Do I Really Have To Pay My Deductible?

When you purchase a homeowners insurance policy, one of the decisions to be made is at what price point you want to set your deductible. The deductible is the amount you must pay personally BEFORE the insurance company steps in to cover the remainder of the loss amount. Essentially, you are self-insured up to the amount of your deductible.

When you file an insurance claim, either the insurance adjuster or a contractor, such as Champion Construction, will write a repair estimate. Let's say you had a $500 deductible, and the claim total was $5,000. The insurance company would issue a check for $4,500, with you personally owing the remaining $500. So, now you have a check for $4,500 and you want to know if the contractor can repair your home for that amount ONLY, saving you $500 hard-earned dollars. The short answer is "No", but let's take a step back into history for a moment.

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Flooring - A Fair Price

One of the most commonly asked questions when someone has an insurance claim that involves flooring replacement is, "Will my adjuster allow me a fair value for my flooring replacement?"  In most instances, the homeowner does not have an invoice for the original installation of flooring with exact specifications. Even if he did, would it give an accurate picture of current prices for "like, kind and quality" materials?  For that reason, insurance adjusters often use an objective third-party expert to ensure that both the adjuster and the homeowner receive a fair settlement price for flooring replacement and that fair replacement products can be located.

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