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 Posted: Mon Jun 06, 2011 5:52 pm Post subject: Replacement Value Holdback |
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What if, for example, the replacement value of a roof is determined to be $100,000 and the deduction is $5,000 and the holdback is $20,000 and the insurance company pays $75,000 but holds back the $20,000 until repairs are made. If the homeowner, bids out the work and does much of the tear off and removal himself and can get a contractor to replace the roof the original value for $75,000, can the homeowner still get the holdback? What about any derivation of this is if the actual dollar outlay by the homeowner is less than the total RV paid?
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anonymous dummy
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| Posted: Wed Jun 08, 2011 11:36 pm Post subject: |
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The holdback is payable if repairs exceed the $75,000 previously paid.
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MaxHerr
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| Posted: Thu Jun 09, 2011 10:19 am Post subject: |
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Well, I have a question here for you Max. If the repairs exceed this $75,000 mark, will the entire holdback worth $20,000 be paid to the claimant? Or is it gonnabe paid on a pro-rata basis?
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anonymous00
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| Posted: Thu Jun 09, 2011 4:23 pm Post subject: |
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$ for $. If the repairs are $80,000, then the $5,000 balance is paid. Insurance is intended to cover the cost, not provide a profit.
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MaxHerr
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