I had damage to my home in Galveston during hurricane Ike. want to know the rules for rebuilding or repairing basis damage amounts.
Total Comments: 4
Posted: Sat Nov 08, 2008 06:46 am Post Subject:
If your home insurance policy states that it'll only cover the expenses for mending the damages done to the property, then the insurer will only spend the amount it'll take to repair.
The replacement cost policy, however, would cover the expenses that are required to replace the damaged portion. The insurer promises to replace/repair the damaged portion with material of similar nature. And no amount is deducted from the claim amount owing to the factors of wear and tear. Most of the home policies are of this nature.
Posted: Sat Nov 08, 2008 06:57 am Post Subject:
Hi, there may be no rule of thumb available as to determine the exact amount of loss. The insurance companies and their claim departments might have sets of methods to apply for determining the loss. Hence, an expert/ adjuster can only give you a fair idea. However, if the damage is repairable and a partial repair can solve the issue the insurance company might like to do that. If you have both the repair and replace clause in your policy, the insurer may offer whichever amount is less.
Have you turner the claim to the insurer yet?
Thanks,
Rupert
Posted: Sun Nov 09, 2008 11:40 am Post Subject:
I'm assuming you meant 'basic' amounts...was your home totaled? if so then what are your limits?
Posted: Mon Nov 10, 2008 09:54 am Post Subject:
if you house was damageed in an hurricane and the said house is insured The insurance companies and their claim departments will have sets of methods to apply for determining the loss. Hence, an expert or adjuster can only give you a fair idea. However, if the damage is repairable and a partial repair can solve the issue the insurance company might like to do that. If you have both the repair and replace clause in your policy, the insurer may offer whichever amount is less. but if it is just one of either repair or rebuld you sign with the company will just go along withe the option you chosed if it is replace the insurance company will go on and replaice the damaged house if you have not told them about it go and thell them on time with out any delay
or you go and rent an expart to estimate the amount of damage befor you go to the insurance company
Posted: Sat Nov 08, 2008 06:46 am Post Subject:
If your home insurance policy states that it'll only cover the expenses for mending the damages done to the property, then the insurer will only spend the amount it'll take to repair.
The replacement cost policy, however, would cover the expenses that are required to replace the damaged portion. The insurer promises to replace/repair the damaged portion with material of similar nature. And no amount is deducted from the claim amount owing to the factors of wear and tear. Most of the home policies are of this nature.
Posted: Sat Nov 08, 2008 06:57 am Post Subject:
Hi, there may be no rule of thumb available as to determine the exact amount of loss. The insurance companies and their claim departments might have sets of methods to apply for determining the loss. Hence, an expert/ adjuster can only give you a fair idea. However, if the damage is repairable and a partial repair can solve the issue the insurance company might like to do that. If you have both the repair and replace clause in your policy, the insurer may offer whichever amount is less.
Have you turner the claim to the insurer yet?
Thanks,
Rupert
Posted: Sun Nov 09, 2008 11:40 am Post Subject:
I'm assuming you meant 'basic' amounts...was your home totaled? if so then what are your limits?
Posted: Mon Nov 10, 2008 09:54 am Post Subject:
if you house was damageed in an hurricane and the said house is insured The insurance companies and their claim departments will have sets of methods to apply for determining the loss. Hence, an expert or adjuster can only give you a fair idea. However, if the damage is repairable and a partial repair can solve the issue the insurance company might like to do that. If you have both the repair and replace clause in your policy, the insurer may offer whichever amount is less. but if it is just one of either repair or rebuld you sign with the company will just go along withe the option you chosed if it is replace the insurance company will go on and replaice the damaged house if you have not told them about it go and thell them on time with out any delay
or you go and rent an expart to estimate the amount of damage befor you go to the insurance company
Add your comment