Q: My issue is with AC contractor that caused water damage to my residence 7500.00 His insurance is only willing to settle
His insurance SF will only settle for 4700.00 The company owner and I have a verbal agreement that he would pay for damages ,but I believe he does not know what his coverage is. I am unable to pay the difference for repairs and have gotten bids on repairs that are lower than SF adjuster numbers.SFis depreciating my property replacement costs by 66%. What is a logicial next step BBB ,civil suit?
What is the next step. I have not signed off anything, but the damages have been since oct
A:
To be successful, every property insurance company in the world must discount the value of repairs based upon "depreciation" which takes into account the age of the equipment, condition of the equipment and other factors.
If you can get the job done for under the amount the insurance company is offering to settle for, you are making a big mistake by not taking the money and running with it all the way to the bank. After you get the money you can think about going after the contractor for the difference.
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