I HAD WATER DMAGE TO MY BATHROOM TO THE TUNE OF $5818.60 MY DEDUCTABLE IS $2500 THE INS. CO. SAID I HAVE TO PAY THE DED. TO THE CO. DOING THE WORK ?
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UPDATED: Nov 11, 2012
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Insurance Question from Melbourne, FL
Asked on 11/11/2012
I HAD WATER DMAGE TO MY BATHROOM TO THE TUNE OF $5818.60 MY DEDUCTABLE IS $2500 THE INS. CO. SAID I HAVE TO PAY THE DED. TO THE CO. DOING THE WORK ? WHY DO I HAVE TO PAY THE DED. TWICE ?
Answer given on November 12, 2012
If you had a water loss under your homeowner policy, there is a deductible that you have to absorb. In this case, the insurance company will pay any damage that exceeds your deductible. You then have to pay the difference to whomever you hire to do the repair work. In this case, the $2,500 would be paid to the company. That is not a double deductible, but if you want the work completed, you must pay the repair company the difference between the amount the insurance company is paying them and the total amount of the repair. You only make a payment to the repair company and not to the insurance company, so that is one deductible.If you can get the repairs done for less than the deductible, you can pay only that difference. However, it sounds like you have an estimate for the repair work and that your full deductible will apply.
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