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Date: November 17, 2009
Host: Alan Garfinkel View Transcript | Archive Index For All Legal Chats Standing in the street mournfully staring at what used to be your home can leave a person struggling to take the next step. Do you know where, or how, to start rebuilding? Homeowners insurance covers such a wide range of property and liability scenarios, including but not limited to; damage by fire or vandalism to an individual being injured on your property. There are also many types of losses and events such as earthquakes, hurricanes, floods or "Acts of God" which can be excluded unless specific insurance coverage is in place. It is truly important to have a firm understanding of your policy. Learn more about this vast and sometimes confusing topic with Attorney Alan Garfinkel on November 17th at 2 PM ET (1 Central, 11 Pacific) and start rebuilding.
ALAN GARFINKEL is an Orlando, Florida lawyer and founder of Garfinkel Trial Group, an 22-lawyer plaintiffs' personal injury and natural disaster law firm. A graduate of Florida State University, Mr. Garfinkel is Board Certified and is also "AV-rated" by Martindale Hubbell (the highest possible rating) and is admitted to the United States Supreme Court, Florida Supreme Court and multiple Federal Courts. His associates are licensed to practice in multiple states including,
Alabama, California, Georgia, Louisiana, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia. Alan is on the board of directors of Florida's largest charity for families of injured workers. http://www.hurricanejustice.com Live Chat Transcript Lynn5: "I have just inherited a share in a family owned orchard. It appears to have been underinsured. How can we best get liability insurance if we own the orchard as a 3 or 4 member partership? The taxes on an LLC seem a bit compared to what we think liability insurance will cost. What insurance limits would you recommend?"
Attorney Garfinkel: "Good afternoon everyone. My name is Scott Dornstein and I am an attorney in Florida sitting in for Mr. Garfinkel today."
Attorney Garfinkel: "Welcome to our bi-monthly discussion of various issues involved in proeprty insurance law."
Attorney Garfinkel: "Lets start by looking at previous questions that have recently been submitted to me."
Attorney Garfinkel: "QUESTION 1: I have a pending property insurance claim involving storm damages to my roof. The insurance company is not paying for my roof replacement, because they say that it can be repaired. I have spoken to a number of roofers and they all say that the roof needs to be repaired. What should I do?"
Attorney Garfinkel: "ANSWER 1: Pursuant to the insurance contract, the insurance company has an obligation to promptly adjust a claim. Many times, insurance companies and their insureds have dispute about the extent of the damages. This is where attorney's and experts can play an important role. For example, in Florida if a roof is 25% or more damaged, the whole roof needs to be replaced based on the Florida building code. In this scenerio, the insurance company would be required to pay for the entire roof, not just for its repair. Please speak with an attorney that specializes in property insurance law."
Attorney Garfinkel: "QUESTION 2: Currently, I have a property damage dispute with my insurance company and I hired a public adjuster to represent my interests. We have not been successful in recovering the money to fix my home. What are the advantages to hiring an attorney?"
Attorney Garfinkel: "ANSWER 2: Public adjusters are helpful in resolving some insurance disputes. However, a public adjuster cannot replace an attorney's expertise and knowledge of the law, ability to litigate a claim, and cannot give legal advice. Unfortunitely, many insurance companies do not take claims seriously until a lawsuit is filed and a public adjuster simply cannot assist an insured during the litigation process."
Attorney Garfinkel: "QUESTION 3: I am in the process of purchasing insurance for my home and I have an option to purchase Actual Cash Value insurance or Replacement Cost Value insurance. What are their differences?"
Attorney Garfinkel: "ANSWER 3: The main difference between ACV(Actual Cash Value) and RCV (Replacement Cost Value) is that when a your home is damaged and you have RCV, the insurance company is must ultimately pay for the replacement cost to repair or replace the damages, even if there is depreciation. for ACV, the insurance company is not responsible for depreciation."
Attorney Garfinkel: "For example, if you have wind damages to your fence and the fence is 20 years old, the insurance company would only be responsible to pay for the cost to repair or replace the fence, minus the depreciation, minus the deductible."
Attorney Garfinkel: "On a separate note, please be aware of the statute of limitations which governs the time in which you are able to file suit on your insurance claim."
Attorney Garfinkel: "For example, here in Florida, the statute of limitations to file a lawsuit based on an unpaid/underpaid insurance claim is five years from the date of the loss."
Attorney Garfinkel: "Hurricane Wilma struck South Florida on October 25, 2005, meaning that there is less than one eyar remaining in which to file a lawsuit based on Wilma claims."
Attorney Garfinkel: "The statute of limitations may be different in your particular state, so please make sure you consult an attorney"
Attorney Garfinkel: "Thank you for attending this week's chat. Have a wonderful and safe Thanksgiving holiday."
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