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Builders Risk Insurance-Total loss of my log home

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patguilbeaux

Junior Member
Hi, I'm in Mississippi. I was building a beautiful Scandinavian full-scribe log home; it burned down two weeks ago, most probably arson. My concern is this: my health is not holding up well enough to rebuild. I do not have a mortgage, nor any loan on this project. I have paid out-of-pocket for every item in the home. I put a Builder's Risk Policy on this home. Question: since I have no mortgage, will the insurance company simply write me a check for the proceeds? Or will they give me hell about it? PLEASE ADVISE!!!
 


justalayman

Senior Member
Of course who you need to be asking is your insurance company. If you have not read your policy thoroughly I suggest you do so before starting the claims process. The better you understand it the easier it will be to deal with any issues.


Do you have documentation for all of your purchases? Documentation for costs such as equipment rental or hired labor you have paid for?

Your losses are not what it cost to return you to the condition you are but to cover your actual financial damages. If you have been the only labor on the job, your losses will amount to the materials you've purchased.
 

patguilbeaux

Junior Member
LOG HOME-Builder's Risk Policy

Yes, I do have documentation; most of it at least. The remainder was destroyed in the fire. But I have most. Just wanting to know if their is no mortgage or loan, is an insurance company obligated to pay the insurer. Please advise.



Of course who you need to be asking is your insurance company. If you have not read your policy thoroughly I suggest you do so before starting the claims process. The better you understand it the easier it will be to deal with any issues.


Do you have documentation for all of your purchases? Documentation for costs such as equipment rental or hired labor you have paid for?

Your losses are not what it cost to return you to the condition you are but to cover your actual financial damages. If you have been the only labor on the job, your losses will amount to the materials you've purchased.
 

Zigner

Senior Member, Non-Attorney
Yes, I do have documentation; most of it at least. The remainder was destroyed in the fire. But I have most. Just wanting to know if their is no mortgage or loan, is an insurance company obligated to pay the insurer. Please advise.
The answer to this very narrow question is yes, any proceeds from an insurance policy in this case would be made payable to the insured. Of course, that is assuming that there are no caveats buried in the policy itself.
 

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