The Insurance Check Was Issued. Why Can’t the Insured Use the Money?
A claim payment recorded as issued is not necessarily money available for repairs. Follow the check, payees, lender controls, and conditional benefits.
Claim Payments & Living Expenses
Additional living expense coverage: how displacement costs actually work
What the coverage is for When a property loss pushes a family out of the house, the policy provision that carries them through the displacement is usually called additional living expense, or ALE. It is one of the most used and least understood parts of a homeowner policy. Most people first read the provision at … Read more
Actual cash value, replacement cost, and depreciation on a contents claim
The two-payment structure Contents claims are settled in two stages more often than policyholders expect, and the second stage is where money can be left behind. Understanding how actual cash value, replacement cost, and depreciation interact is the difference between collecting the full benefit the policy provides and quietly abandoning part of it. Carriers commonly … Read more