If your personal property has been damaged or destroyed, you will be entitled to recover the lesser of
(1) the diminution (reduction) in the property’s fair market value, as measured immediately before and
after the damage, http://www.propertyinsurancecoveragelaw.com/2013/02/articles/insurance-claim/receipts-who-keeps-receipts-for-a-potential-insurance-claim/ or
(2) the cost to repair the damage and restore the property to its pretrespass
(3) plus the value of any lost use. https://www.justia.com/trials-litigation/docs/caci/3900/3903.html
The practical effect of this rule is to limit damages to property to the fair market value of the property
prior to the damage. http://caselaw.findlaw.com/ca-court-of-appeal/1499967.html
The statute provides an either / or scenario when collecting damages. Be aware of how insurance companies will try to pay you the minimal amount when it comes to your personal belongings. Contact Hafif & Associates, LLP for a FREE CONSULTATION on your property damage rights.