by woolf1209 » Sat May 29, 2010 10:17 pm
the insurance is cut a check for 78,597,19 the contracter says it will cost 70,000 to rebuild the house so i called the insurance company they said i would get a depreation check for 73,000 after the inspector signs off on the hose what does this mean do i get a 73,000 check or will the bank get it or are they not explaining themself corecctly were im not understanding them the bank said if it says depretatiuon on it it is mine
Posted: Sun May 30, 2010 01:24 am Post Subject:
I'm guessing you have replacement cost coverage. This means they apply depreciation and issue you a payment based on this amount. Once the repairs are done they will issue payment for the deference between the depreciation amount and what the full cost of the repairs are (i.e. replacement cost).
Posted: Sun May 30, 2010 02:58 am Post Subject:
Does this mean it is free and clear to me this depretiation
Posted: Sun May 30, 2010 06:16 am Post Subject:
That makes no sense.
Posted: Sun May 30, 2010 06:30 am Post Subject:
that is why i am asking these questions because it makes no sense im getting way to many answers from insurance and bank you and other people what do you need to know to get the right answer
Posted: Sun May 30, 2010 06:32 am Post Subject:
No, I mean this means no sense...
Does this mean it is free and clear to me this depretiation
What is "it"... and "to me" does not make sense.Posted: Sun May 30, 2010 06:35 am Post Subject:
the check that the insurance company said they will send after the inspector signs off on the house when it is built they said i will receive a 73,000 dollar check for depretiation after the bank said yes to it if the check says depretiation
Posted: Sun May 30, 2010 06:36 am Post Subject:
if it means anything i live in california would this be diffrent or
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