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Are insurance companies allowed to hold part of settlement until they see proof that you fixed the damages?
Wiki User
∙ 9y ago
Yes that could happen but is generally when you still have a mortgage on the property.
If there is no mortgage then the decision is entirely yours, but if you have a mortgage then the decision making is in the hands of the mortgage company.
Bear in mind that when you have a mortgage company involved, they are also insured by your policy along with you in a 1'st place lienhlder position.
The insurer must also abide by the wishes of your Mortgage company who is in effect a first position co-insured on your policy.
Although the home may be in your name, It actually still belongs to the mortgage company until it is paid off. The mortgage contract you signed almost certainly requires that you make those repairs.
Wiki User
∙ 9y ago
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What is the standard policy for minors who are passengers in auto accidents and who gets the claim?
Anyone who suffers injury or property damage in a collision is allowed to file a claim to insurance companies. Damages are to be paid by the insurance company of the person deemed to be at fault. In the case of injury to minors, damages are to be paid to the parents or guardians.
What is an insurance adjusters job?
An insurance adjuster's job is to appraise damages concerning home or auto. They estimate what the damages would cost for repairing according to their companies guidelines and policies.
Does property insurance cover damages caused by a tree falling on my house?
Definetely you can claim for the damages caused by the tree falling on your house. The Insurance companies cover these damages under the property insurance. Just you have provide the photos of the damaged house aas an evidence to claim your money.
Do you pay taxes for auto insurance settlement?
A settlement is usually split into two parts, recovery of damages sustained, and pain/suffering (putative). For recovery of costs, the settlement is not taxed. For pain/suffering it is taxed.
What are the rules regarding debt settlement companies contacting you in Texas?
There are no specific laws about debt settlement companies contacting you in Texas, but if you're on either the National Do-Not-Call list or Texas's state list and a debt settlement company with whom you have no business relatioship contacts you, then you can recover damages.
Will car insurance pay for an injury to a finger from the car door?
Why would you do that? Probably not as most insurance companies will refuse to pay out miniscule damages.
When a crash results in porperty damages of any amount who must the driver notify?
Police and insurance companies.
Do you pay taxes on an auto insurance settlement?
I had a huge settlement from an auto insurance company and it was not taxed. However I believe that was because my attorney negotiated a type of settlement that made it non-taxable. I thnk it has to be considered "punitive damages" or something like that for it not to be taxed. Update - Generally, amounts paid for personal injury and property damage are NOT taxable. Amounts paid for punitive damages and loss of income ARE taxable.
What type of business would benefit from having haulage insurance coverage?
Shipping or transport companies would benefit from having haulage insurance. Haulage insurance covers damages in transportation of good, so the shipping companies would want it.
How is reinsurance different from insurance?
Insurance is simply when one is able to receive money for damages. Reinsurance is the same except it covers the actual insurance companies themselves. This is a form of risk management.
Can insurance companies come after you for losses they paid to their policy holder because you hit them and were not insured?
Absolutely yes. You are ultimately liable for any damage you might have caused whether you had insurance or not. The only difference is that if you had insurance your insurance company will pay up to the policy limit for damages you might be liable for. So you can get sued for damages whether you had insurance or not.
How are punitive damages paid for?
Most times punitive damages are paid by the defendant and not by the defendant's insurance company. This is because insurance policies protect against accidental losses, like car accidents. Punitive damages are allowed only for intentional torts, which are not included in insurance coverage. If your neighbor falls down your stairs and gets hurt because you were negligent in some way, the insurance company pays for it. If you push him down the stairs, it will not cover the punitive damages you might get hit with.
