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Posted by MLD on June 25, 2006, 4:58 pm
> Our insurance company rep came and said that they would pay to replace
> the roof, replace the insulation, and paint the ceilings in rooms where
> there were water spots on the ceilings. Then we got the insurance
> check to compare to the estimate and this is what we found:
>
> Estimated cost of roof repair (alone...no painting, insulation, etc.)
> 6500.00
>
> Insurance check supposedly for roof repair, insulation and painting
> less deductible
> 5900.00
>
>
> so...they are saying it will only cost $1400.00 to paint at least 2000
> sq. feet of ceilings
> replace the same (I assume) amount of insulation?
>
> The letter from the insurance states the following which I don't
> understand. Can anyone fill me in on what they are actually saying?
> Am I to understand that if it actually costs much more to replace and
> repair the damage they will THEN mail me the difference?
>
> Also, the roof on our house was a 20 year roof...I asked the adjuster
> what would happen if we installed a 30 year roof this time and she said
> that will be fine. She did not say we would have to pay a differential
> or anything. This sounds funny to me.
>
> Here's what the ins. letter states:
>
> The actual amount of your loss is estimated to be $5900.00.
> Reimbursement of the depreciated amount is part of your replacement
> cost benefits and can be claimed by providing us with copies of the
> final bills, invoices or receipts.
>
> The attached estimate and Explanation of Building Replacement Cost
> Benefits form indicates the maximum replacement cost benefit of
> $695.00.
>
> What in the world are they saying here? Are they indicating that if it
> actually costs more to repair the roof they will pay the difference as
> long as we have invoice proof?
>
> Are they saying they will pay up to $695.00 more and that's it? I'm
> totally confused.
>
> I'd really like to upgrade to a 30 year roof, but I need to know how
> much more I'll actually have out of pocket and if it's worth it!
>
Offering less than estimates is a typical insurance ploy. Get more than one
estimate showing costs more then was offered. Ask for contractor names who
will do the work for their estimate. They depreciate about 10% and will
reimburse after you have the work done. If you don't repair they keep the
10%. Don't give into what the insurance adjuster offers--fight it and if
you get legitimate estimates showing it will cost more then they offer you
will eventually win. Best advice (based on my own experience) is to always
get a Public Adjuster if you have a costly damage event--right away, even
before contacting the insurance company or getting estimates. It is well
worth it and you'll recover more then what they charge and they deal with
the insurance co. I had water damage of about $20,000--insurance company
first offered $14,000. My contractor, along with copies of two other
estimates, confronted the adjuster and challenged her to find anyone who
would do the defined work for less. Got a Public Adjuster, way too late in
the process, so he only offered advice and made a call to the adjuster, who
BTW, reacted to his call more then to that of the contractor. Insurance
companies don't like to deal with them--too good and to smart. Good luck.
MLD
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