Legal Question in Insurance Law in Pennsylvania
I recently lost my home to a fire, Ford City, PA., everything is gone. I had $130,000 in coverage on the dwelling/structure and I owe around $38,000 to the bank on the mortgage. My insurance company said I will get $94,000...that minus what I currently owe equals $56,000. I asked about the $36,000 and they told me it was depreciation, someone told me this was bs because they don't want to pay me what I am truly owed. Is this correct?
2 Answers from Attorneys
It all depends on the type of homeowners coverage you bought. Hire a public adjuster--that's what they do.
Mr. Senker's prior answer to you is correct in my opinion. My guess is you had the type of policy that allows depreciation, but that needs to be checked out. Get a public adjuster (PA) to get involved asap. Since you already have an offer, make sure your deal with any PA is that you will never net less than the current offer. Good luck!
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