My fire loss was in 2017 in California. The insurer held back the amount attributed to the land from the amount they allocated for me to buy a replacement house. They said the held-back amount could be used for repairs and renovations to the replacement house and that there was no time limit on when the amount could be used.
My work is now requiring me to re-locate from northern to southern California, and my question is if I am entitled to have the unspent amount for repairs and renovations that is still being held back by the insurer transferred to a new house I will be moving to? Basically, am I entitled to have the withheld amount used on my “new” replacement house, or it that money only for use on the initial replacement house purchased after the loss? The amount at issue is approx. $300,000.