When a home is badly damaged by fire, do insirance companies pay for a new home elsewhere, or must you do reno?
A neighbor of mine had their home severly damaged by fire recently, and I am just wondering… in such cases, can you just take the insurance money and buy a new home? Or do you need to restore the house that was damaged? The house this person lives in is also their business, if that has any bearing on things.
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February 4th, 2010 at 12:07 pm
I think it varies a lot depending on your policy. But with a business, I would think they would want to see you restore what you already had.