This winter in my house I had a waterpipe burst that made severe damage to my kitchen tiles, carpet, wallpaint, ceiling, and ceiling tiles. All they gave me was 1,700 dollars to repair everything with. They said because of deprecation. That amount of money does not go very far!
2007-03-08 09:16:58 · 11 answers · asked by nutritionist34 1 in Home & Garden ➔ Maintenance & Repairs
"gave me" suggests that you already accepted the $1700 - if you did you can't change your mind.
You can call restoration companies & they will give you a quote on fixing your place. For now, I would suggest getting a new insurance company. You may want to try a website that compares multiple companies at once to get you the best price.
Go to: http://www.insureme.com/?Refby=616161
Take care,
Casey
Take care,
Casey
2007-03-12 08:16:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Unfortunately when you accepted the $1,700 (cashed the check) you accepted the deal. Homeowners insurance can be tricky. I now have so much experience with it that as a Customer Rep for Farmers I educate my customers about their coverage. I would guess that you had a ACV policy (Actual Cash Value) instead of RCV (Replacement Cash Value) policy. Your agent should of been more forthcoming on your understanding of the policy. Water pipe burst are covered 100% on a RCV policy it would of taken care of the repairs and any structural damage caused by such repairs (like the foundation) it also would of covered the cost of replacing the carpet, tiles, paint & ceiling. I;m sorry but there is not much that can be done now. A very hard lesson to learn but you are not alone when it comes to really knowing the whole truth about HO insurance.
2007-03-08 17:32:51 · answer #2 · answered by CatWOMAN 1 · 2⤊ 0⤋
Insurance companies are known for giving as little as possible. Had a waterpipe bust in the laundry room a few years ago and it flooded almost our entire first floor. The insurance tried to screw us over too. You don't have to accept what they are offering. I fought with them for about three weeks till I was able to get what I needed to do the repairs. Also, don't forget about the mold that WILL form on the inside of the sheetrock in the walls. Don't give up and don't accept till you get what you deserve.
2007-03-08 17:40:26 · answer #3 · answered by lastone32 1 · 0⤊ 0⤋
You must mean depreciation. Yup that happens and the person who said appreciation is not correct. That means an increase in value. That type of thing depreciates not appreciates.You should have insisted on replacement price because of depreciation.You will most likely have to settle for what you got.
2007-03-08 17:24:16 · answer #4 · answered by Born2Bloom 4 · 0⤊ 0⤋
File an appeal if that doesn't work contact an attorney who specializes in insurance. You can also contact the state board of insurance to file a complaint.
2007-03-08 17:20:57 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Read your policy. It should specify depreciated value or replacement cost. If is specifies depreciated value you're probably stuck. If it specifies replacement cost, talk to an attorney, and get a new policy.
2007-03-08 20:16:17 · answer #6 · answered by bugs280 5 · 0⤊ 0⤋
insurance company are not in the business of paying claims there in the business to charge you more it's a modern day Mafia
2007-03-08 17:43:17 · answer #7 · answered by george e 3 · 0⤊ 0⤋
In your policy it should be written whether they are supposed to give you REPLACEMENT VALUE, which is not affected by appreciation -- it's the value it costs to replace it.
2007-03-08 17:19:48 · answer #8 · answered by bibliophile31 6 · 1⤊ 0⤋
im very very sure that if u call ur self a lawyer u will get much more money.
2007-03-08 17:19:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you need to make sure your insurance policy states new for old, it will probably make your premiums more expensive tho
2007-03-08 17:20:13 · answer #10 · answered by Angelic Julie 5 · 0⤊ 0⤋