why the requirement that a property be bulldozed before payent is agreed to? There no clause that an insurance payout has to be used on the damaged property is there? Couldnt you take the payout and decide you leaving the country and building elsewhere?

on the other hand i heard a story where the insurance company said they would pay out less if the property was sold and not rebuilt. That is plainly criminal.

Yeah...If the homeowner signed a document with that clause I suppose it's legal but it does seem odd...

what is the insurance industry hoping to mitigate..no one built their home in hopes that a devastating hurricane would arrive, destroy the whole thing and they'd get a big insurance payout then make off like bandits...you can't build a giant fan in the sky and create a wind storm..orrr, maybe you can :-|

Might be like auto insurance, where the vehicle title has to be given to insurance company in the event the vehicle is written off. This prevents unscrupulous people selling on, or buying, a 'written off' vehicle, fixing it up and then selling on what is now a potential deathtrap for someone driving it on the road. In this instance, maybe the insurance company doesn't want them to 'fix' up the property and then live there (or flip it to someone else), as whatever is left of the structure could be compromised.

thats reasonable, but then whats the purpose of giving less without the clause

The old under insurance clause - insurance is so easy to use and win with..... you can't let em come back with under insured that's the first thing every insurance company tries every time make sure you never claim for your max amount... just under it usually gets you the most you can get if you think you lost more then you insured then you have to accept that statement at face value...you lost more.

All insured thought be grieved Comrade Plaintiffs, would be wise to join together to pool resources in the hiring of the services of an highly reputable Independent Adjuster - who be's available and prepared to show up in court to defend their **Expert Assessment.**. Good luck with the insurance **SOB's** - well known for **wearing down the Claimant''s financials** by using deep money pockets stall tactics of delayed payment and trial proceedings. Also, it be as wise to keep close watchful eye on your legal team? I've been there over family's commercial building and got royally screwed up ass by both - the rendering justice came under suspect too!..

Years ago before the Hurricane Dorian I pointed out the usages of Insurances and the anomilies. Banks using predatory lending to lend almost the whole appraised value of the house and lot package and using indemnity insurance and the accompanying comprehensive house insurance. Number pf dynamics involved with the booklets of repossessed housing driving down values of homes, workers losing jobs, businesses overdraft affected, employees laid off etcetc. Many workers left to work in Nassau labour costs in GB going down reproduction costs etc.

In other news one of the insurers named in the article went up on my house insurance by about $300. So they’re not paying claims in full for people with legitimate claims and are price gorging the persons who haven’t claimed.

Insurance is the biggest rip off in this country.!!

Regulate them. Underinsured is a scam to deny compensation, over insured is fraud. Rock and a hard place.
On the Vehicles, they payout but charge a salvage fee if you want to keep the vehicle.
That is suspect. Meanwhile it is the Insurance Co employees who put the written off vehicles back on the market!