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Updated about 6 years ago on . Most recent reply

User Stats

11
Posts
2
Votes
Sujith Kakulamarri
  • Investor
  • Frankfort, KY
2
Votes |
11
Posts

Bank did not renew insurance and property got on fire in Chicago

Sujith Kakulamarri
  • Investor
  • Frankfort, KY
Posted

My rental property in Chicago was vacant and got on fire.  I discovered that bank did not pay insurance premium  from Escrow account. And insurance expired. They accepted the mistake.  Bank and its adjuster conveniently came up with estimate amount close to principal balance.  

Market value for the property range between  60,000 and 185,000

Appraisal while financing was around 57,000

Improvements after financing 30,000

Replacement insurance that bank allowed to lapse was 156,000

Bank adjuster estimate repair to be 35,000

Public adjuster estimated to be 300,000

Bank is only trying to settle the amount close to 35,000.  Bank is not willing to negotiate. I requested for replacement cost that insurance would have paid. Bank asked me to go head and file a law suite. Does anybody know attorney  would can take up this case in Chicago, IL. 

Anyway suggestions will be appreciated. 

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