My home was lost in the Marshall Fire and I have replacement insurance through Country Financial.
I understood that CF would pay as the builder invoices me, but was just told that only the “limit of liability” funds on my policy would be paid, and the rest would be paid in recoverable depreciation AFTER the house is completed. So once I exhaust the funds they have paid, I am not sure where I am supposed to get the remaining funds for the rebuild as it progresses. They have agreed to pay the total budget for the build, but not all of it until the house is finished. Is this normal?
The depreciation amount is $362,022.
Any advice is appreciated – the house is currently under construction.