Florida Statute 626.9744 provides a guide for how claim settlement practices relating to property insurance should be handled. The introductory clause beings with a statement explaining the applicability of the statute . It reads as follows “Unless otherwise provided by the policy, when a homeowner’s insurance policy provides for the adjustment and settlement of first-party losses based on repair or replacement costs, the following requirements apply:” This introduction is followed by two subsections with the requirements referred to previously.
626.9744(1) states that in the scenario that a loss you incurred requires repair or replacement, and more damage is incurred during the attempt to fix your damaged property, then coverage will extend to these expenses to the extent of any applicable limits. The repair or replacement may be for an entire item or in part, but regardless of how much damage needs to be fixed this subsection applies. An exception to this coverage is if your policy expressly says otherwise. However, if the policy is silent as to the coverage of loss incurred during the repair process then the insurer will still be held liable for payments in most cases. 626.9744(1) concludes with permissive language stating that the insured may not be required to pay for betterment required by ordinance or statutory code except for the applicable deductible. The insurer may disclaim this right or limit it with language set forth in your policy.
The following subsections discuss in more detail the replacement and repair process, and what should be done to adhere with the rules of this statute. In the case that a replaced item does not match the physical properties of the original item, then the insurer shall make reasonable repairs or replacement of items in adjoining areas. To have consistency in estimating repair costs, it is recommended that the cost of fixing undamaged portions of the property should serve as a guide as to what could be considered a reasonable extent of financial coverage. This also gives uniformity to the replacements and repair done throughout the property. 626.9744(3) and (4) briefly states brief disclaimers that this statute does not make the insurer a warrantor of the repairs nor shall it authorize or preclude enforcement of other provisions found within your policy relating to settlement dispute.
It is understandable if you find this statute difficult to understand or confused on how it applies to your policy specifically. It is recommended that you contact an experienced insurance claims attorney to help you go through your policy to determine the extent of your coverage and which statutory prohibitions apply. Understanding your insurance plan can be a daunting task without the help of a legal expert accustomed to dealing in such matters. For these foregoing reasons you should get the help you deserve to get the most out of your insurance policy.
You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at[email protected].