Saturday, June 30, 2012
Diminished Value of Real Estate
Here’s a big development in the area of diminished value law. A unanimous Georgia Supreme court held that property insurers have to pay diminished value damages to their policyholders when real estate is damaged. Georgia has been a leader to some degree in the area of diminished value claims. In Georgia, unlike most other states, an auto policyholder can make a claim against his own insurer for lost value of a vehicle after it has been in an accident. Most other states only allow a claim for lost value against the party who caused the accident. If the accident is a one car collision, or if the policyholder is the one at fault, these other states don’t permit a recovery of money. The reason this Georgia Supreme court decision is important, is that the reasoning behind the diminished value argument in Georgia has been extended to real estate by the Supreme Court of Georgia. As Georgia has been a leader in this area, it’s not too hard to imagine that other states may follow their lead. Furthermore, it reinforces that argument in other states that loss of value from damage to real estate is a legitimate claim. Here’s a link to an article that discusses this case. http://www.ajc.com/news/ruling-a-big-deal-1463884.html (right click your mouse and choose” open hyperlink, and if the article doesn’t open up right away, try refreshing the page)
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About Me
- Alfred Abel, Esq
- Before entering the practice of law, the founder, Alfred M. Abel, ran a family business in Northeastern Pennsylvania. After the business was sold, he went to law school and entered the practice of law. As a result of that business experience, he brings a unique perspective to representing clients. Often, a practical, common sense solution is quicker and more beneficial than a protracted, legal battle. After working for a firm in Philadelphia, he started his own law practice in 1982. The focus of this practice has been representing individuals, families and businesses in the areas of Real Estate, Business, Personal, and Corporate Bankruptcy, Debt Collection, Import and Export cases, Personal Injury, Wrongful Death, Professional Negligence, Consumer Protection, Wills, Estates, Trusts, and Entertainment. He has been married for 20 years and has one daughter. Bar Admissions: Pennsylvania, 1981 U.S. Federal Court, 1981 Federal Courts - Third Circuit Bar Associations: Pennsylvania Bar Association Montgomery County Bar Association Philadelphia Bar Association
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