If I get a fire insurance settlement after a house fire, do I have to use the money to rebuild?
May 25th, 2010
If the fire burned a shed in my backyard which the insurance company estimated to be valued at $1800, do I have to rebuild the shed or can I go without the shed and keep the $1800?
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You can keep the money, you don’t have to rebuild it. The insurance company doesn’t care. They owed you the money because the shed burned down. They can’t get out of it just because you don’t care about the shed being rebuilt that much.
If you don’t want to rebuild the shed then you don’t have to rebuild the shed. That’s your money that was due to you anyway enjoy the money and Take Care
no it doesn’t matter if u use it rebuild or not
You don’t have to rebuild, but you don’t get the full value until after you do. BEFORE you rebuild, they give you depreciated value. After you rebuild, they give you the depreciated amount back.