Home lost in Palisades fire

[MartinJ]

My home was lost in a fire. My loss of use is 115K. Why do they ask for receipts (hotel, rent)? Is that 115K not a fixed payout? Am I shortchanging myself if I rent a cheap place during reconstruction? I found a place that I can rent for 3.5K per month. If it takes 2 years to rebuild, that's only 84K + my 2K in hotel stays. Am I shortchanging myself of 31K?
One article claims that these types of fires get expidited. Homes are built in 4 to six months instead of up to 1 1/2 years before a shovel hits the ground. IF true, I might be shortchanging myself on quality of stay by a LOT.

 

[scagnt83]

My home was lost in a fire. My loss of use is 115K. Why do they ask for receipts (hotel, rent)? Is that 115K not a fixed payout? Am I shortchanging myself if I rent a cheap place during reconstruction? I found a place that I can rent for 3.5K per month. If it takes 2 years to rebuild, that's only 84K + my 2K in hotel stays. Am I shortchanging myself of 31K?
One article claims that these types of fires get expidited. Homes are built in 4 to six months instead of up to 1 1/2 years before a shovel hits the ground. IF true, I might be shortchanging myself on quality of stay by a LOT.

Sorry for your loss.

They rebuilt a house in my parents neighborhood that burned down, in about 5 months.

However, keep in mind, they have a lot to rebuild in that area. Which could certainly cause delays.

I will let P&C agents cover the P&C questions.

 

[rousemark]

My home was lost in a fire. My loss of use is 115K. Why do they ask for receipts (hotel, rent)? Is that 115K not a fixed payout? Am I shortchanging myself if I rent a cheap place during reconstruction? I found a place that I can rent for 3.5K per month. If it takes 2 years to rebuild, that's only 84K + my 2K in hotel stays. Am I shortchanging myself of 31K?
One article claims that these types of fires get expidited. Homes are built in 4 to six months instead of up to 1 1/2 years before a shovel hits the ground. IF true, I might be shortchanging myself on quality of stay by a LOT.

I am no longer P&C and haven't been for over 50 years but it stands to reason the loss of use would be on an expense incurred basis. For example if you had to move out of your home for just a month due to water damage, tree falling on yhe house, erc. They would not pay the 115K for that one month. However, you should ask your agent.

 

[Allen Trent]

My home was lost in a fire. My loss of use is 115K. Why do they ask for receipts (hotel, rent)? Is that 115K not a fixed payout? Am I shortchanging myself if I rent a cheap place during reconstruction? I found a place that I can rent for 3.5K per month. If it takes 2 years to rebuild, that's only 84K + my 2K in hotel stays. Am I shortchanging myself of 31K?
One article claims that these types of fires get expidited. Homes are built in 4 to six months instead of up to 1 1/2 years before a shovel hits the ground. IF true, I might be shortchanging myself on quality of stay by a LOT.

Man, sorry to hear you lost your home but glad you are safe.

Check your policy, loss of use may not be an unlimited amount of time. It may be loss of use for say 12 months. Get the policy contract & read the section on the loss of use, etc.

Also, familiarize yourself with any Building & Ordinance coverage in case you are subject to new municipality ordinances you may have to comply with

 

[LostDollar]

My home was lost in a fire. My loss of use is 115K. Why do they ask for receipts (hotel, rent)? Is that 115K not a fixed payout? Am I shortchanging myself if I rent a cheap place during reconstruction? I found a place that I can rent for 3.5K per month. If it takes 2 years to rebuild, that's only 84K + my 2K in hotel stays. Am I shortchanging myself of 31K?
One article claims that these types of fires get expidited. Homes are built in 4 to six months instead of up to 1 1/2 years before a shovel hits the ground. IF true, I might be shortchanging myself on quality of stay by a LOT.

Caveat, not an agent.

As a homeowner who has been paying steadily increasing home insurance premiums each year I don't particularly care for the attitude expressed in your post.

You are trying to turn a coverage maximum limit into a mandatory payout which will in turn raise premiums for each of us other homeowners covered by your carrier.

 

[scagnt83]

Caveat, not an agent.

As a homeowner who has been paying steadily increasing home insurance premiums each year I don't particularly care for the attitude expressed in your post.

You are trying to turn a coverage maximum limit into a mandatory payout which will in turn raise premiums for each of us other homeowners covered by your carrier.

Nothing wrong with maximizing the benefits of your policy.

He paid for it, he deserves the maximum benefits it allows him to receive.

 

[Allen Trent]

Caveat, not an agent.

As a homeowner who has been paying steadily increasing home insurance premiums each year I don't particularly care for the attitude expressed in your post.

You are trying to turn a coverage maximum limit into a mandatory payout which will in turn raise premiums for each of us other homeowners covered by your carrier.

Probably not the time for this comment. Person lost their home in last 24 hours in likely the largest natural disaster in US History. They may have typed their question quickly on a phone with little to no cell service after no sleep in 48 hours. Might want to extend them some grace

 

[LeeV]

Probably not the time for this comment. Person lost their home in last 24 hours in likely the largest natural disaster in US History. They may have typed their question quickly on a phone with little to no cell service after no sleep in 48 hours. Might want to extend them some grace

I agree.

 

[WinoBlues]

Caveat, not an agent.

As a homeowner who has been paying steadily increasing home insurance premiums each year I don't particularly care for the attitude expressed in your post.

You are trying to turn a coverage maximum limit into a mandatory payout which will in turn raise premiums for each of us other homeowners covered by your carrier.

He is not asking about committing fraud.

He paid for certain limits. He is owed up to those limits if covered.

 

[LostDollar]

Probably not the time for this comment. Person lost their home in last 24 hours in likely the largest natural disaster in US History. They may have typed their question quickly on a phone with little to no cell service after no sleep in 48 hours. Might want to extend them some grace

Allen,
I have a great deal of respect for you and your insurance and annuity knowledge.

You talked to me in a thread here a long tine back about extending respect to posters over various issues one might be critical of.

While I can't remember your words, I remember the concept and as a result over the intervening time, I have:
Not made some posts.
Deleted some other posts. (I have probably abused STI's delete box.)
Tempered my language in other posts from what I would have done had you not spoken with me.

Because of your past comments to me, I hesitated before making that post, coming back to this thread 3 times before I did so.

This time, in this instance, I am not backing down from what I said.

Yes, this person lost their house in a fire.
However their first post here:

was not why does the insurance company need receipts and how do they evaluate the reasonableness of "place to stay" cost reimbursement requests in a market where there are going to be a lot of people needing that replacement housing and the costs may be higher than "normal", and what sort of documentation am I going to need for claim filing, and so on;

rather

He started out with a post that has "how much can I take the insurance company for?" as the underlying post concept.

He needs to be accountable for that.