After an electrical fire, which led to a total loss of our California home in April, 2021, we still feel as though we have not received a fair settlement from State Farm. We plan to purchase a home elsewhere instead of rebuilding. Our public adjuster prepared a rebuild estimate that the insurer would not take seriously. He has said that we need a “local builder” to provide an estimate. We have lost some faith in our public adjuster and while we see the flaws in State Farm’s argument here, we also aren’t sure we can trust the public adjuster is willing to defend their estimate and go to bat for us. We seek information on the nitty gritty of how this last leg of the journey actually works. We find ourselves with a few options:
- Hire a local builder to create a 3rd estimate and defend it (We have someone who will)
- Deliver an appraisal of the home we want to buy to State Farm, with a clear request for more money and reasons why.
We do not fully understand how this appraisal will be read, and compared with the settlement already received. What are they looking for? What #’s are they paying attention to? In particular, what is the deal for deducting land value in this case, as we are not wildfire victims? If we go with the first option, will State Farm potentially pay more money at this point, or only after seeing close-of-escrow on a new home?Any support here would be helpful.