Insurance companies often resort to complex calculations when it comes to assessing and compensating for property loss claims. However, some losses are not immediately apparent or visible, and if these damages are not discovered and recovered, they could add up to substantial financial loss for the policyholder. This is where a loss adjuster comes in – to identify and recover hidden costs after a property loss. In this blog post, we’ll dive into the importance of hidden cost recovery and how a loss adjuster can help.
There are many hidden costs that a loss adjuster can recover after a property loss, but we’ll focus on the most common ones:
1. Business Interruption Loss
If your property loss has resulted in the interruption of your business, a Loss Adjuster can evaluate the amount of income you’ve missed out on during the down-time. This could include lost revenue, rent, and business interruption expenses.
2. Contents & Equipment
Your property insurance policy may cover the costs of repairing and replacing your contents and equipment, but it may not cover the cost of unpacking, storing, and reinstalling them. A loss adjuster can identify and recover these costs.
3. Code Upgrades
If your property was built before local building codes were established, you may be required to bring the building up to code after a loss. This can be an expensive cost, but a loss adjuster can help identify and recover these costs from your insurance company.
4. Debris Removal & Site Clean-Up
Following a major loss, debris removal and site clean-up can be an expensive undertaking. A loss adjuster can help identify these costs and ensure they are included in your insurance claim.
5. Professional Fees
After a property loss, you may require the services of a public adjuster, accountant, or attorney to help with your claim. These professional fees can add up quickly, but a loss adjuster can help recover these costs.
Conclusion
The financial impact of a property loss goes far beyond the immediate costs of repairs and replacements. Hidden costs, such as the ones discussed above, can result in significant financial loss if not identified and recovered. A loss adjuster can help policyholders navigate the complex insurance claims process and identify these hidden costs. At Five Star Claims Adjusting, we pride ourselves in being experts in hidden cost recovery. If you’ve experienced a property loss, want to ensure you’re fully compensated, and looking for a loss adjuster in Orlando, FL schedule a free inspection with us today!