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I have a rental dwelling that has been destroyed by fire. I…

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I have a rental dwelling...
I have a rental dwelling that has been destroyed by fire. I was paying on a policy that had an actual cash value of $83,000. However the Insurance Co is going to pay me market vaue. The market in this neighborhood has declined 82% the last 3 years. I owe $51,000 and they want to pay $15,000. Were can I go for help. Rick Cook (Michigan)
Submitted: 8 years ago.Category: Legal
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Answered in 12 minutes by:
6/28/2010
Lawyer: Thomas McJD, Attorney replied 8 years ago
Thomas McJD
Thomas McJD, Attorney
Category: Legal
Satisfied Customers: 6,516
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You need to retain an attorney right away. The terms of the insurance policy likely do not allow them to pay "market value". Instead, the terms most likely require them to pay at least replacement value, and in any event, the amount of payoff to the mortgage lender.

 

Whether what they're doing is allowed or not is completely dependent on the insurance policy. Locate your policy and go see an attorney right away. Insurance companies try to pull this stuff all the time and rarely are they legally entitled to do so.

 

I believe I have answered your question. Your accept would be greatly appreciated. Of course, if I can provide clarification concerning your original question, please let me know.

 

If you have additional questions, I would be happy to assist, but as a courtesy I respectfully XXXXX XXXXX you accept the answer to your first question before asking another.

 

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