Whether it’s fire, theft, vandalism, water damage, or a natural disaster, losing personal or business property can be devastating. While many insurance policies provide coverage for property damage and loss, navigating the claim process can sometimes involve delays, documentation challenges, or questions about policy limits.
At FairVantage, we help individuals and business owners navigate the claims process by documenting losses and supporting a clear, accurate resolution.
What Does Insurance Cover?
Many homeowners', renters', and commercial property insurance policies provide coverage for damaged, stolen, or lost property due to:
✅ Fire & Smoke Damage – Coverage for personal belongings, inventory, and business assets destroyed or damaged by fire or smoke.
✅ Theft & Vandalism – Reimbursement for stolen valuables, damaged furniture, electronics, or business equipment.
✅ Water Damage – Protection for property damaged due to sudden and accidental water incidents (e.g., burst pipes, appliance leaks).
✅ Storm & Wind Damage – Covers belongings affected by hurricanes, tornadoes, and high winds.
✅ Collapse Damage – Replacement of personal or business property destroyed due to structural failure from snow, ice, or other hazards.
✅ Business Interruption & Temporary Relocation – If a business is forced to close or relocate due to property damage, lost revenue and extra expenses may be covered.
✅ Specialized Business Equipment – Protection for office technology, machinery, and commercial tools necessary for business operations.
Common Exclusions & Limitations
🚫 High-Value Item Limits – Jewelry, collectibles, fine art, and rare items may require additional endorsements for full reimbursement.
🚫 Gradual Wear & Tear – Insurance does not cover normal aging, deterioration, or pre-existing damage.
🚫 Flood Damage – Personal or business property losses from flooding require a separate flood insurance policy.
🚫 Delayed Reporting – Claims may be denied if damage or theft is not reported promptly.
🚫 Business Inventory Restrictions – Some policies limit coverage for inventory and may require additional business property endorsements.
Steps to Filing a Business or Personal Property Claim
1️⃣ Document the Loss – Take clear photos and videos of all damaged, stolen, or destroyed property. Maintain receipts, serial numbers, or appraisals when possible.
2️⃣ File a Police Report (for Theft & Vandalism) – A police report strengthens your claim and provides proof of loss.
3️⃣ Prevent Further Damage – If applicable, take steps to protect remaining property and secure the premises.
4️⃣ Notify Your Insurance Company – Report the loss as soon as possible and provide detailed documentation.
5️⃣ Request a Professional Claim Review – Some losses may be undervalued or missed. A FairVantage expert ensures a thorough evaluation.
6️⃣ Obtain Replacement Cost Estimates – If your policy covers replacement value, gather cost estimates for replacing lost or damaged property.
7️⃣ Review the Settlement Offer – If you believe the settlement doesn’t reflect the full scope of your loss, you may request additional review or pursue the appraisal process.
How FairVantage Can Help
✔️ Ensure all property losses are properly documented to support your claim.
✔️ Review your policy to help clarify coverage for both personal and business property.
✔️ Collaborate with involved parties to support a fair and well-documented resolution.
✔️ Assist in appraisals or mediation when further review is needed.
