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Do i have to use an insurance payout to repair damage when i am going to sell the house and have reflected it in the price?
Wiki User
∙ 9y ago
If you own the home free and clear then no,, you do not have to make repairs.
If you still have a mortgage on the home then yes, the terms of your mortgage contract require you make the repairs regardless of whether the home is for sale or not.
When there is a mortgage involved, the decision to repair or not is our of your hands. it's up to the mortgage company.
Wiki User
∙ 9y ago
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What does collision coverage insure?
The repair of damage caused to your car when you caused the accident
Why is cost of home insurance increasing when the value of the home is decreasing in value?
Many older Homes, like older Automobiles can cost more to repair.
Beyond economical repair?
An item costs more to repair than the item is worth
Where would a service such as auto repair be situated on the goods and services continuum?
Products that involve the sale of both goods and services, such as auto repair, are near the center.
What do utility contractors do?
Utility contractors are responsible for the upkeep and repair of utility services such as power, sewer and water lines. Utility contractors are able to repair problems with any of these services.
When a payout is made for home insurance do I have to use the payout to repair the damage or can I decide that I am happy to leave it and just pocket the money?
You can pocket the money but you will forfeit any recoverable depreciation that was withheld and if the damaged item, lets say roof, gets damaged again or if the damage gets worse, they won't pay for it again and you will be stuck with the bill.
Does homeowners insurance cover damage caused by a repair man?
Not generally. If the repair man is responsible for damage, he is also responsible to repair it.
What should you do when a biker runs into your car and does damage?
Contact your insurance company to see if they can repair your damage for free and get the bikers insurance details and their name and adddress if your insurance needs them.
What is comp auto insurance?
Comp, also referred to as comprehensive auto insurance coverage, is a form of coverage that is designed to pay to repair or replace your vehicle in certain situations. Covered scenarios that comprehensive auto insurance would pay include: theft, vandalism, fire, explosion, hail damage, wind damage, or hitting a live animal. The insurance company will pay up to the fair market value of your vehicle for repairs or replacing the vehicle. You will be responsible for paying your comprehensive deductible before the insurance company will payout.
What does auto collision insurance mean?
Auto insurance consists of both liability insurance and physical damage coverage. Collision coverage is part of the physical damage section of an insurance policy and is designed to either repair or replace your vehicle if you are involved in an accident up to the fair market value of the vehicle. Collision will pay for both damages caused in an at-fault accident and damages caused in a not at-fault accident if the other party did not have insurance. If the other party did have insurance and they were responsible for the damages, the other party's liability insurance would pay for your vehicle damages through Property Damage coverage. You are responsible to pay for your collision deductible for at-fault accidents before a claims payout will be made.
Does homeowners insurance cover plumbing repair to a sewer?
Damage must be due to a covered cause for the damage to be claimed on your homeowners insurance. I cannot think of any way damage to a sewer could be from a covered cause.
What are average costs to repair water damage per average insurance claims?
Some websites say the average water damage insurance claim is $7,500 including drying and reconstruction.
Does homeowners insurance cover auto damage caused by wind?
No. that's what Auto Insurance is for. Home insurance covers damage to your home from wind, hail, fire, lightning etc. Likewise, your auto insurance, comprehensive coverage would repair wind, fire, hail and lightning related damage to your vehicle.
Can you use the money from the insurance company to buy a new equipment instead of fixing it?
You are not obligated to spend your auto insurance settlement claim check on a particular kind of repair. In fact, after payout, the auto insurance company has no legal ability to control or restrict how you spend your settlement money.
What is an adjuster?
An insurance claims adjuster is a person who decides how much money their company is going to give you for your loss.AnswerAn insurance claims adjuster is a person who coordinates damage reports, loss and damage repair estimates to assist the insurance company in determining the monetary value or repair cost of your loss.
Does insurance co have cover the full cost or 50 of repair to a bumper if there was previous damage?
If the previous damage would be fixed by the repair of the current damage, there should be no cost to you. For instance, replacement of the bumper would essentially be a repair of any previous dings you had on it. If they are just replacing paint and you have previous dents then they do not have to repair the dents without your paying for it.
Insurance company feels my car is repairable after accident?
In the event of an accident you would take the car to a repair shop approved by your insurance company and then they would determine whether or not your car is worth fixing or to payout the "Kelly blue book" value of your vehicle.
