As if having a devastating fire that damages everything in a home or business isn't enough, the second catastrophe can be dealing with an insurance company or adjuster. Fire insurance claims are very complex due to the large amount of damage they cause. It's not long before the two side are in a dispute about what should be repaired and what should be replaced.
In many cases the insurance company wants to live up to their end of the bargain and pay for the damages incurred. However, more and more policyholders are finding themselves fighting with insurance company representatives that act like the policyholder is trying to take "their personal money." It's not the adjusters money, or the insurance company's money, IT'S YOUR MONEY. You are entitled to the full "Amount of Loss," for the damages incurred.
In many situations the insurance adjuster who visits the fire damaged property is not, nor has ever been, a contractor. For this reason the policyholder is now faced with an insurance company estimate that is missing many repair items, or the item prices are lower. As a result, the insurance company's estimate and the contractor's estimate is thousands, tens of thousands, or even hundreds of thousands of dollars off. In reality, most insurance adjusters take classes to learn about insurance policies - and classes to lean about building materials... but have never been a roofer, carpenter, painter, or carpet installer. They have very little or absolutely no hands-on experience, no on-the-job experience, or any experience with the materials or procedures they are estimating.
Insurance companies make some policyholders believe that they must use "Insurance Company Approved" contractors to repair or replace their property (home, building, furniture, clothing, etc.). The truth is; you can use whomever you wish. It does not have to be the lowest price either. You choose who you feel most comfortable with, period. Now, the insurance company has the right to negotiate an agreed price with your contractor or review estimates to be sure they are not padding or boosting the costs. Many contractors will do that. They realize that the costs are being paid by the insurance company and not directly from the owner, so they increase prices and try to obtain higher profits than what the repair or replacement actually costs.
In reality, most insurance adjusters take classes to learn about insurance policies and classes to lean about insurance estimating software... but have never been a roofer, carpenter, painter, or carpet installer. They lack the hands-on experience and knowledge of a person who has many years experience repairing or replacing such damages. It's easy to see how the dispute arises with fire insurance claims. It usually sounds a bit like this...
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GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
