insurance claims

Real Estate Tip

Gerald’s Real Estate Tip of the – Week of 6/20/17

Find out if your homeowners insurance uses “actual cash value” method rather than “cost to replace” method to calculate a claim. If so, depreciation will be deducted from your settlement amount, resulting in lower compensation to you in the event of a claim.

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How An Insurance Company Can Screw You Even If You’ve Paid

Q: Gerald, my friend had a fire in their rehab property and the insurance company is refusing to pay the claim, should he sue? Ebony, Maplewood, NJ A: Hi Ebony, great question.  The key here is the insurance policy that your friend had.  An insurance policy is a contract with specific clauses.  If he lived up to his end of the bargain, then the insurance company should pay and if they don’t he should go after them. However, if one of the insurance policy clauses was violated (i.e. if the property was supposed to be occupied and was actually vacant for example) the bank may not be obligated to pay the claim.  Insurance is a good business for insurers because […]

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