Most insurance claims have something called a Holdback; Gabrielle explains.
Most claims will have what’s called a Holdback applied or recoverable depreciation. When a property policy has Replacement Cost as the valuation, which most do, in order to actually get the replacement cost paid, you must repair, replace or rebuild the item. Otherwise the insurance company only pays the Actual Cash Value, which is normally about 15% less. You are going to need to show invoices, receipts and other documentation proving not only were the repairs made, but that they added up to the amount estimated by the insurance company. Once this is supplied, they will release the holdback.
It is also a good idea to save this documentation, as if there are any future claims to the same areas previously damaged, you must prove that the repairs were made before the insurance company pays for the new damage.
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