Incurred Cost Receipts Leslie Carter asked 1 year ago
Incurred Cost Receipts

After home loss due to fire, our elderly (age 94) father legally signed over the property ownership to us (2021), in order to handle the rebuild. The insurance company did not agree to put our name on the policy, nor on the still active claim. Now that we have incurred rebuild/code upgrade costs, must checks from the company be sent to Dad? In addition, must Dad’s name be on receipts for rebuild/code upgrade purchases in order to submit to the insurance company? Thanks for your advice.

1 Answers
Selina Clark Selina Clark Expert answered 12 months ago

Ms. Carter, thank you for reaching out. This situation is always frustrating for the family members who are trying to assist their parents. For an insurance company to ‘add’ a person to the policy, they have to have an ‘insurable interest’ in the property. Since your father legally signed the property over to you in 2021, it appears you would have an insurable interest. I am not an attorney, and do not know what documentation the insurance agent would require to add you to the policy since your father legally signed the property over to you. What I do know is this; since your father’s name is still on the policy, all checks will be made payable to him. Any purchase of permits, materials, etc. should include his name, along with all receipts. This way, the carrier cannot question if it is for the said property.

If the adjuster did not offer or explain the Designee Form to you, request it. This is a form that your father can sign which designates you, or one of your siblings to handle the claim on his behalf. The carrier must have all communication with the Designee. I hope this helps. Best of luck with the rebuild.