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Old 08-11-2006
Byrdman
 
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Default Fighting the Insurance company

The engineering report has came back with positive results for sinkhole activity. My dwelling payoff is $280,000 and the repair estimate for this is $230,000 this includes cosmetic repairs. My insurance company wants to do the repair, which seems silly to me considering how high the repair amount is and not a hole lot of room to move with only $50000 until payoff.

I would like to possibly push for the payoff amount but my insurance company is saying that it will not pay the dwelling amount. I really do not want to involve a lawyer because they want 30% of the payoff which I think is crazy. My house is now for ever damaged, yes they can grout and put under-pinning in. But I am sure if I ever try to sale it that a big red flag is going to go up and my value will never be the same.

We purchase insurance to cover our property and they are supposed to help but they end being the one's we have to fight to make things right.

So my question is; is there any way to push the issue about full payoff amount?
Or am I at there mercy?
What if any is the typical percentage of loss before they will do a payoff?

Thanks
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Old 08-14-2006
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Byrdman,

First off, it's not called "payoff" it's termed policy limits. If we used this term, then this message will make sense. The insurance company has the right to exercise the repair recommended by the engineer that they hired or to tender policy limits. If they have decided that they will go ahead with the repair, they are hoping that the total cost of repairs will be less that policy limits and hopefully be less than the proposed amounts. As the homeowner, you cannot request that they spend extra money just to tender limits, the whole idea of an "adjuster" is to adjust the claim downward, not spend more money than what is needed. If you wish to argue this point with them then you will need to retain an attorney, not a public adjuster, to make this point. I hope this helps.
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