home insurance settlement offer question

mojo2

Hello
Having never claimed on insurance before I am a little confused, so apologies. I am with more than insurance and it is to replace a water damaged floor. I have been offered a settlement offer. That is lower than one quote and more than another quote. I am unable to pay for the deficit on the first quote. But what happens if I go with the 2nd quote and the excess money. The settlement money will be given directly to me. I am unsure what steps to take now. Thanks for your help

cw8825

It’s entirely up to you
i assume the offer is halfway between both quotes 
you are free to go with the lower quote and pocket the rest or if you prefer to pay the additional that’s your choice

pramsay13

It's up to you.

Remember the settlement will be minus the excess so if you can't afford the extra for one quote go with the other. 

Are both quotes exactly the same, or if the higher includes more you could use it to argue for a higher settlement. 

Are you absolutely sure all the issues have come to light and the settlement will cover all repairs required?

With my escape of water they offered a £1500 settlement originally but I fought it and eventually got £7000 as there were damaged floorboards to be he replaced and a few other things that weren't initially obvious. 

BarelySentientAI

mojo2 said:

Hello
Having never claimed on insurance before I am a little confused, so apologies. I am with more than insurance and it is to replace a water damaged floor. I have been offered a settlement offer. That is lower than one quote and more than another quote. I am unable to pay for the deficit on the first quote. But what happens if I go with the 2nd quote and the excess money. The settlement money will be given directly to me. I am unsure what steps to take now. Thanks for your help

It's yours.

DullGreyGuy

The surplus funds are yours to keep... you could even decide to live with the damage floor and use the money down the bookies, or to get a nice dinner or something else. Your insurers are required to indemnify you which they have by providing you the cash, it's your choice what you do with the cash.