Caroline430
New Member
- Jurisdiction
- Washington
Hello everyone. Thanks for any advice. Last fall we were flooded, in a federally declared natural disaster. Last month we finally were able to move back into our nearly finished home. The flood insurance isn't FEMA, but private through Lloyds of London... NFIC (commercial), with Crawford managing. We are at the threshold of our ACV ($150,000) and are looking to complete the repairs on the home using the recoverable depreciation or RCV.. which is $210,000.
Our question is that we have to pay subcontractors for labor and with the supply chain issues, some of the repairs cannot be completed until fall or later of this year. Unfortunately, we are unable to complete the home since the insurance company says they will only consider recoverable depreciation once the entirety of the project is complete. We will have been liened by many contractors if this happens. The insurance company has stated that our recoverable depreciation is very high. We cannot afford to complete the work out of pocket. Our insurance policy states that shortages or supply chain issues will be factored. The adjuster does not consider this. What can we do? We have spoken to the State's Insurance Commissioner's Office, which has no regulatory authority over Lloyds of London, but does over Crawford. Please advise. Thank you. C
Our question is that we have to pay subcontractors for labor and with the supply chain issues, some of the repairs cannot be completed until fall or later of this year. Unfortunately, we are unable to complete the home since the insurance company says they will only consider recoverable depreciation once the entirety of the project is complete. We will have been liened by many contractors if this happens. The insurance company has stated that our recoverable depreciation is very high. We cannot afford to complete the work out of pocket. Our insurance policy states that shortages or supply chain issues will be factored. The adjuster does not consider this. What can we do? We have spoken to the State's Insurance Commissioner's Office, which has no regulatory authority over Lloyds of London, but does over Crawford. Please advise. Thank you. C