claim amount

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Posted: Mon Jun 23, 2008 3:17 pm Post subject: claim amount

I INHERITED A HOME. WE HAD ALOT OF HAIL DAMAGE. ESTIMATE 4,650.00. THE INSURANCE POLICY HAD NO REPLACEMENT COST OF ROOF. FINALLY CHECK CUT WAS 998.00 DUE TO AGE, ECT. OF ROOF. THERE IS NO WAY TO GET NEW ROOF UNLESS I PUT IN ACCOUNT AND SAVE TO HAVE NEW ROOF PUT ON. I DID NOT KNOW WAS NOT REPLACEMENT VALUE ON ROOF. PAY ALL THIS INSURANCE AND DONT EVEN KNOW WHAT I HAVE AND DONT HAVE. 998.00. FEEL LIKE SENDING IT BACK TO COMPANY. IS IT ALRIGHT TO PUT INTO AN ACCOUNT AND HOLD, UNTIL I CAN FIX ROOF. THANKS _________________ Register Now to have your Insurance queries solved.

tee

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Posted: Mon Jun 23, 2008 4:44 pm Post subject:

Yes, but $1000 is not going to make much money in an account. Still, if you can't get the roof repaired now, what choice do you have. I did not even know it was still possible to get a HO policy that was ACV.

tcope

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Posted: Tue Jun 24, 2008 12:30 am Post subject:

Quote:

I did not even know it was still possible to get a HO policy that was ACV

OP, might want to do some more checking on the free house you got...I'll bet that's a dwelling policy...You may have very limited coverage/perils....Now would be a good time to set down with an agent and go over everything....No reason to be mad at the company though, they paid on the policy that was on the house...right?
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Lori

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Posted: Tue Jun 24, 2008 4:35 am Post subject:

Friend, once you have received the claim check from the insurer, you can do nearly anything that you like with the payment. Though it was forwarded towards the loss that you have suffered, the insurance company can't impose a check on the use of the fund. Like what tcope has said, if you have an alternative and can avoid repairing the roof, you can put the check in the account.