by hvacdnright » Mon Jan 17, 2011 05:01 pm
what do we do now?we dont have the cash to rebuild,and the ins. replacement will only pay after repairs are complete.Are we going to be stuck with a burnt house and ins. is off the hook or what recourse do we have?
Posted: Mon Jan 17, 2011 06:01 pm Post Subject:
Insurance will usually pay actual cash value (replacement less depreciation) up front. Once the work is done they should pay replacement cost. If you need to rebuild repair companies either collect the money once they are done or need a small portion only before they are done. You pay the up front money with the ACV amount and once the work is done the insurance pays the difference and you then pay the contractor.
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