by jeepnmatt » Sat Jan 17, 2009 09:03 am
Okay, I'm going to try to not be long winded but this may take a minute. My home sustained some wind damage to the roof back in March of 08. I called my insurance and they quickly rectified the situation, with a complete new roof, raingutters etc. When the adjuster came out back in may we saw that there had been water leaking through the roof into my attic, but did not see any damage to the ceilings in the rooms in my house. Well my son got those glow in the dark stars to stick to his ceiling in his bedroom for Christmas, when I got up to stick them to the ceiling I have found that in fact the ceiling was damaged from the water. I called the insurance company again, and quickly they came out and agreed that it was related to the previous damage, and reopened my claim. So, my question now is he gave me a "preferred contractor" who I called and he came out and gave me an estimate (the contractor also sent this bid to my adjuster) The bid is for 2,800.00 to take down the ceiling completely, replace, re-insulate the attic, paint, etc. Here is my question. When I used their "preferred contractor" for the new raingutters in May, I was not satisfied with the job and really had quite a battle getting it fixed to my satisfaction. So can I ask for the check directly to me and do the work myself? I have completely remodeled my house, from new windows, doors, plumbing, electrical, etc. I'm very comfortable with doing the work myself. But I know it will not cost me that in materials, so am I doing something bad/illegal/unethical? I'm not trying to make a quick buck, but would just trust myself more at this point. Nobody is as meticulous with my house as I am. Also, can they make me do it within a certain time? I work crazy hours during the winter and may not do it until summer or so. Any help or advice you guys can give me would be GREATLY appreciated. Thanks in advance!
Posted: Tue Jan 20, 2009 12:36 am Post Subject: Things are improving
Ok, so I had the talk this morning with the insurance adjuster. He was very good about it and told me I can choose any contractor to do the work including myself. GREAT! I am supposed to get a check tomorrow, we will see if it happens. I'll keep ya'll posted.
Posted: Tue Jan 20, 2009 12:45 am Post Subject:
see there Matt all that worry for nothing... :wink: let us know...when you have draft in hand... :wink:
Posted: Wed Jan 21, 2009 05:43 am Post Subject: CONFUSED!!!
Okay, well today maybe went well, not really sure. Ok, so the contractor that American Family sent out gave me (as well as emailed) an estimate to fix the damages to my house. It was for 2800.00. Today the adjuster comes out and goes over everything and issues me a check for 2300.00. Thats right 500.00 less than the estimate THEIR contractor gave me?!?! His explination to this is their contractor estimate is 2300.00 for labor and materials. Then it lists 250.00 for overhead, and 250.00 for profit. Is this all correct? Or am I being taken advantage of. I have the estimate the contractor gave and would gladly email it to anyone who may help me answer these questions. But in the final line of the bid it says "Replacement Cost Value" 2832.48. "Net Claim" 2832.48. So what gives?!?! HELP PLEASE!!! Again, thanks guys and gals for everything.
Posted: Wed Jan 21, 2009 11:07 am Post Subject:
Thats right 500.00 less than the estimate THEIR contractor gave me?!?! His explination to this is their contractor estimate is 2300.00 for labor and materials. Then it lists 250.00 for overhead, and 250.00 for profit. Is this all correct?
Maybe, since you are not employing the contractor for the repair work they would only pay what is due as labor charge and material cost. Do you know what's the amount the contractor has charged towards the labor and material? Its hard to say whether the insurance company is undervaluing the cost deliberately or not. What do you think the cost approximately would be if you do the work yourself?
"Replacement Cost Value" 2832.48. "Net Claim" 2832.48. So what gives?!?! HELP PLEASE!!!
You would be paid the net worth of the claim. However, you probably have noticed that both the amounts are same.
Posted: Wed Jan 21, 2009 11:32 am Post Subject:
You're adjuster is stupid..i think that's the answer....if i'm understanding this right he SHOULD have paid you..2300.00 (parts and material) less your deductible or 1800.00 somehow he got his wires screwed up and paid you minus the entire amount...tick a lock and get to the bank son you just made about 500 bucks.. :lol:
Posted: Wed Jan 21, 2009 09:56 pm Post Subject:
Lori - remember that the deductible for this loss was most likely taken during the original claim for the roof damage. I suspect that they took out the O/P as the insured may not use a GC to complete the work and do it themselves. Depending on the state and carrier, this would seem correct.
Posted: Thu Jan 22, 2009 02:20 am Post Subject:
Good catch Das, you're right the deductible was already taken...so in that case, the adjuster did the exact correct thing...(sorry unknown adjuster that i called you stupid.. :wink: ) by backing out overhead and profit.
Posted: Mon Jan 26, 2009 06:26 am Post Subject: HUH?
So taking out overhead and profit is normal? I guess where I'm confused is if I had hired said company they would have had to pay 2300.00 (which includes approx 500.00 in overhead and profit), but if I do it myself they get to pay 1800.00? I guess I don't see why they would not pay me what they would have to pay someone else to fix it. Am I considered cheap labor? : )
Posted: Mon Jan 26, 2009 12:54 pm Post Subject:
So taking out overhead and profit is normal?
yes, you are NEVER entitled to profit from an insurance claim (as the insured or claimant) and you have no overhead..I guess I don't see why they would not pay me what they would have to pay someone else to fix it. Am I considered cheap labor? : )
Yes you are cheap labor, but they should be paying you labor but NOT profit.Add your comment