by Captain Hobo » Wed Dec 02, 2009 04:51 am
Hi,
Our situation – In September our dishwasher leaked out in the middle of the night. Sitting water damaged hardwood flooring and carpet. We called in Water damage restoration company, they checked the water content in the wood and suggested we get the wood replaced and make sure the sub floor was not damaged. I opened a claim with the insurance company.
The insurance adjustor took measurements and used a software (I think it’s called Xactimate) and gave a quote of ~$12,000. Insurance company held back $2000 as depreciation cost, -$1000 deductible and mailed us and the mortgage company a check worth $9,000. I got the check endorsed from the mortgage company and was able to encash it. Then I started calling for quotes. In between 2 months had passed and the hardwoods had started drying out. The insurance adjustor had considered ~200 Sq. ft wood needs to be replaced. But most hardwood repair guys advised me that I don’t need to replace more than 75 Sq. ft. Most of the hard wood planks had dried out in the 2 month window. The carpet had completely dried out and just needed a deep cleaning.
I went with the most reasonable quote and got 75 Sq ft wood replaced just to be on the safe side. However, the total repair cost is just $5,800 (all inclusive).
Questions –
1. I understand that I cannot claim the depreciation value ($2000) but do I need to return the remaining $3200 to the insurance company?
2. If I’m not claiming the depreciation value, do I need to send in the original receipt to my insurance company?
3.What is the process for closing the claim?
Our situation – In September our dishwasher leaked out in the middle of the night. Sitting water damaged hardwood flooring and carpet. We called in Water damage restoration company, they checked the water content in the wood and suggested we get the wood replaced and make sure the sub floor was not damaged. I opened a claim with the insurance company.
The insurance adjustor took measurements and used a software (I think it’s called Xactimate) and gave a quote of ~$12,000. Insurance company held back $2000 as depreciation cost, -$1000 deductible and mailed us and the mortgage company a check worth $9,000. I got the check endorsed from the mortgage company and was able to encash it. Then I started calling for quotes. In between 2 months had passed and the hardwoods had started drying out. The insurance adjustor had considered ~200 Sq. ft wood needs to be replaced. But most hardwood repair guys advised me that I don’t need to replace more than 75 Sq. ft. Most of the hard wood planks had dried out in the 2 month window. The carpet had completely dried out and just needed a deep cleaning.
I went with the most reasonable quote and got 75 Sq ft wood replaced just to be on the safe side. However, the total repair cost is just $5,800 (all inclusive).
Questions –
1. I understand that I cannot claim the depreciation value ($2000) but do I need to return the remaining $3200 to the insurance company?
2. If I’m not claiming the depreciation value, do I need to send in the original receipt to my insurance company?
3.What is the process for closing the claim?
Posted: Wed Dec 02, 2009 05:44 am Post Subject:
There is nothing you need to do. They may contact you to see if you are going to pursue the hold back amount, and all you have to tell them is that you were able to make repairs for the original amount. They will then just close the claim.
Posted: Wed Dec 02, 2009 07:26 am Post Subject:
This $3,200 seems to be the estimated cost of repairing the remaining (200-75) Sq ft=125 Sq ft. I don't think you'd need to return it to the carrier. If you'd need to file a claim for the same problem again, then the carrier might deny a portion of your coverage in connection with the curtailed repair works.
Posted: Wed Dec 02, 2009 12:43 pm Post Subject:
You're fine, as Das said, you need to do nothing... Merry Christmas.. :wink:
Posted: Wed Dec 02, 2009 10:01 pm Post Subject:
good time to get a bonus!
Posted: Tue May 10, 2011 08:27 am Post Subject: FglDURiAWtHwrwFykRT
About11005.. Nice :)
Posted: Thu Jun 02, 2011 01:28 am Post Subject: i had roof damage which resulted in filing a claim with my i
i had roof damage which resulted in filing a claim with my insurance. an adjuster wrote me a check for my roof repair minus my 500.00 deductible and held back 20% for depreciated value which came to roughly 1200.00 my question is this. if my estimate is less than the check i was sent for repairs am i intitled to the depreciated value once my repairs are completed.
Posted: Fri Jun 03, 2011 07:56 am Post Subject: CpJLMFbaHXoHjoWCc
About11005.. He-he-he :)
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