House Fire-Total Loss-Separated Couple

[dkaotto]

Our house was deemed a total loss after a fire. We are both on the policy and both on mortgage. BUT we are separated and been for 7 months. I have not resided there since July. How does this affect the policy or does it?
We have dwelling, personal property and rebuilding insurance-How is this handled?
Would appreciate any info.
Thank you

 

[Guest]

Won't have much affect (effect?) on the policy that you weren't living there, as long as your wife was living there.

If it is a total loss and the policy was a reconstruction cost settlement, then it means you'll rebuild the house to the same specs and the insurance company will cover the rebuild up to the policy limit.

Personal property... Will either be settled on actual cash value (depreciated cost of contents) or be settled on replacement cost (cost of items without depreciation).

Not sure what you're asking. If this doesn't answer your question just repost more specific questions.

 

[djs]

I've seen this a few times.....

Insurance will pay the same, doesn't matter that you are separated. Now, both of you will fight over how the money gets spent/split/whatever, but none of that is the insurance companies problem.

The only real issue to be aware of is insurance companies pay different once the work is completed. In essence, you don't want to take the check and run, you need to do the repairs and repurchase personal belongings.

Either plan on making up for a while or giving the checks to divorce attorneys, but again, the insurance company won't care about this.

Dan
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I should add, the one way they will care is they may open an investigation into the cause of the fire. If your payments are current, no impending foreclosure and neither of you set the fire, don't worry about this, just expect it might come up.

Dan