I have already had an adjuster come to my house and an insurance check sent to me.

Have a home that suffered some damage back in April. The tenants moved out and I was working with a contractor to get it repaired and he said to make an insurance claim.  I simply googled the time and date of the storm in our area and we made a claim. The only work the contractor has done, has been meeting me to make the claim, and meeting me the day the adjuster was out.


I have discovered I have a RCV Policy.

Important information about replacement cost coverage
You have replacement cost coverage on your policy. As a result, you have one year from the date of the loss (see date above) to repair or replace the damaged property and then request reimbursement. The amount of your reimbursement for your covered property will reflect the lesser of:
a) the difference between the actual cash value and the amount you actually pay to repair or replace your property, or
b) the recoverable depreciation shown on your estimate.

I feel as though the contractor will bank any extra funds possible.  And I feel as though I’m getting stuck paying the gc and his salesman.

What’s the work around on this?…….or is it just as simple as insurance and contractors is scammy lol
TIA

GC yourself on this one.  It's a simple claim.  If you had a major fire claim you would want the contractor working with the adjuster.

Have a couple local contractors come out and give you estimates with their scope of work to be done.  Choose your contractor, have work done, send photos to insurance to collect the remaining depreciation/hold back.  Do not tell the contractor that this is an insurance claim as it's none of their business.

Good luck.

I'm an insurance adjuster.

@joecav

My insurance paperwork says I have a RCV policy and have 1 year to recover depreciation.

Ok so I have paperwork from my insurance company stating the RCV is $17584. Depreciation is $5957 ACV is $11727.

I was sent a check for $11227.  I made a verbal agreement with this contractor stating that I want all work done and nothing out of my pocket. That is gutters, roof, soffit and fascia.  They said ok and started on the work. All work is now complete.

I initially paid $8000. Out of the $11227 check that was sent to me. They had a bid on the entire job for $17184.
They want me to sign a form stating I owe $9184.

I’m hesitant as I am being told I have to sign the paperwork for the insurance company to release the depreciation.

Well, what if I sign this paperwork and the insurance company only mails me a check for $2k?  

Please help!