Skip to content
×
PRO Members Get
Full Access
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime.
Level up your investing with Pro
Explore exclusive tools and resources to start, grow, or optimize your portfolio.
10+ investment analysis calculators
$1,000+/yr savings on landlord software
Lawyer-reviewed lease forms (annual only)
Unlimited access to the Forums

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Followed Discussions Followed Categories Followed People Followed Locations
Insurance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago on . Most recent reply

User Stats

122
Posts
61
Votes
Jacob Thorpe
  • Lender
  • Lake Geneva WI, USA
61
Votes |
122
Posts

major water damage

Jacob Thorpe
  • Lender
  • Lake Geneva WI, USA
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.

Loading replies...