5 Things to Know About Property Damage Claims in Florida

Bill Allen | October 25, 2023 | Property Damage

5 Things to Know About Property Damage Claims in Florida

We have a financial and emotional investment in our property. Unfortunately, property damage has many causes, including the negligence of others. If you have sustained property damage, it is important to understand five key concepts about these claims in Florida.

Allen Law Firm, P.A.’s property damage lawyers can help you recover fair compensation. Here are five things you need to know:

1. Florida’s Statute of Limitations

You must file a property damage claim within a time frame. This timeframe is known as the statute of limitations. In Florida, the deadline for filing a lawsuit to repair or replace damaged or destroyed property could be anywhere from two to four years, depending on the facts of the case. This applies whether it is your personal property or real property that is affected.

It is important to be aware of this timeframe. If you fail to file your claim within this period, you may permanently lose your right to pursue compensation for your property damages. This can have lasting financial implications for you or your loved one.

2. Florida’s Comparative Fault System

Florida follows a “modified comparative negligence” rule for property damage claims caused by another’s negligence. Put simply, this rule states that if you are found to be partially at fault for your property damage, your compensation will be reduced by your percentage of fault. 

However, it is important to note there is a limit on how much fault can be attributed to you. Florida follows a “51 percent” rule. If you are found to be 51 percent or more at fault for the damage, you cannot recover any compensation for your property damage.

3. Proving Property Damage in Ocala, FL

You must be able to prove the extent of your property damage with evidence. Insurance companies will not take your word for it. You must document the extent and cause of the damage, as well as the value of repairs or replacement. Here are important tips for proving property damage in Ocala, FL:

  1. Immediately photograph or video the damage from multiple angles to capture its extent.
  2. Gather any records or receipts of the damaged property to establish its original value or condition.
  3. Secure quotes from professionals or contractors detailing the estimated cost of repairs or replacements.
  4. Collect witness testimonies or expert evaluations to bolster your claim if the damage might be due to someone else’s negligence.
  5. Maintain a detailed record of any communication and documentation exchanged with insurance providers or responsible parties to ensure transparency and accuracy in establishing your claim.

Following these five tips can help you substantiate a property damage claim.

4.  Avoid Quick Settlements

Avoiding quick settlements for property damage is important for property owners who want to ensure that they receive fair compensation. Rushing into a settlement without thoroughly understanding the extent of your damages or the repair and replacement costs can lead to inadequate compensation.

It is crucial to have a comprehensive understanding of all damages. A professional can help you accurately estimate the depth and repercussions of your property damage. While quick settlements might be enticing when facing financial strain or emotional distress after an incident, they often result in losses in the long run. 

If you understand the nuances of the claim, property owners stand a better chance of recovering the true value of their damaged property. Contact a lawyer for help negotiating a favorable settlement.

5. Valuing Your Damaged Property in Ocala, FL

After sustaining property damage, many wonder, “How will my property be valued?” Damaged property is typically valued using two valuation methods: actual cash value (ACV) and replacement cost. A concept known as diminution of value also comes into play. Understanding the differences between these terms is crucial for assessing your claim accurately:

Actual Cash Value (ACV)

This refers to the value of an item or property at the time of the damage. ACV takes into account your property’s age, wear and tear, and depreciation. For example, imagine your 5-year-old television set gets damaged. The ACV would not be what you paid when it was new or what it would cost to buy a new one now. Rather, the value would consider its age and any reduction in functionality or obsolescence.

Replacement Cost

This is the cost to replace your damaged property with something of comparable material and quality. Replacement cost does not make deductions for depreciation. If your damaged property is covered under an insurance policy for replacement cost and your 5-year-old television set gets damaged, you would be compensated based on the cost to buy a new, similar television today, regardless of what you paid for the original.

This type of valuation typically results in a higher claim payout.

Diminution of Value

This refers to the reduction in your property’s value due to some event or circumstance, even after repair or restoration. In the context of auto claims, for example, a car that has been in an accident and repaired might be viewed as less valuable than an identical car that has never been in an accident. This decrease in market value, even post-repair, represents its diminution of value.

Understanding these differences is crucial for assessing claims accurately. Your insurance policy will dictate the valuation methods for your damaged property.

Contact Our Property Damage Law Firm in Ocala, FL

A lawyer can provide invaluable assistance while navigating a property damage claim. They can help ensure that your rights are protected and maximize your potential compensation. If you have suffered property damage, schedule a consultation with a property damage lawyer today.

If you need legal assistance, contact the Ocala Property Damage lawyers at Allen Law Firm, P.A. at your nearest location to schedule a free consultation today.

We have three convenient locations in North Central Florida:

Allen Law Firm, P.A. – Ocala Office
112 S Pine Ave
Ocala, FL 34471
(352) 351-3258

Allen Law Firm, P.A. – Gainesville office
2550 SW 76th St #150
Gainesville, FL 32608
(877) 255-3652

Allen Law Firm, P.A. – Downtown Gainesville
621 W University Ave
Gainesville, FL 32601
(866) 928-6292