I recent had a fire in old out of code commercial building (food establishment) the insurance adjuster estimates for the Replacement cost value on the building is about 40% less than what it will actually cost us to repair the building to code as per our architects plans.
My question is can I negotiate the cost of total repairs? or am I out of luck and stuck paying the remain cost to get us back open for business?
The total cost of repairs is well below our insurance building coverage limit.
I would appreciate any help that can be offered.
Absolutely hire an adjustor. They are worth their weight in gold, and will only charge at the end. We had a fire in a 16 unit, insurance company wanted to settle for pennies due to the condition of the property prior to the fire (it was in fact a dump), but the adjustor was able to pinpoint and prove that more damage had been done to the building by the (gung-ho / bored) fire department than the fire itself. Ended up getting settlements from both the insurance company AND the FD that covered 100%!
When you are meeting the adjustors, ask about their background. Hire the one that worked for an insurance company for 20+ years and you will be laughing all the way to the bank.
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