3 Tips for Dealing With Partial Loss
How to Determine the Extent of Fire Loss or Smoke Damage
The term “partial loss” is used to describe property damage. Partial losses may require fire restoration or replacement. Total losses call for rebuilding. Here are three tips for determining the extent of fire loss or smoke damage when filing a commercial property insurance claim.
1. Document Damage
Whether you think that a commercial structure may be a partial or total loss, it is important to document all of the damage as soon as possible after a fire. Do not attempt to mitigate the situation before gathering photographic or video evidence of the full extent of the damage.
2. Specify Partial or Total Loss
The term “partial loss” is used to describe a structure that has not suffered a total fire loss. A total loss requires a complete rebuild, whereas a partial loss can benefit from mitigation and restoration. Building materials or contents that can be restored from fire or smoke damage may also be referred to as partial losses. An insurance adjuster will make the ultimate decisions regarding a commercial property claim.
3. Restore or Replace
Commercial insurance should cover the costs of restoring a partial loss or rebuilding a total loss. In either case, it is important to determine whether the policy will provide you with the replacement cost or actual cash value of contents and materials. The replacement cost is the full cost of an item at today's dollar value. The actual cash value factors in depreciation and other factors and may not be sufficient to replace the loss.
These tips should help you understand the difference between a partial and total fire loss. Property owners should allow adjusters and fire restoration specialists to determine the accurate categorization for the purposes of filing an insurance claim. No matter how extensive a partial loss may be, you can depend on a fire damage mitigation service located in Austin Springs,TN.