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(713) 461-6500
(713) 461-6500
June 21, 2023
Jason McLaurin

Commercial Property Insurance Claims

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FAQs About Commercial Property Insurance Claims

Below are some frequently asked questions about Commercial Property Insurance Claims:

What Is The Difference Between Replacement Cost And Actual Cash Value?

A commercial property insurance claims lawyer at McLaurin Law can explain the differences, in detail, and review your claim and policy during a free strategy session. Commercial property insurance policies typically provide either replacement cost coverage, actual cash value coverage, or a combination of both.

If you have actual cash value coverage, your insurance company provides a settlement covering the replacement cost minus depreciation. If you have replacement cost coverage, your insurance company is required to pay an amount equal to the cost to repair or replace your property, less any non-recoverable depreciation; however, the insurance company is often entitled to to pay you only the actual cash value upfront and, thereafter, will release any amounts of recoverable depreciation previously withheld once you have provided proof of repair or replacement of your damaged property.

If you have experienced a commercial property loss, it is wise to speak with an experienced commercial property insurance attorney. McLaurin Law has over a decade of experience handling insurance companies, including commercial property insurance claims.

Will My Insurer Cover Damage From Hail?

Generally, a basic commercial insurance policy covers damage to your insured property resulting from hail, windstorm or other weather-related damage, including:

  • Fire
  • Windstorms
  • Lightning

However, if you are on the gulf coast of Texas, your basic insurance policy may exclude hail damage from your coverage. If a hail storm damages your commercial property, speak with the experienced, commercial, hail damage attorneys at McLaurin Law. We fight for you to ensure your business seeks compensation for all covered events.

The Insurance Company Denied Coverage Of My Business Claim. What Should I Do?

The first step is to determine the basis for the denial, and a commercial property insurance claims lawyer at McLaurin Law can help with that. The law requires your insurer to provide you written notification of denial and an explanation as to why your claim is being denied. Contact us for a free strategy session with an experienced commercial property damage lawyer.

We will review your policy, claim, and denial notification and form a strategy for moving forward. For example, even after a denial, you may be entitled to appeal the decision with your insurer directly and, in the event of a wrongful denial, proceed with filing suit in Court. A McLaurin Law commercial property insurance claims lawyer will fight to protect your interests.

How Long Do I Have To File A Claim?

The answer depends on the terms of your insurance policy, but most policies give you two years from the date of the loss or damage to file a claim. In general, you should always attempt to notify the insurance company of a loss or damage and start the claim process promptly, as failure to do so may be grounds for denying your claim or coverage for all or part of your damages.

When you need more than luck, call McLaurin Law at (713) 461-6500 or complete the online form to schedule a free strategy session with an experienced commercial property insurance claims lawyer today.

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McLaurin Law, PLLC

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship