides insurance attorney service to victims of natural catastrophes. We will fight to ensure that you receive maximum compensation for damage caused to your property.
Learn Your Coverage
The majority of people don’t read their insurance policy thoroughly. You may want to rely on your agent’s summary, as it isn’t the most exciting of readings. Knowing what your insurance policy covers and does not cover is important. If you discover after a natural catastrophe that you’re not covered, you have few options.
The following are covered by most homeowner’s insurance policies:
- Wind
- Hail
- Extreme cold
- Lightning strikes
- Tornadoes
- Wildfires
Your policy may not cover damage caused by wind if you live in a coastal region. Las Vegas does not have this problem. In the worst case scenario, homeowners insurance does not cover nuclear disasters.
Nevada Natural Disasters
According to the State of Nevada Joint Information Center the top natural disasters that could affect the state are:
- Earthquakes
- Floods
- Wildfires
- Drought
- Hazardous Chemical Release
Earthquake Insurance
Nevada is ranked third in the nation for major quakes. It’s only behind Alaska and California. The homeowner’s insurance policy does not cover damage caused by earthquakes. You will need earthquake insurance. In Nevada, some insurance companies offer earthquake coverage in the form of an endorsement to their policy.
Las Vegas is about playing the odds. The chances of an earthquake of magnitude 5.0 or greater hitting Las Vegas within the next 50-years is between 15% and 40%. Reno, Lake Tahoe and Carson City have odds between 90 and 100% during the same time period.
Remember that Wells only had a 9 per cent chance of experiencing a large earthquake. But that’s exactly what happened in 2008 when a 6.3-magnitude quake struck.
Earthquake insurance coverage
Earthquake coverage usually extends to other earth-moving phenomena that are caused by the earthquake, such as mudflows, settlement, or contraction of the earth. This does not include damage to vehicles. Your car will still be excluded, even if it was parked in a garage at the time of the earthquake. The insurance will not cover the related flood damage caused by an earthquake. You must have flood coverage.
Make sure that your policy covers any repairs if your home has a masonry facade, such as stone or brick. Earthquake coverage will only cover your home or any accessory structures, but not your lawn. You are responsible for repairing a sinkhole that appears following an earthquake.
Flood Insurance
Standard homeowner and commercial policies do not cover damages to a property or home caused by flooding. You can purchase separate flood insurance through the National Flood Insurance Program. Many people in Nevada are not concerned about the possibility of flooding because it is a dry climate. This could prove to be a costly error. Even if you live in a federally declared disaster area, your best bet is to get a low-interest mortgage if you don’t have flood insurance.
Every year, flash floods and heavy rains cause flooding throughout Nevada. Las Vegas’ rapid growth in recent years can affect the natural drainage of winter snow. Flooding may occur in the future if another natural disaster, like a fire, occurs. Fire destroys the vegetation in an area, increasing its vulnerability to flooding and mudslides.
The NFIP has a drawback in that the standard policy only covers $250,000 for structural damage. You can purchase contents coverage up to $100,000 in case your items are damaged by a flood for an additional premium. Depreciation is taken into account when calculating reimbursement.
Las Vegas residents and businesses can also choose private flood insurance. Private insurers could offer lower rates than NFIP because flooding in Nevada is less frequent than in other areas. A caveat is in order. Private insurers will charge much higher premiums for homes in high-risk zones than the NFIP.
Government Assistance
Government agencies at all levels, local, state and federal, are the first to respond when natural disasters strike. In the aftermath of a natural disaster, non-profits play a vital role in providing assistance to affected communities.
Use these programs when you need them. This is true, especially if you are in need of temporary housing or food because your home is uninhabitable.
Maximizing Compensation
Prepare ahead of time to maximize your compensation in the event of a natural catastrophe. Leverty & Associates will examine your existing policies to determine any gaps in coverage. We will advise you on the coverage that is needed to protect you in the event of a disaster.
What to do after a natural disaster
Assess the damage as soon as you can after a natural catastrophe and make a claim. Document all losses and damage with photos. You may need to make temporary repairs in order to keep your home habitable until the claim adjuster arrives.
Insurance attorney services are available if your insurance company refuses to pay your claim, or tries to underpay for repairs. The attorney will handle the negotiations with the insurance company.
Contact a Las Vegas Insurance Attorney
Contact Leverty & Associates if you have been a victim of a disaster.
The post Maximizing compensation for natural disaster victims: A Las Vegas insurance attorney’s role first appeared on Attorney at Law Magazine.