Paul G. Barba
Junior Member
What is the name of your state (only U.S. law)? massachusetts
I own a 4 unit rental property that was severely damaged by fire almost 19 months ago. I have been negotiating with an insurance adjuster (in good faith) but we are still almost $100,000 apart in the estimates that I got from contractors and what they are willing to pay for. I have a "loss of income" rider on this insurance policy. The adjuster told me Friday that they only have to pay me for 12 months of loss income. It will be close to 2 years before we finally agree on a price, never mind start reconstruction. Can insurance companies (adjusters) do this? I thought loss of income meant loss of income until the building is back to use. Also how do they determine exactly what the amount per month they pay for lost income. I was receiving $650 per month, per apartment. Isn't that the lost income. He wants to pay me $1100 per month for 12 months. I would greatly appreciate any advise from someone who knows these answers. This adjuster has been a monster from day one. Thanks
I own a 4 unit rental property that was severely damaged by fire almost 19 months ago. I have been negotiating with an insurance adjuster (in good faith) but we are still almost $100,000 apart in the estimates that I got from contractors and what they are willing to pay for. I have a "loss of income" rider on this insurance policy. The adjuster told me Friday that they only have to pay me for 12 months of loss income. It will be close to 2 years before we finally agree on a price, never mind start reconstruction. Can insurance companies (adjusters) do this? I thought loss of income meant loss of income until the building is back to use. Also how do they determine exactly what the amount per month they pay for lost income. I was receiving $650 per month, per apartment. Isn't that the lost income. He wants to pay me $1100 per month for 12 months. I would greatly appreciate any advise from someone who knows these answers. This adjuster has been a monster from day one. Thanks