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We are in the process of a claim for damage done to our home…

We are in the process...

We are in the process of a claim for damage done to our home by Hurricane Sandy. The adjuster from FEMA came out (we have flood insurance through FEMA) and was able to estimate most of the damage but wanted us to get estimates for the electrical damage and structural damage under the house as he did not go under there. He has made an initial evaluation and will adjust it when he gets our estimates. We have not decided if we are actually going to repair the house or just sell it as is because it is an old home at the shore and anyone who buys it will probably tear it down and rebuild anyway. The adjuster told us no matter what we do, the money is ours to keep whether we repair the home or not. However, he sent a papers to sign for an advance and a paragraph in their says if we decide to repair the home ourselves or not repair it the "profit" part of the estimate must be returned to FEMA. This is contradictory to the adjuster's statement. If we get a check from our flood insurance, can we keep it no matter what we decide to do with the house?

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Answered in 24 minutes by:

11/23/2012

Expert: adjuster.flood,

replied 10 years ago

adjuster.flood

Category: General

Satisfied Customers: 8

Verified

adjuster.flood :

The settlement you receive for your flood damages are for damaged sustained, not for repairs completed. If you do not have a mortgage the settlement for your building will be made out to you ONLY. If you keep the money and sell the house as is (not an uncommon decision) that is ok.

adjuster.flood :

If you have a mortgage and the balance is less than the settlement your mortgage company may offer to satisfy your mortgage and send you the remaining settlement amount. Then your house is yours free and clear to do with as you choose. Demo, sell or repair.

adjuster.flood :

From your question I think you may be looking at an "overhead & Profit" affidavit, am I correct?

Customer:

Yes.

adjuster.flood :

Do you have a mortgage?

Customer:

No, thank goodness

adjuster.flood :

ok, if you accept the settlement and sell your home as is the repairs will become the responsibility of the new owner. The prior claim history will follow the dwelling. If they should ever file another flood claim they, not you will have to prove all damages were repaired and all new damages are eligible for the new claim.

adjuster.flood :

The O&P affidavit isn't currently required by most carriers. Who is your carrier?

Customer:

FEMA through Hare and Chase but the affidavit came from FEMA. NFIP is mentioned several times.

adjuster.flood :

I do not know H&C or their specific WYO (write your own) policies, I do know there is ot a time during the process when someone will ask you to prove you used a General contractor

Customer:

So, if I can just make sure I understand, once the amount is settled and a check is sent in our name to us, we can use that money to do the repairs or not and no one will ask us to prove we used one of the contractors from whom we received the estimates? I think that is what you are saying and if it is then my question has been answered and I am satisfied.

adjuster.flood :

I do know there is "not" a time during

adjuster.flood :

You are exactly correct

adjuster.flood :

FYI, just so you know I am currently managing a team in NY and NJ with a little over 1000 claims

adjuster.flood :

All are NFIP Flood claims, flood is what we specialize in.

Customer:

Thank you so much!

adjuster.flood :

Very welcome, good luck with your claim.

adjuster.flood

Category: General

Satisfied Customers: 8

Verified

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