While Our home was going thru foreclosure we had a kitchen fire. Our insurance company at the time issued a check for the damages less the deductible.
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Insurance Question from Statesville, NC
Asked on 03/24/2014
While Our home was going thru foreclosure we had a kitchen fire. Our insurance company at the time issued a check for the damages less the deductible. We could not find a contractor who could do the repairs for the amount of the check. During the foreclosure process the check was misplaced. Home out of foreclosure now. Check over a year old. Cant insure house with open claim but old ins. Co says let your new insurance co. handle it. What do we do? Can the check be cashed?
Answer given on March 31, 2014
If you suffered a covered loss to your home and the insurance company issued a check for the damages, then that insurance company must see the claim through.If you misplaced the check that was issued, then the insurance company needs to replace the check. If you have since found the check, it may be too old to be cashed. Talk to your bank and see if they will honor it. If not, get a replacement check from the insurance company.Your new insurance company will not pay for a claim that was already settled and a check issued. In addition, the claim did not occur while they were insuring the home, the old insurance company is responsible.If you cannot make the repairs due to insufficient amount from the insurance company you should have the contractor talk to the insurance company. Of course, if the shortage is due to the deductible on the policy, then the insurance company will not be willing to increase the settlement offer.
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