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Accidents take many forms, and can have a number of potentially negative outcomes which can leave you suffering losses. While many accidents result in injuries as well as property damage, it is not uncommon to be involved in an accident in which you were not hurt, but your personal property was damaged or destroyed. At the Ladah Law Firm, our experienced personal injury lawyers know that property damages can put a serious strain on your finances, and that the costs for replacing your valuable property should not be assumed by you alone. Regardless of whether or not you suffered injuries, you are entitled to compensation whenever someone’s reckless or negligent actions result in losses.
Compensation For Property Damages
Negotiating property damages, whether through the court system or through an insurance company, can be a risky business. Before settling on a reimbursement price, it is important to keep in mind the following:
The fair market value of the item;
The actual costs to repair or replace the item; and
The sentimental value of the item.
All three of the above are likely to be vastly different, as well as underestimated by an insurance company in handling your claim. Using a car as an example, an offer to pay repair costs for the vehicle will likely result in a reduction in value. If you opt not to repair but to replace the item, the insurance company is likely to offer you the fair market value, which may be far below what you actually paid. Even researching and then paying the amount it would cost you to go out and buy a similar car from a dealer may not figure in any sentimental attachment you may have for the car, such as it having been given to you as a gift to mark a special occasion.
In order to get the maximum value for your property, you will need to figure all the factors into your calculations, plus the costs you accrued in taking busses or rental cars while you were without transportation. Unfortunately, according to information from State Farm Insurance, what you are likely to be offered is simply the base cash value, and in order to get more you will need to be prepared to negotiate for it.
Help with Property Damage Claims in Las Vegas
If you have suffered property damages as the result of an accident, consider contacting a personal injury law firm. An experienced Las Vegas personal injury lawyers will be able to fight for your rights and can assist you in getting the maximum amount of compensation you are entitled to for your damaged property.