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mickeyblueyes | Insurance cover? |
I have a current claim for tree root damage to a conservatory which insurance company have agreed to cover. As they intend to appoint their own contractors to do the work I dont know the costs. If I decided to not have the conservatory repaired but to have a new one which would cost me around £10 - £12K would the insurance company still give me the amount they would have paid for the repairs? Surely its better for me and them to have a new start with things |
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mbrcatz
 |
For most policies, if you UPGRADE, they will pay the amount they would have paid. If you DOWNGRADE, or don't repair at all but get rid of it, they will pay ACTUAL CASH VALUE, instead of the value of the repairs - that would be, cost to repair, less depreciation for age.
But for YOUR specific policy, you should ask the adjuster. Just tell them, you're considering replacing rather than repairing, to upgrade (or whatever the reason). If you do that, how much will they pay. |
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bearmeister34
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Keep in mind that I can only speak for the way it works in the US. You are entitled to the amount that it would take to repair the damage, only. You are not required to use the insurance companies contractors. It is your home/property and they can not make you use their contractor. You would be responsible for the difference between the repair cost and the cost to replace it. This would be considered "betterment".
I run into this mostly when someone has flooring damage and wants to replace it with some other material than what was there whan the damage happened, but the same principle applies. |
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amsterdam
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If you can bear it, try reading the Insurance Policy! I'm not being sarcastic, they are horrible small printy things and I (like most people) rarely read them myself, but before you do anything else, sit down with a cup of coffee in your conservatory and go through the thing - you should find the answer in there. The words you're looking for are "replacement new" I think. Good Luck |
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Dan Insurance Man
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We know why he is called wonkyfella- basically he suggests you and the contractor collude to commit fraud- but dresses it up like everyones a winner! wink wink
That is bad advice |
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Onestep downfrom God
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Appoint your own loss adjuster to negotiate for you. And fix his fee in advance. |
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wolfatrest2000
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I would imagine the rules are pretty similar here in America as they are there. That being said, here the insurance company should pay you enough to have the damage repaired and you should hire your own contractor. Unless the damage can be repaired to the condition in which it was before the damage was done then they should replace it. If the damage can be repaired then they should still pay you the money and you can make up the difference. If you have public adjusters there then I'd suggest that you hire one to represent you. These are people trained to do damage estimates and to get you the most money possible from your insurance company.
Good Luck |
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wonkyfella
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As with any insurance claim, you are entitled to use which ever contractors you so wish.
So, suggest that you wish to use contractors already known to you (via previous works done at your home), and ask them to give you a settlement figure (Never take the first settlement figure, they start low, either take the second, or risk going for the third offer). Once they have to agree to you using your selected contractor, they will probably only release the funds to the appointed contractor on receipt of their invoice.
Get your 'chosen' contractor to write to you saying that the repairs would be far more expensive (due to all the ground work involved), and would only last a few years, and that they recommend removing the old conservatory, and building a new one in its place. Get them to give two quotes, one for repair, and one for replacement. (A decent contractor will know what you are looking for, and help you out too. Try and find a local builder who has done some good work for someone you know.)
Once you have this, send a copy to your insurance firm, and tell them you would be prepared to cover the extra costs to replace the old for a new one. And negotiate until they accept to pay out, which they will eventually do. You may still have to use the contractor you have found, but you will get a new conservatory at the best price, to you and the contractor. |
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welcome news
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The insurance company in their policy have the option to repair, replace, or offer a cash value following damage to property - these options are there specifically to restrict insurance fraud e.g. burning down a property and then asking for the insured value.
There is no harm in asking the insurance company of they would consider making a cash payment - my mother had a greenhouse badly damaged and the insurance company paid out the value of the greenhouse rather than replace it - and of course you would have to ensure that your property is maintained in a good condition. I would get an (accurate) quote or two for a new conservatory of similar design to the damaged one.
If the costs of repair are substantially less than the £10K for a new conservatory and you expressed your wish then the insurance company may decide to pay you the amount that they would have paid the repairers towards the cost.
They will not pay you more than the cost of a new conservatory of similar size and design in any circumstances as you would be making a profit - which is contrary to the principles of insurance.
Some comments allude to fraudulent actvity. What you have requested is not fraud, however to obtain misleading quotations etc to increase the total paid out by the insurance company certainly would be. |
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