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 Posted: Tue Jun 30, 2009 5:12 am Post subject: house fire in mn usa |
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I lost my house to a fire on 5-22-09 We are still in a motel I will be renting soon! my city says my house is worth 150.000. I am insured for 175.000 my insurance co offered me 116.000 2 weeks later... we cant fix for 116.000 turned them down.now they say they say we wont pay for your foundation.How do I deal with these people?I'm stressed dealing with insurance co . it seems to me they are trying to get us to accept 116.000 they are scandalise HELP IN MN
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wallybwally@gmail.com
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| Posted: Wed Jul 01, 2009 8:52 pm Post subject: |
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First of all, forget about what the city says your house is worth. It's a market value and has nothing to do with insurance.
They wouldn't offer you $116,000 unless they have some way of substantiating that the work can be completed for that amount.
You state that you can't fix it for $116,000, so how much higher is the estimate that you've gotten for the repairs?
Has the insurance company reviewed your estimate? If so ask them what about it they dispute.
Another factor you don't mention is if your coverage is replacement cost or actual cash value (ACV) if you chose to save money on the policy by buying ACV, the insurance company may not owe you the full cost of repairing the damages.
At the very least they owe you written explaination of why they think $116,000 is fair settlement. Ask for that. |
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Fishman
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Joined: 04 Apr 2008
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| Posted: Thu Jul 02, 2009 4:26 am Post subject: |
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| Quote: | | I am insured for 175.000 my insurance co offered me 116.000 2 weeks later |
Is that all they have offered or they have said that it's the amount they would disburse initially and after the repairs are done you would get the remaining of the claim? This is called recoverable depreciation.
Fishman is absolutely right, if you have purchased an actual cash value policy instead of replacement cost one then the house is subjected to depreciation, which would automatically lower the compensation you are entitled to. IMO you need to review the policy document and update us about the type of coverage you have, only then we can offer you further help.
~Jeremy |
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JeremyHolter
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