Replacement cost

redline · 05-05-2006, 05:44 PM

Quote:

Originally Posted by johnlvs2run

I suppose it's also a good reason to not have big trees by the house.

The tree was on the neighbors property.

johnlvs2run · 05-05-2006, 09:20 PM

The neighbors should pay for the damage then.

1crazygirl · 05-09-2006, 05:13 PM

I am not sure about self insuring. I am always scared of not having enough to pay for all different types of damage. Good luck with your situation.

lxdollarsxl · 05-09-2006, 08:18 PM

We had a fire about a year ago, the insurance company came did the estimate of the loss and paid out in full within 4 days. After rebuilding some 3 months later, we had gone over the pay out by $4000, but we kept all the receipts of all work done. They cut a further cheque for that amount and closed the claim as paid in full.

In another case just down the road from me they did the same for a fire there, but the homeowner decided not to rebuild, took the money and sold the land with damaged house on it. I know this was a fact as we bought that land and house ready to repair when i have the time.

As both houses had no mortgage on them, they cannot tell you what to do with the money its your decision as to repair or not to. So you should have been paid in full.

redline · 05-10-2006, 09:00 PM

Quote:

Originally Posted by johnlvs2run

The neighbors should pay for the damage then.

They may think of suing the neighbors for the difference but they do not want to create any tension.

redline · 05-10-2006, 09:03 PM

Quote:

Originally Posted by lxdollarsxl

We had a fire about a year ago, the insurance company came did the estimate of the loss and paid out in full within 4 days. After rebuilding some 3 months later, we had gone over the pay out by $4000, but we kept all the receipts of all work done. They cut a further cheque for that amount and closed the claim as paid in full.

How severe was the damage?

Was the whole house destroyed or just partial?

johnlvs2run · 05-10-2006, 09:24 PM

On the bright side you have an ample supply of firewood.

lxdollarsxl · 05-12-2006, 10:44 PM

Quote:

Originally Posted by redline

How severe was the damage?

Was the whole house destroyed or just partial?

2 thirds of roof to be repaired Joists, sheathing etc and bathroom ripped out by fire crew as it was burning inside of walls, also replacing drywall in 4 rooms because of water damage.

May i also add they paid for 3 months rental at $800 per month for appt whilst work being done. They were what i would call a good company.

oldgoat · 05-13-2006, 10:24 PM

In Ks the tree would be considered an act of God and unless you can verify that you had warned the neighbor about it your insurance has to pay for it (guess how I found out). Even if the house is paid off I think the insurance has a right to withold full payment until the work is done or the house is sold. They want to be sure that it is done and not taking the money and running and later having another storm come up and you claiming damage again on something not paid. However if it is a replacement cost policy they can't depreciate the items, but I know a guy that had stuff stolen and he had to buy the same/similar item before they would pay. He kept the receipts and then returned the items and got what he wanted. I don't agree with it since I wouldn't want to replace what I have now with the same stuff, but in his case that is what happened. To me insurance companies are nothing more than legal stealing. They can find more ways to get out of a situation than the mafia. Mine is paid off, but I still am too chicken to go without insurance though.

05-05-2006, 09:20 PM	#17
johnlvs2run retaining wall project Join Date: Mar 2006 Location: western u.s. Posts: 44	Replacement cost The neighbors should pay for the damage then.

05-09-2006, 05:13 PM	#18
1crazygirl Newbie Join Date: May 2006 Posts: 7	Replacement cost I am not sure about self insuring. I am always scared of not having enough to pay for all different types of damage. Good luck with your situation.

05-09-2006, 08:18 PM	#19
lxdollarsxl Member Join Date: Apr 2006 Posts: 73	Replacement cost We had a fire about a year ago, the insurance company came did the estimate of the loss and paid out in full within 4 days. After rebuilding some 3 months later, we had gone over the pay out by $4000, but we kept all the receipts of all work done. They cut a further cheque for that amount and closed the claim as paid in full. In another case just down the road from me they did the same for a fire there, but the homeowner decided not to rebuild, took the money and sold the land with damaged house on it. I know this was a fact as we bought that land and house ready to repair when i have the time. As both houses had no mortgage on them, they cannot tell you what to do with the money its your decision as to repair or not to. So you should have been paid in full.

05-10-2006, 09:24 PM	#22
johnlvs2run retaining wall project Join Date: Mar 2006 Location: western u.s. Posts: 44	Replacement cost On the bright side you have an ample supply of firewood.

05-13-2006, 10:24 PM	#24
oldgoat Member Join Date: Aug 2005 Posts: 38	Replacement cost In Ks the tree would be considered an act of God and unless you can verify that you had warned the neighbor about it your insurance has to pay for it (guess how I found out). Even if the house is paid off I think the insurance has a right to withold full payment until the work is done or the house is sold. They want to be sure that it is done and not taking the money and running and later having another storm come up and you claiming damage again on something not paid. However if it is a replacement cost policy they can't depreciate the items, but I know a guy that had stuff stolen and he had to buy the same/similar item before they would pay. He kept the receipts and then returned the items and got what he wanted. I don't agree with it since I wouldn't want to replace what I have now with the same stuff, but in his case that is what happened. To me insurance companies are nothing more than legal stealing. They can find more ways to get out of a situation than the mafia. Mine is paid off, but I still am too chicken to go without insurance though.

Replacement cost