Do we have to rebuild our home on the same site after the Alabama tornado?
Check your insurance policy, but you probably do not have to rebuild your home on the same lot that it was on before the tornado destroyed it. However, it depends on the difference between the depreciated and replacement values. Sometimes you can get more in “replacement cost” polices if you rebuild your home in the same spot. Insurance policies will sometimes pay additional percentage costs to cover rebuilding costs.
However, sometimes insurance companies will agree to pay the replacement value of the damaged home if the homeowner builds or buys a similar home nearby.
To find out what would be the best financial decision for you based on your insurance policy and the cost of rebuilding your home, you should talk with a skilled insurance claim attorney for advice. Most attorneys provide a free consultation to help victims of tornados out. Take advantage of this and find out what is the best option for you before negotiating with your insurer.
If your home was destroyed by the Alabama tornado and the insurance company is not providing you with fair compensation, contact a trusted Texas insurance litigation lawyer for help with your tornado insurance claim at the Voss Law Firm at 888-614-7730 and receive a free legal consultation today.
The Voss Law Firm, P.C. represents clients on a local, national and international basis. We proudly serve companies and individuals along the Gulf Coast and around the globe on a contingency fee basis. Our law firm collects nothing unless we recover on our client's behalf.