by Guest » Sat Feb 06, 2010 12:18 am
Our house sustained water damage due to a toilet overflowing and running several hours while we were away. The insurance adjuster said they will replace the carpet and pad in the affected rooms. They also will pay to re-grout the ceramic tiled floor. They are having a carpet sample analyzed to determine the carpet grade before writing us a check. They are encouraging us to agree to use one of their preferred contractors to complete the repairs. Here are my questions:
1. When we bought our house 4 years ago we had planned on putting in hardwood floors when the carpet needed replacing. Under the circumstances I would like to apply the amount the insurance company would allow for carpet toward hardwood floors. Since I can’t afford to have hardwood floors professionally installed I’m willing to do the work myself to offset the cost. Although not a professional contractor, I am an experienced handyman. I’ve completed several remodeling projects including building custom cabinets and take pride in my workmanship. All this to say I would not do a sloppy job. Would the insurance company allow me to do the work myself? If so, can I just apply what they would pay a contractor to myself? Or do I need to notify them of my intentions and keep them updated on my progress as I complete the job?
2. I also had planned on eventually replacing the ceramic tile. I want to use the money they’ve allowed for re-grouting to go toward re-installing a better quality tile myself. Would this be ok? It doesn’t make sense to spend this $$ doing work which will ultimately be redone anyway.
3. I do have replacement coverage but am not sure what is or isn’t included under recoverable depreciation. If the insurance company doesn’t pay the full replacement cost for new carpeting until I’ve met my deductible and provide receipts to prove the work has been completed, how should I proceed? I’ve already met my deductible paying the clean up crew. If I do the work myself and pay for hardwood floors instead, will I be able to recover this depreciated amount? The cost alone in materials should more than cover the amount they will be withholding due to depreciation.
THANKS IN ADVANCE!
1. When we bought our house 4 years ago we had planned on putting in hardwood floors when the carpet needed replacing. Under the circumstances I would like to apply the amount the insurance company would allow for carpet toward hardwood floors. Since I can’t afford to have hardwood floors professionally installed I’m willing to do the work myself to offset the cost. Although not a professional contractor, I am an experienced handyman. I’ve completed several remodeling projects including building custom cabinets and take pride in my workmanship. All this to say I would not do a sloppy job. Would the insurance company allow me to do the work myself? If so, can I just apply what they would pay a contractor to myself? Or do I need to notify them of my intentions and keep them updated on my progress as I complete the job?
2. I also had planned on eventually replacing the ceramic tile. I want to use the money they’ve allowed for re-grouting to go toward re-installing a better quality tile myself. Would this be ok? It doesn’t make sense to spend this $$ doing work which will ultimately be redone anyway.
3. I do have replacement coverage but am not sure what is or isn’t included under recoverable depreciation. If the insurance company doesn’t pay the full replacement cost for new carpeting until I’ve met my deductible and provide receipts to prove the work has been completed, how should I proceed? I’ve already met my deductible paying the clean up crew. If I do the work myself and pay for hardwood floors instead, will I be able to recover this depreciated amount? The cost alone in materials should more than cover the amount they will be withholding due to depreciation.
THANKS IN ADVANCE!
Posted: Thu Feb 11, 2010 05:25 pm Post Subject:
30 to 40% on carpet that is 6 or 7 years old is about what I would take. I really don't see how they took deprecation on labor (I think TDOI) would have something to say about this.
Did you discuss your plans with your adjuster? What did they say besides the letter you sent?
I don't see where you will have a problem as long as you save all of your receipts showing that flooring was replaced, trim painted and what ever else was damaged was repaired. They should then take the receipts and see that you spent more then the estimate and pay out the holdback.
I see you just posted again.
I assume that you estimate reads
Carpet - x amount of dollars then the depreciation amount
Remove carpet - x amount of dollars
R&R carpet pad - x amount of dollars then the depreciation amount
The "carpet" section should have the labor included for the installation.
As for the condition of the carpet...really the adjust can only go by the approximate age of the carpet since they could not see it before the loss. The amount they held back really shouldn't matter as long as you have the flooring replaced, either by hardwood or carpet and pad.
DO NOT SETTLE FOR THE ACV AMOUNT. You are owed full replacement as long as you replace the items and pay for the additional upgrades yourself, which you seem to understand. The only area you may be out is in overhead and profit.
Talk to the adjuster and if you don't seem to get the answers you are looking for, call TDOI.
Also, in your example of your 20x20 room for $113. How much is the depreciation in dollars. Could it only be accounting for the replacement of the pad and not the actual labor. Most estimating software has an option to only depreicate materials but does not show it on the print out.
Posted: Fri Feb 12, 2010 12:34 pm Post Subject:
I really don't see how they took deprecation on labor (I think TDOI) would have something to say about this
I agree, unless they are taking it line by line rather than in a lump sum...ie-'remove and replace carpet in bedroom=1000.00 less 40% depreciation" I still don't follow their logic though.The "carpet" section should have the labor included for the installation
Check this..if it has carpet (which includes installation labor) for 10bucks a square yard..you know there's a mistake..further, they should be telling you WHERE you can buy this carpet and get it done for this price..might not be a bad idea, to take sections of your carpet to this store, and make sure we are talking 'grade to grade'.What is the TOTAL amount of their estimate (including recoverable depreciation)? Are you going to be spending this in your upgrades, (subtracting the removal which would be owed to you)? If so again, ask the adjuster (and TDOI) if you provide receipts for this, (and pics if they'd like) will there be any issue with you being reimbursed?
Posted: Sat Feb 13, 2010 06:05 pm Post Subject:
Per my example of the 20x20 room: Actually I re-measured and it is 20’3” x 17’4”. (I approximate the SF at 351 with no allowance for overage). I don’t understand how the adjuster gets their measurements… it doesn’t match with mine. They said 309 SF floor but are allowing 349 SF quantity for carpet at 2.39 unit cost., .17 unit cost for 309 SF for removing carpet, and .50 unit cost for 309 SF for R&R carpet pad. Of the 3 items, each is depreciated individually. The total RCV for this room is $1043 with an ACV of $573 - thus making the overall depreciation $470. The $113 I referred to was the sum of the depreciated amount for removing carpet ($28 ) + the depreciated amount for R&R carpet pad ($85). I didn’t realize the carpet installation was included in the unit cost of 2.39 for the carpet.
The amount for RCV for this total claim is $6k and depreciation is $2500. If I replace 2 rooms with hardwood flooring, upgrade to travertine tile (instead of only regrouting) in 2 rooms, and upgrade to a better quality carpeting in the 3 other rooms, (even doing much of the work myself) then yes - I’m pretty sure I can accumulate more than $6k in receipts.
I have not talked with the adjuster yet about wanting to upgrade and do the work myself. Nor have I sent them a letter, only left a msg and am waiting for them to get back with me. In the meantime I talked with the TDOI. They said the insurance company has 15 days to reply. Patience is a virtue - right? With our home in such disarray, furniture pushed all around, carpet and pad removed and rolled back, stuff stacked everywhere, tack strips (OUCH!) exposed, etc, it helps keep perspective by reminding myself how small a matter this really is, especially when I hear about those poor families in Haiti…
Anyway, the guy at TDOI confirmed that I have a right to do the work myself and be compensated for labor - but I need to talk with my adjuster to find out what they’ll allow and how we need to proceed to recover our depreciation. He also wasn’t sure why they’re depreciating the labor. (Which they are). Evidently each company does it a little differently. I do have a right to upgrade to a better flooring but not to expect the insurance to pay extra for it (which I don’t). However he said the insurance company may not renew our policy if we don’t complete the repair as they specify.
He also said not all insurance companies withhold depreciation, but if it’s spelled out that way in our policy they have a right to do so until we prove the work has been completed. I checked our policy and we do have replacement coverage, but the terms are very general. It sets out limits, liabilities and deductibles. I talked with my agent and they said they would send me a more detailed policy. You are right, the depreciated amount doesn’t really matter as long as we can recover it. And right again, I need to talk with the adjuster before I can pursue much further with TDOI. I’m calling the adjuster again today. I’ll keep you updated on what I find out.
Thanks again for your help!
Posted: Sat Feb 13, 2010 10:13 pm Post Subject:
However he said the insurance company may not renew our policy if we don’t complete the repair as they specify.
I doubt that..they could non-renew if you didn't complete the repairs at all! But no way can they non-renew based on your improvements...Be sure and remind the adjuster that the TDOI stated they CANNOT depreciate labor...well, maybe you'd better wait to read your policy first...let us know what your policy says (exactly( when you get it..
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