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Updated about 1 month ago, 10/20/2024

User Stats

13
Posts
4
Votes
Jake Thorpe
4
Votes |
13
Posts

major water damage

Jake Thorpe
Posted

Major water damage in my investment property from a sudden pipe burst 

there was some other damage from a break in

and had a previous break it

I have max 160k  insurance payout.

It is a builders risk policy for house flipping. Through this flip I have had break ins, I have had contractors cheat me and pull knives on me, one of them hit my dog in the face with a drill. I have had theft and windows broken in, squaters staying in the back shed. Finally a major catastrophy happened and a water pipe burst causing major flooding. I am in talks with an insurance lawyer now, but how can I ensure to have max payout? I want the full 160k through all of the pain and suffering I have gone through.  The house is completely totaled and cannot be sold now, unless I dump in another 100k. I have losses financially now as the rehab time is almost twice the timeline now that was given in the beginning. I will also be taking the contractor to court soon as well for damages. I cant sleep at night, I cant think straight, I am on the verge of potentially losing everything. More than this, I have to fall gracefully because I cannot lose face infront of other investors because I do not want to lose out on future opportunities if people believe I am not handling things well. I have done everything the right way, the ethical way, treating people with honesty and respect.. treating the market and the process with respect (not cutting any corners, permits, etc) and it seems like I have been beaten down at every turn and now I am at risk of losing everything I have worked hard for years to obtain.  How can I make sure I dont get screwed over by the insurance company? THey are my last hope to get back what money I put in. I know it depends on the policy, but the house is completely destroyed and cannot be sold, ive lost lots of money already and this is affecting my mental health.

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