Does anyone know about homeowners insurance payouts in CT

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Posted: Tue Aug 25, 2009 4:18 pm Post subject: Does anyone know about homeowners insurance payouts in CT

I am hoping that maybe someone can help me with clarification of an issue I am having. My parents home was involved in a fire and they both passed away. The insurance company has issued a partial payment for the loss, which included a depreciation because there is no house. However, if we rebuild, they will pay an additional amount. Does anyone know about how this works in the State of CT? I am confused about the disbursement amount for rebuilding the house. For instance, if the insurance company will pay an addtitional 100K for rebuilding, is this amount paid out in increments as the building progresses? Or is this a flat amount paid based on the terms outlined in the policy?

dcaraballo

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Joined: 25 Aug 2009
Posts: 2

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Posted: Wed Aug 26, 2009 6:41 am Post subject:

Quote:

However, if we rebuild, they will pay an additional amount.

I don’t think they are gonna offer anything that’s not there within the terms of the policy. Also, I don't think they'll pay you beyond a certain point. Rebuilding it to your wish has got nothing to do with the worth of the damage. They're supposed to pay you to make it good, till it exceeds the worth of the damage caused by the fire.
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anonymous00

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Posted: Thu Aug 27, 2009 11:39 am Post subject:

Quote:

based on the terms outlined in the policy

Definately it will be paid per the policy terms...Ask the adjuster point bland EXACTLY how this is paid out...
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