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Evaluating Property Damage

Evaluating Property Damage

How is my property damage claim determined?

The two basic categories of damages are: total loss (sometimes called “damaged beyond repair”) and not damaged beyond repair.

If your property is a total loss, you may recover (1) the actual value of the property less any remaining value; (2) the amount of any further dollar loss caused by the loss of the property; (3) interest from the time at which the value of the property is determined; and (4) loss of use of the property if it involves a commercial vehicle.

For property that is not damaged beyond repair, you may recover (1) the fair market value of the property prior to the damage minus the fair market value after the damage; (2) the reasonable cost of repair for restoring the damaged property to substantially the same condition prior to the damage; (3) if the repair did not restore the value then also the difference in fair market value; and (4) reasonable loss of use during the time reasonably required to make the repair.

Under either scenario, the property owner is obligated to “mitigate” their damages by promptly seeking reasonable repairs or replacing the property. Any unreasonable delay in seeking repairs or replacement could be subtracted from your recovery by a court. If you do not have insurance on your property, you will also need to show liability against a third party to recover. In any case, a court will resist awarding any “double recovery” for your damages.

If you have been injured in an accident or incurred other damages as a result, please call Aaron Ferguson Law and its experienced attorneys at (651) 493-0426 for a free consultation.


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