large loss

What is a Large Loss?

Any property damage is something that every home or business owner dreads. Whether caused by a natural disaster or some other sort of event, property loss is inconvenient and challenging to experience. 

Here at Ascension General Contractors, we want to help give you the information you need to know about property damage. If you have experienced property loss or want to be prepared, one of your questions may be, “What is a large loss?”

What is Considered A Large Loss?

A large loss is when there has been a significant amount of damage to your property. This could be something such as your home or business catching fire. Most likely, there would be a large amount of damage if not put out quickly, which could add thousands of dollars. Unfortunately, each situation is unique, and there is no guidebook for determining if something is considered a large loss since it is not based purely on the cost of the damage. The following things could contribute to classifying the damage as a large loss: 

  • A large area of the structure is damaged 
  • The structure needs complicated repairs, or the majority needs to be replaced
  • A significant part of your business has been affected because of the damage

What Do I Do When I Have Experienced a Large Loss? 

When you’ve experienced a large loss, navigating the process can be difficult and frustrating. But with the proper steps, you can ease the entire process. Here are some of the things you should do following a large loss to ensure that you minimize any roadblocks or further issues. 

  • Contact Your Insurance Company 

The sooner you contact your insurance company and file a claim, the sooner you will be able to get a settlement. Be sure to read your policy beforehand as well to familiarize yourself with what is covered. 

  • Ensure Safety

Taking appropriate safety measures for everyone on your property is essential, especially following a large loss. Additionally, be sure that your property is safe for entry and inspection before allowing anyone back on the property. 

  • Document the Damage

Take photos and videos of all damages on your property that you can. Additionally, create an initial list of damaged property. 

We have everything needed to restore your property after a disaster in a timely and professional manner at Ascension General Contractors! We are full-service general contractors and repair specialists proud to serve the Nashville community. Don’t hesitate to give us a call!

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