Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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To counter that I would argue, what is the point of paying for an insurance policy if the coverage is so low as to be negligible to even remotely fix the necessary repairs once a claim is made? Does...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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sorry about your loss. How much did you pay in total for your insurance premiums?
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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I can understand some depreciation for materials (such as the roof). The house was built in 1970. But some is questionable. Drywall does not really wear out. There are houses still around from...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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I think your settlement is accurate considering you went the cheap route with ACV insurance. You might have a beef with your agent, but it's not the insurance company's fault you purchased ACV...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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I would contact your state's insurance commissioner and explain your situation to him (or someone in his office).
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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Mmm, good point. I didn't think about that. Maybe all the trees in that picture had leaves before the tornado. :lol:
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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Mabye the tree had leaves before the tornado?
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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I'm in the midwest and my property was hit by a tornado earlier this year. I thought this thread may be relavent because of all the tornado victims down south and all over this year.
Anyway, I...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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Thread is useless without tornado damage pics.
http://www.spc.noaa.gov/faq/tornado/f2.jpg
http://www.allclaimspublicadjusters.com/images/uploaded/categories/image/Tornado_damage_Pic1.jpg
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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It should be applied to labor because labor is part of the cost of replacing a product. It doesn't do you any good to have subflooring materials delivered to you with no one to install them does it?...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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Hey buddy, sorry about your loss. You might want to consult with a contractor that deals with insurance companies and stuff.. They know how to talk with insurance companies and "know how to work...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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Clearly the safest place to be in that second picture would have been outside standing right beside that tree inside that little circle.
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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What depreciation method is the insurance company using? The adjustors may not be using straight-line depreciation, under which an asset is depreciated by an equal amount each year over its useful...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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Actual Cash Value is exactly as you describe. It is the amount it would cost to replace the item today multiplied by the remainder of the item's useful life that it is replacing.
So you need to...
Hit By Tornado - Actual Cash Value Home Insurance - Does This Settlement Sound Right?
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Thread created 05-16-2011 by browntiger
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You need to contact an attorney asap. Also demand that they use a public adjuster. A public adjuster does not work for the insurance company. There must be some governmental agency around you that...
