If your home was built before 1975, there is a good chance your pipes are a disaster waiting to happen. Cast iron pipe leaks are one of biggest problems facing South Florida homeowners. The results can be disastrous. An estimated 76 million homes across the nation have leaking sewage due to cast iron pipe leaks. Thousands have already joined a class action lawsuit against insurance companies for failure to replace their pipes. But what do homeowners in Miami need to know? Here are some answers.
Pipe Leak Claims and Insurance Companies
Pipe leaks are among the most expensive types of damages to South Florida homes. Repairs can cost between $2,000 and $15,000. Depending on how bad the leak, additional water damage repairs can cost between $10,000 and $30,000. It is vital to receive the maximum insurance compensation to account for these damages. Unfortunately, far too many insurance companies use shady tactics to underpay their policyholder’s pipe leak claims. It often places homeowners in a difficult financial position.
Insurance companies often use loopholes to lowball pipe leak claims. One of the common practices used by insurance providers is to give their policyholders a 72-hour notification window. That means homeowners would have only 72 hours to file their pipe leak claims from when they should have known that a loss or property damage had occurred. By using the phrase “should have known” insurance companies try to get away with denying coverage to their customers. It can be especially bad for homeowners who suffered property damage while they were on vacation.
Another common tactic used by insurance companies is to place a cap on pipe leak claims. For example, Citizen’s Property Insurance places a $2,000 to $5,000 cap for non-hurricane emergencies. In most cases, pipe leaks in Miami are usually not caused by windstorms. Some companies provide only partial coverage, such paying for pipe repair but not providing a new pipe. Cast iron pipes typically have a lifespan of about 50 to 75 years. Many companies only cover repairs for pipes with visible damage. It often makes the situation worse for the homeowner. By only correcting part of the problem, the even greater damage is more likely to occur.
The Consequences of Cast Iron Pipe Leaks
Due to the huge amount of cast iron pipe leak claims in South Florida, insurance premiums have gotten out of control. The worst part is homeowners are forced to suffer in silence while their pipes continue to get worse, due to no fault of their own. Citizens Property Insurance increased its rates 3.2 percent in Florida. At the same time, the company is limiting the amount of damage it will cover. In many cases, policyholders are seeing their pipe leak claims denied.
Miami Insurance Claims Attorney Jonathan Korin Can Help
Dealing with insurance companies can be a major headache for countless people throughout South Florida. Homeowners depend on a fair settlement to repair pipe leaks. Unfortunately, many insurance claims are underpaid or denied. Miami insurance claims attorney Jonathan Korin understands the challenges and obstacles facing property owners. He and his legal team at Korin Law, P.A. utilize an aggressive and comprehensive approach to help Miami’s homeowners resolve their insurance disputes. Whether it is in the courtroom or behind the scenes, the team at Korin Law, P.A. works diligently to help place each client in the best position to succeed. To learn more, contact their Miami law office today and schedule a consultation to discuss your case.