Do You Need an Expert to Determine A Total Loss?

Posted on November 11, 2020


Hayden Haskins | author

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ICHQ | Site Author

If your home has sustained significant damage in a disaster and there is a possibility it could be considered a total loss, you need to consider hiring an expert to evaluate the extent of the damage. What you consider a total loss and what the insurance carrier considers a total loss may be two separate values. With homes in the New Orleans area so susceptible to storm and flood damage, it is vital to know what steps you should take in these situations. 

Not declaring a total loss – is it bad faith insurance?

Insurance bad faith in New Orleans can broadly be defined as the insurance carrier acting dishonestly. However, this encompasses a wide range of practices by the insurance carrier. When it comes to a devastating loss to home or property, an insurance carrier could operate in bad faith if they refuse to pay a valid claim, misrepresent the law or policy language, open the insurance company’s profits over the policyholder’s valid claim. 

In Louisiana, the state’s standard for total loss as well settled in extensive case law. In general, the test for determining total loss in Louisiana is whether the cost of repairs exceeds the cost of the value of the property. This standard is fairly common, and the Valued Policy Law in Louisiana requires that once a property has been determined to be a total loss, then the insurer will have to pay the policy limits to the insured. 

We are ready to get to work on your claim

Unfortunately, homeowners in New Orleans could run into problems if there is significant disagreement over the value of the property, as any disagreement could result in a property not being deemed a total loss. At Insurance Claim HQ, we have extensive experience helping clients handle these claims. We will work with experts to help determine the value of your property and whether or not your home is a total loss. We will fight to ensure you receive the compensation you deserve. You can contact our New Orleans Bad faith insurance attorney for a free consultation of your case today.