by chrisyearby » Tue Apr 06, 2010 05:30 pm
I have hail damage and the adjuster came out and inspected my property and found hail damage. They approved us for a claim and are issuing a check minus the deductable and the deprication amount. Do I have to use the money from the first check to get the repairs done? What will happen if I don't?
Posted: Tue Apr 06, 2010 06:14 pm Post Subject:
Do you have a mortgage on the home? if so, the check should include their name or at least a repair companies name. If so, you will need to have the repairs done before the check can be cashed.
If you don't have a mortgage on the home then you can cash the check and not have the repairs done. Until you can show that the repairs have been completed, the insurance company is not going to issue any additional payment due under the replacement cost value clause of your policy (I'm guessing you have replacement cost coverage and not just actual cash value).
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