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What if the repair costs are less than the insurance claim money--do you have to send the difference back to the insurance company?
Wiki User
∙ 12y ago
Normally, NO, but..... Insurance should be a fairly simple contract - you suffer the loss, you agree to the dollar amount of that loss, they pay you based on the term of your policy. IF you wanted to take the money and demolish the house, that should be your right. However - most insurance contracts today have two values - the depreciated value is what you get if you don't fix it -- the full value is what you get after the repairs are complete. These are rough and tough round numbers, but just as an example... if you had a $100,000 loss.... the company might offer you $50,000 as a depreciated value, and you wouldn't see the rest of your money until the property was repaired and inspected. There are tons of other ways they can devalue what you receive as a settlement - for example if you over-insure and do not have replacement cost coverage, they'll reduce your pay-out roughly by the percentage they claim you are over-insured. Most of the time - we recommend that you hire your own private adjuster/appraiser and do NOT accept the insurance company's first offer. It's your right to do so and most people would do much better if they have the time to go through the entire process of negotiation - vs. just having to take their insurance company's lowball offer.
Wiki User
∙ 12y ago
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Can the insurance company pay you less than the repair claim?
The answer really depends on the terms of your insurance policy; however, yes, it is possible that the insurance company will not be required to pay you for the full amount of the repair cost. Depending on the terms of your policy, certain types of damage or the extent of repair may not be covered. In addition, it may be that the repair facility that you used is charging higher than would be reasonable market prices for the repairs performed, which may be disputed and not recoverable from the insurance company. I would contact your insurance agent if you think you have been improperly reimbursed under the terms of your policy.
