I Had A House Fire ( Total Loss). Should I Be Expecting A Check In My Name From The Insurance Company For The Value Of My Home ?
Do insurance companies pay the estimated value of a home lost in a fire to the person carrying the insurance ?
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Assuming the Insurance Company have agreed to pay, as to who the payment will be made to, it all depends; if for example their was a mortgage or a loan registered on the property then the Insurance Company would make payment to them directly, sending the balance for the contents to the person named on the policy.
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Epictetus is right, but there is another aspect to consider. Did you have "replacement value insurance or actual value insurance. Replacement will be better in most cases.
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The short answer is no. As per the other respondents, the financial interest of any mortgage company on your house insurance etc has to be considered first. Secondly, we must assume that you do actually want the property rebuilt. Then the insurers would employ adjusters and project managers and simply pay the contractors to re-instate your property as though the claim never occurred. This is, after all, the concept of insurance!
I'm sure you know what you are talking about, and maybe I am just having a blank moment, but I don't see how your comment relates to mine. I'm not questioning your facts understand, only how it relates to replacement value or actual cash value. Did I miss something? It seems like your comment would have better been one of the answers, than as a comment to my answer.
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