by chad.miller18 » Mon Jun 07, 2010 12:40 am
If I find a contractor to do house repairs under the total amount aloted on insurance claim (including the recoverable depreciation), then is the remainder of the recoverable depreciation money mine?
Posted: Mon Jun 07, 2010 10:59 am Post Subject:
Nope...you only recover the depreciation when you supply a receipt showing you paid this (held back) amount.
Posted: Tue Jun 08, 2010 04:03 pm Post Subject:
Definitely not. The policy is designed to "indemnify" you. Which means, bring you back to where you were before the loss occurred. It is not set up for you to profit, just to break even.(less the deductible)
Posted: Sun Jun 13, 2010 06:05 am Post Subject: Can I act as Contractor & Subcontractor
Can I act as my own contractor and hire my own employees, as well as do some of the work myself? And, can I charge a reasonable amount for the labor for my employees and myself if it exceeds the amount of the Cash Value Payment? If so, what is a reasonable charge for labor? I may want to save some money, but I don't wish to do all of the work for free when someone else will be paid for it.
Posted: Mon Jun 14, 2010 06:58 pm Post Subject:
That is going to be very specific to your claim. You should be able to find a way to work this out at some level. My advice to you would be to speak directly to the adjuster that is handling your claim and explain what you are wanting to do. They will be able to tell you specifically what options you have available related to this issue.
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