 Insurance proceeds (by Ken [NY]) Oct 27, 2024 7:58 PM
 Insurance proceeds (by WMH [NC]) Oct 27, 2024 8:11 PM
Insurance proceeds (by zero [IN]) Oct 28, 2024 7:08 AM
Insurance proceeds (by MikeA [TX]) Oct 28, 2024 11:32 AM
Insurance proceeds (by 6x6 [TN]) Oct 28, 2024 12:40 PM
Insurance proceeds (by Ray-N-Pa [PA]) Oct 29, 2024 8:10 AM
Insurance proceeds (by Ken [NY]) Posted on: Oct 27, 2024 7:58 PM
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If a house burned and the owner doesnt want to deal with repairs etc could someone buy the house and have the rights to the insurance proceeds? Is there a case where insurance company would make the owner do the repairs or can an owner always take the money and do as they want with it? --208.115.xxx.xx |
Insurance proceeds (by WMH [NC]) Posted on: Oct 27, 2024 8:11 PM
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They can refuse to pay replacement value if you don't want to replace it, or if you don't replace it within X period of time (a year, I think it is? Maybe depend on agent, area, cause...)
My agent told me that specifically - we asked - because we own several homes (mobiles) that have little value except in rents and have even less if not replaced - the agency will only pay depreciated cash value. They will pay to replace them though. --108.4.x.xxx |
Insurance proceeds (by zero [IN]) Posted on: Oct 28, 2024 7:08 AM
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Curious why the owner wouldn't just hire out the repairs, increase the value of the property and then sell it? --107.147.xx.xx |
Insurance proceeds (by MikeA [TX]) Posted on: Oct 28, 2024 11:32 AM
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There was a contractor I used to work with in the 1990's that specialized in this. He would buy a place that had a fire from the owner and then rehab it and sell it. He had a form he would get them to sign that assigned the insurance settlement rights to him as part of the sale. He had a private adjuster work with the insurance company to drive up the settlement and he focused his effort on the remodel side.
He made some crazy good money by pushing the insurance settlement high and then doing the remodel with his own crew on the cheap. Towards the end (he had a massive heart attack and died suddenly) he had such a good reputation that local bankers were recommending him to clients that had a major fire. He would quit claim from the seller, the banks would allow him to assume the loan, not having a penny invested in acquisition, use the insurance to pay for the remodel, and then flip and keep the profits after paying off the bank. One deal he showed me he made 50% of the house sales price in profit with none of his own money invested. --209.205.xxx.xx |
Insurance proceeds (by 6x6 [TN]) Posted on: Oct 28, 2024 12:40 PM
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I am liking what MikeA said. --73.108.xxx.xxx |
Insurance proceeds (by Ray-N-Pa [PA]) Posted on: Oct 29, 2024 8:10 AM
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I learned that there is a market place for this. BEWARE Though - Insurance companies can require you use a certain computer program labeling the damage that needs to get done if their values don't match (from the adjustor) and what you say what needs to get completed.
This can occur for example if a door is damaged by the fire department during the fire. Exterior doors come in a variety of styles and fire ratings. A simple door might be $200 for the door and $350 for install, but a fire rated door might cost $500 and $750 to install. So if you don't have access to that policy, and the adjustors report you can be gambling.
The report I had after my seven figure fire - was 300 pages long and had lots of special codes that no one but someone with insider knowledge can know. --24.101.xxx.xxx |
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