Property Damage Victims:
Your time may be running out!!
Most property damaged claims are
initially paid on an Actual Cash Value Basis. What this means is that
your claim settlement may total $10,000.00 but your insurance company pays
you $8,000.00 and tells you that when you make repairs your can then contact
them and ask for the $2,000.00 in withheld depreciation. This is all true.
Please read your insurance policy! Under
the policy section: Loss Settlement. the following policy provision may
"You ( the insured property owner ) may disregard
the replacement cost loss settlement provisions and make claim under this
policy for loss or damage to buildings on an actual cash value (ACV)
basis. You may ten make a claim for any additional liability according to the
provisions of this Condition 3. Loss Settlement."
* page 10 of 19 Insurance Services Office, Inc., 1990
HO 00 03 94
In simple terms: If you have settled your claim on an
actual cash value basis and your insurance company has withheld depreciation
you must advise your insurance company that you intend to repair the building
and replace your personal property. Your insurance company must be advised
within 180days from the DATE of THE LOSS not the date of the settlement.
Your individual policy may have different wording or
different conditions therefore it is very important to read and understand
the Loss Settlement provisions of your homeowners policy.
There is a trend developing where some insurance companies
are trying to require that the actual repairs and purchases have to be
completed within the 180 day period. If you insurance company is taking
this position request that your insurance company provide you with a letter to this effect and file a
complaint with your state insurance department. In the letter ask your
State Insurance Department if this action is proper within your particular state.
Written by: Douglas L. LaFaive. ( Douglas L. LaFaive is a Special Feature
writer for: Advocates for the Insured
and author of
The Claims Game How to Play to Win! How to ... settle your Automobile Injury
Copyright© 2004 www.claimshelp.com
Please read our disclaimer.
Advocates for the insured" provides information and services to the
We hope that the information provided helps you through the claims
process. Please support this website by visiting our sponsors.
Please contact us with suggestions and comments.
Email: CLAIMSHELP@GMAIL.COM Call: Email: CLAIMSHELP@GMAIL.COM Call: 860-961-4565
| Email: CLAIMSHELP@GMAIL.COM Call: 860-961-4565 | Email: CLAIMSHELP@GMAIL.COM Call: 860-961-4565
The information provided is meant to inform the consumer. It is not
meant to provide Professional Legal Advice.
Please read our disclaimer.
Should your property sustain damages from Fire, Lighting, Wind, Water
or any other cause we strongly suggest that you consider and contact
Douglas L. LaFaive & Associates Licensed
Should you suffer a personal injury of any kind we suggest that you
consider and contact a
Professional Attorney to review your options in pursuing a recovery
from the responsible party.
Place your company link here. Free!