How is monthly FRV determined for a home? How much responsibility does the insurer have to locate, or pay for monthly rent? Our policy has no limits on amounts or time.
Our incident happened January 1, 2022. Happy New Year!
The rental market in our area is quite limited. We have a larger family, 4 teen children, and my mother. Our home accommodates my family, with each person having their own bedroom, and additional living space.
Our insurer has determined three different FRV in 30 months. Most recently, half of the initial. Their “proof” was based on two of our neighbors homes, that are not rentals, and have never been rented since 1955, when they were built. Rental market is only going up. We have provided multiple rental examples from MLS, VRBO, Airbnbs and a licensed realtor. We have had no response.
We received no payments from the insurer after submitting multiple requests.We endured two EUOs, same questions, same requested documents, same addresses, phone numbers, receipts, contracts and other documents multiple times, investigating the same facts. Facts which were all validated in the first EUO.
Have not even been reimbursed for 2022 yet.