adjuster’s worksheet

[vxbabi]

What is the name of your state?Florida
We received settlement check for a leak in the bathroom which damaged the floor in the bedroom next to it . The adjuster’s worksheet wants us to replace the entire hardwood flooring in the house which we think is unnecessary. the floors with the exception of that bedroom is in excellent shape and is good quality. The amount of the settlement check is not even enough to cover the expense to replace the entire flooring and we do not want the hassle of moving our everything in the house for them to rip off the entire flooring and install new ones. What can we do to avoid replacing the entire flooring ? Our mortgage Wells Fargo will do inspections once work is completed .

 

[adjusterjack]

You've come to the right place. I'm a retired adjusted and I'll be happy to help.

Post your question in this thread.

 

[vxbabi]

can we ask the adjuster to re do her worksheet to avoid replacing the entire flooring? It’s only one room’s flooring that needs to be replaced ? Since we have deposited the check already, can we send back the difference to the insurance company ? I’m so confused what to do. Thanks

 

[adjusterjack]

The first thing that occurs to me is that the adjuster is allowing the whole house because replacing the flooring in just the bedroom wouldn't match the rest of the house. If that's the case then your settlement may have been just for the ACV (depreciated value) of the job and you get the balance of the Replacement Cost when you complete the work and submit the paid bills.

Does the worksheet show depreciation? Is there an amount at the end of the worksheet that shows an amount for Recoverable Depreciation?

Can you find identical flooring for the room? Or would you be satisfied to put non-matching flooring in that room?

If that's OK, just call the adjuster and ask her what she wants to do about rewriting the worksheet and getting part of the money back.

 

[vxbabi]

Thank you

 

[vxbabi]

What will the inspector from our mortgage company look for when the work is completed ?

 

[vxbabi]

The worksheet shows RCV and ACV

 

[adjusterjack]

What will the inspector from our mortgage company look for when the work is completed ?

Pretty much that it's completed and was done in a reasonably workmanlike manner.

The worksheet shows RCV and ACV

And an amount for Recoverable Depreciation at the end?

 

[Zigner]

If you've already been paid, then you can do as you please with the money. You can replace all of the flooring, some of the flooring, or none of the flooring. The only reason to have the insurance company change their records would be to avoid problems in the future if you have another claim relating to the flooring.

Pretty much that it's completed and was done in a reasonably workmanlike manner.

It really depends on the mortgage company. I had damage to my floor (busted ice maker) to the tune of over $8,000. I forwarded the insurance check to the mortgage company for sign-off...they returned it signed and I never heard another word.

 

[vxbabi]

If you've already been paid, then you can do as you please with the money. You can replace all of the flooring, some of the flooring, or none of the flooring. The only reason to have the insurance company change their records would be to avoid problems in the future if you have another claim relating to the flooring.
It really depends on the mortgage company. I had damage to my floor (busted ice maker) to the tune of over $8,000. I forwarded the insurance check to the mortgage company for sign-off...they returned it signed and I never heard another word.

If you've already been paid, then you can do as you please with the money. You can replace all of the flooring, some of the flooring, or none of the flooring. The only reason to have the insurance company change their records would be to avoid problems in the future if you have another claim relating to the flooring.
It really depends on the mortgage company. I had damage to my floor (busted ice maker) to the tune of over $8,000. I forwarded the insurance check to the mortgage company for sign-off...they returned it signed and I never heard another word.

 

[vxbabi]

It says Deprec. It’s abbreviated.
Will the inspector go in detail according to the adjuster’s worksheet ?
Thanks

 

[adjusterjack]

It says Deprec. It’s abbreviated.

I asked about "recoverable" depreciation. If you have a Replacement Cost policy then the depreciation is recoverable even if it doesn't say so on the worksheet. You can call the adjuster and ask about that.

Will the inspector go in detail according to the adjuster’s worksheet ?

Hmmm, nope, I'm not getting a connection with any inspector's mind. You can call your lender and ask about it.

 

[vxbabi]

Thank you