I have an urgent question and I would appreciate some input. I had a total loss fire on jan 15 of this year. The house was so badly damaged it was required to be demoed by the city. I decided not to rebuild becasue the house was in a bad area and i really didnt want the hassle of building if i mostly likely wouldn't get much for selling it. I bought the house for 60000, however it was fully redone with new electic and plumbing, new floors walls etc. The insurance company offered me around 142000 that include the demo work which came out to around 13,490. The insurance decide to give me the ACV of the property instead of the replacement cost because i decided not to rebuild. However, their estimate to rebuild came out to 267,000. They used the BOARD EVIDENCE RULE to come up with that number. The BER was not stated in my insurance contract as a means of payment in case a disaster happens. I have replacement cost coverage. Actually, since I alwasy see people say they were underinsured, the exact opposite happened to me where i was OVER insured to the tune of 560,000 total. I had close to 400,000 in contents coverage alone. Although I had no where close to that much stuff. I have the check and cash it already. I have not gotten paid for my contents as yet. I want to write a letter to the president of the company because I don't think it is fair to use this rule when it is not stated in the contract. After reading this website, i also considering writing the comissioner. What do you think of this case. Do I have a basis of arguement. The insurance compnay i feel is trying to get over on me. They don't want to pay for even a fence around the lot that my house used to stand on. PLEASE HELP! Thanks in advance.
New Jersey

About The Expert

Amy Bach

Amy Bach has been a professional advocate for insurance policyholders since 1984 and an attorney since 1989. She co-founded United Policyholders in 1991 and serves as the organization's Executive Director and primary spokesperson; shaping and overseeing the Roadmap to Recovery™, Roadmap to Preparedness, and Advocacy and Action programs. She is a nationally recognized expert on insurance claim and legal matters; frequently interviewed in print and broadcast media, and the author of numerous publications including "The Disaster Recovery Handbook", "WISE UP: The Savvy Consumer's Guide to Buying Insurance" and consumer tips and guides in the UP Claim Help Library.  Recognized by Money Magazine as a Money Hero, Bach is in her eighth consecutive term as an official consumer representative to the National Association of Insurance Commissioners, and is a member of the Federal Advisory Committee on Insurance.