by mbackes1968 » Fri Nov 21, 2014 02:36 pm
I live in western NY and filed a claim with my insurance company since our hardwood floors were damaged and carpeting in our finished basement from a water leak on our kitchen icemaker. The insurance company sent me a check for $8900 listed as Replacement cost value. The Actual cost Value is 7000. I can do the repairs for about 4000. Can I keep all the money or will I have to send them back the 1900 difference between the RCV and the ACV? I dont know what I should do
Posted: Sat Nov 22, 2014 12:34 am Post Subject:
So you work for free? If so, I have some things I need you to do around my house!
You are doing the work so it's the same as you being compensated for your time. Also, the insurance contract says that your carrier will pay you for the loss. You could flush the money down the toilet... it's still owed to you.
That is, as long as another party is not on the check.
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