would you take the money or let the insurance company fix the house?

admin — Sat, 17 Jul 2010 10:49:02 +0000

My tenants caused a fire in my rental property? the damage estimated at $104.000 , is it better to take the money or let the insurance company fix it, would it cost the same , note:I am not a handy man.

Newsflash – insurance companies do NOT fix houses. You’ll have to hire a contractor to do it.

If there’s a mortgagee, the check will be made payable to you AND the mortgagee.

And if the building is more than 50% damaged, the insurance company will be required – by law – to do a demolition and debris removal holdback for your local municipality. That means, they hold enough back from what they pay you, to pay for demolition and debris removal of your building, if you should decide to take the money and abandon the property.

Insurance Companies » house insurance company

would you take the money or let the insurance company fix the house?