Obed
Elite Member
I've been there myself. As young newlyweds, we bought our first house in Charleston, SC. After living in the house for 3 months, Hurricane Hugo put 3 1/2 feet of ocean in our downstairs. The contractor bids to fix my house equaled a year's salary at my payrate at the time. Our homeowner's insurance would only pay us half of what it would cost to fix our house. As a young couple, there was no way we could hire someone to fix our house.I once had a contractor, after 18 months of trying to fix a serious problem tell me he had insurance, and that I should call them. Don't fall into this trap. The insurance company has done this thousands of times, you have only done it once. They will tell you what they are going to do, which is usually nothing or a very inexpensive fix, which does not work.
As soon as I heard that, I called a lawyer, who called the insurance company and told them what they were going to do. They didn't like this one little bit, but after a lot of wrangling they settled for $80k, which was about $70k higher than their first offer. If you do not have a lawyer, they will never seriously negotiate with you.
After getting a lawyer involved, the insurance company finally agreed to match our lowest contractor bid. We had to pay the lawyer 10% of the insurance payment which left us having to handle the difference ourselves plus the deductible our of our own pocket. The 10% payment to the lawyer really hurt. However, without the lawyer's assistance, our negotiation attempts were completely fruitless. I'm not thrilled with a lot of what lawyers do but sometimes they do provide a valuable service.
Obed