Dealing with insurance and contractors

[jellyben]

I posted a few weeks ago about the tree that hit our house, and we are in the process of collecting contractors' estimates and getting our insurance money. While talking to our insurance adjuster he mentioned our claim will probably be around $40,000 for the repairs and stuff like new roof, carpet, paint, deck, fence. Well, our first estmaite came in at more like $65,000. Big discrepancy!! Granted, we are waiting for more contractor estimates, but has anyone had to reconcile a huge gap like that, and was it easy to do?! We haven't gotten the official insurance amount so I could be overreacting, but I am a little freaked out.

If we didn't need to sell our house in a few months this whole process would be much less stressful! Any experience with this stuff?

[misskitty100]

Insurance estimates are just that -- an estimate. I wouldn't be freaked out at all. Call your adjustor and let him/her know your first estimate came in at 65,000 and how would they like you to proceed. All you should owe is your deductible.

I believe normally, the insurance company will pay the contractor directly anyway.

[Robyn1007]

The other thing to be careful of is price gouging (sp?) after a disaster. It's illegal but that doesn't mean people don't do it. During the first blizzard here taxi drivers were charging $75 per person from the airport to downtown when its normally a $43 (fixed price) fare. :rolleyes: If it is a case of that then hopefully the other estimates will come in lower.

But, if not, your adjuster can approve more based on the insurance coverage you have. There may have been damage that he couldn't see that a contractor is more likely to catch. Good luck and don't freak out yet!

[jellyben]

Thanks for the reassurance! We faxed the adjuster the contractor's estimate, so I am just trying to be zen about the whole thing and convince myself it will all be just fine!

[misskitty100]

I am sure everything will be fine!! No doubt, your adjustor is a pro at weeding out bad estimates at this point!!;)