When someone else’s negligence causes damage to your property, you may have a legal claim against them to repair or replace your damaged property. Property damage is just one aspect of your personal injury claim where you can seek money for all of your accident-related losses. These other losses may include medical expenses, lost income, pain, suffering, and more.
Understanding your rights and options can ensure you secure as much compensation for your damaged property as possible.
What Is a Property Damage Claim?
Many people have insurance that covers damages they cause to others due to their negligence. For example, all motorists in Colorado must maintain liability insurance of at least $15,000 for property damage that pays for someone else’s damaged property when they are negligent. Businesses maintain insurance policies to cover visitor injuries, such as if they slip and fall while on the property. Injured parties may be able to make a claim against applicable insurance policies.
Common Sources of Property Damage Claims
Some examples of situations that can give rise to a property damage claim include:
- Car accidents or truck accidents that damage the victim’s vehicle
- Motorcycle accidents that wreck a motorcycle
- Bicycle accidents that destroy a bike
- Pedestrian accidents that break a victim’s phone or other personal property they are carrying
A successful property damage claim obtains money for the repair or replacement cost of the damaged property.
Calculating the Value of Property Damage Claims
Here are some of the ways that the value of a property damage claim can be calculated:
Repair Cost
In the case of auto accidents, the insurance company will first inquire if it is possible to repair the damaged vehicle. If the vehicle can be repaired for less money than it is worth, the victim may be able to have the costs to repair the damaged property covered by the party responsible for the damage.
In addition to compensation for the costs to repair the vehicle, the injury victim may also be able to recover compensation for the diminished value of the property. Vehicles that are damaged are inherently worth less money than those that are not. A person can seek compensation for this loss if someone else’s negligence caused it.
Fair Market Value
The property damage claim will likely be based on the property’s fair market value if it cannot be repaired or is too costly to do so. For example, if a vehicle is damaged, an objective source such as Kelley Blue Book may be used to determine its fair market value. Fair market value is the cost a willing buyer would pay to a willing seller.
The same concept applies if other property types were damaged in the accident, such as a phone, car seat, tablet, or laptop.
Expert Appraisal
In some property damage claims, it may be necessary to get an appraisal from an expert. For example, a classic car may have been damaged, which may not be able to be accurately determined by Kelley Blue Book. In these situations, an expert appraiser may need to provide an estimate of the value of the property and the reasons supporting this evaluation.
Loss of Use of Property
Another aspect of a property damage claim is the loss of use of the property while it was being repaired. For this aspect of the damage claim, the victim may need to provide receipts for rental cars and other expenses they incurred because they did not have access to their own vehicle.
Proving Your Property Damage Claim
There are some pieces of evidence that you might need to prove your property damage claim, such as:
- The vehicle title and registration that shows you owned it
- Receipts for the personal property that was damaged
- Estimates from repair shops
- Photos or videos of the property damage
- Documentation of previous repairs, appraisals, or expenditures
Provide this information to the lawyer who prepares your claim.
Colorado Property Damage Claim Time Limits
Property damage claims are subject to a time limit called the statute of limitations. If the case has not been resolved through an insurance claim, the law sets a time limit of two years for the victim to file a personal injury lawsuit against the party responsible for their harm.
If two years pass and you have not filed a lawsuit, you can lose your right to recover compensation through the courts. There are a few exceptions under the law that could give you more or less time to file your case. Working with an experienced lawyer who can evaluate your claim and inform you of the time limit that applies to your specific case is essential.
Contact a Colorado Personal Injury Lawyer for Help
If your property was damaged because of the negligence of another, get the legal help you need from Matos Personal Injury Lawyers. We can evaluate your property damage claim and negotiate for fair compensation. Call us today at 720) 912 7274 to get started with a free consultation.