Ensure Your Property Damage Claims From Hurricane Ida Are Paid
In August 2021, Hurricane Ida, a Category 4 Atlantic hurricane, hit Louisiana, wreaking havoc for residents and businesses. In the middle of the Covid pandemic, residents of New Orleans and the surrounding area had one more thing to deal with and it was extraordinary. After the initial cleanup, people are wondering how they will pull their lives back together and businesses are concerned that they will fail due to extensive property damage.
Cost of Hurricane Ida
Estimates of costs due to Hurricane Ida began pouring in and have escalated as damage is examined and calculated. Some estimates place insurance costs at roughly $30 billion. While this may be high, the actual cost is most likely much higher. Recovering the damage you face is much more than just the actual cash value. Replacement costs are usually collected after the property is rebuilt and after the actual cash value is paid.
Why Are Replacement Costs an Issue?
The replacement costs happen in the present and cannot be judged by the cost of initially building the structure. Today, commodities are more expensive and rising all the time. For instance, the price of lumber escalated 30 percent in the early part of this year. Although there has been a downturn in costs, high retail prices are still high since retailers must make up their expenses.
Overall, due to supply shortages and a fall in the workforce, rebuilding a damaged structure takes longer and costs more. Finally, the pandemic still rises and falls, causing added strain to construction projects. As with anything else, the cost is passed on to the consumer. The length of time to rebuild is likewise involved, and the longer a business is not active, the greater the loss to the owner. Similarly, residential rebuilding is slower than normal with the excessive demand inflicted by Hurricane Ida and the lack of workers. The longer residents must stay in temporary homes, the greater their costs will be.
Insurance Payments
In Louisiana, insurers are required to pay claims within 30 days. Each month, you pay your insurance company to cover your losses when disaster strikes. Some companies are above board, but unscrupulous insurers do exist. They take different tactics to deny you what you have paid for all along. Some will outright deny a valid claim while others will quibble about replacement costs or hit businesses with exclusions even if they don’t apply.
One of the ways some insurers cheat the insured out of coverage is to assign an adjuster who is not looking out for them. Technically, the independent adjuster assigned to your case is there to ensure that you receive what you deserve. Think about it – the adjuster is hired by the insurance company. You can hire a public adjuster to determine what amount will cover your property damages. The problem with this is their report has no teeth, and the insurer can do what they want. That is why having an experienced law firm on your side is important when your property and possibly your business hangs in the balance.
The Olinde Law Firm
The Olinde Law Firm has been handling hurricane damage cases for many years. They have recovered sums well over a million dollars for their clients. Let our firm recover your losses after Hurricane Ida. We won’t charge you a thing until the case is won, taking a percentage of the amount you receive that is over what the insurer would have paid you.
We make sure your payment covers all your losses and check for hidden damages that are not obvious like moisture lurking behind walls. We will also ensure that the insurer does not try to minimize replacement costs, a favorite way to reduce what you obtain in property damages.
Call us at (800) 587-1889 or (785) 777-1000 to set up a free case review. You can also reach us online. Let us help you obtain the damages your insurer is obligated to pay.