Posted: Wed Jul 23, 2008 6:48 pm Post subject: Verifying Work Started
I filed a homeowner's claim and am about to have it paid out. The insurance rep told me on the phone that he would need a contract for work or a verbal from the contractor that work had started or materials had been purchased. I don't plan to do the work immediately and would like any thoughts the board may have. I prefer to get the check and coordinate the work on my own terms without worrying about someone looking over my shoulder.
I don't handle that many homeowners claims but I think this has to do with replacement cost. If so, your policy provides for compensation for replacement cost only if the work has been done. Otherwise it's actual cash value. If you don't have the work done right away, you can ask for the ACV payment and once the work has been done, request the difference.
It could also have to do with leaving your mortgage company off the check. If the insurance company knows your having the work done, they may be willing to leave the mortgage company off the check. Otherwise, they have an obligation to protect the mortgage companies property.
Its not unlikely of the insurance company to investigate into the issue, as they're responsible to pay for the repair works and at the same times have to eliminate the opportunities of any future claims for the same reason. They need the assurance that the all damages were repaired properly. I don't think that you have the opportunity shake-off the insurance company that easily. _________________ Register Now to have your Insurance queries solved.
I agree with the above poster, the insurance company has to make sure that there will be no future claim. IMO it would be wise for you even to do the full repair work when you're receiving compensation for the job. It's after all your property and you are responsible to maintain it in good condition. Remember, the insurance company will not entertain any claim in the future for these same reasons. _________________ Register Now to have your Insurance queries solved.
Posted: Thu Jul 24, 2008 2:37 pm Post subject: Thank You
I appreciate your responses and am loving this website that I found last week. The check was about to be cut, until I spoke with my insurance company yesterday. The claim was flagged and an adjuster will be coming out now to verify my contractor's bid. It seems weird since I used a contractor my agent recommended, but oh well. We will see what happens.
