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Central MN | I hired some guys to do some work next to my house. To make a long story short, and without getting into too many details the house suffered some extensive damage ( busted up roof, pushed in exterior wall, couple busted windows, messed up door etc). Anyway I have the lumberyard preparing a repair bid and I feel it may be quite expensive. Adjusters coming Monday to look at it. My question is I would eventually like to put a different house at this spot. The current house has other issues besides the damage and costs a small fortune to heat in the winter ( electric heat). Would the insurance company pay me whatever it would cost to fix ( say for example 30k) and let me use that money towards a new modular home? I have a mortgage on the property and would have to get additional financing through the bank to do this so they'd be in the loop. Just thinking that if things go right, and with as low of interest rates now might be a good time to move my time frame up and get a new house sooner rather than later. Also, it just seems like a waste of time and money to fix the current house if I'm just going to replace it in 5-10 years anyway. | |
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Home Insurance question
