Insurance claim - cash settlement or not

[HeadsOnBeds]

Got a largish smashed up tiled roof and interior damage of a building in the hail storm in Bris 6 weeks ago. The quotes from insurance are high IMHO, we're talking 100k over what I think it should be. I may be able to take cash settlement for parts or all of it. Apart from me getting my prices wrong and ending up doing it all for the same price are there any other pros or cons of either in your experiences?

Anyone had experience with cash settlements in general?

Thanks SSers

 

[Xenia IM]

If you are able to coordinate the repairs yourself -take the cash.

I did this with a much smaller amount with a car claim.
The cash was more than the repairs do I ended up with a profit margin.

 

[vbplease]

If you?re sure the cash settlement is way over the replacement costs for reinstatement, take it. Some points you may not have considered; cost of repairs are inflated during such an event due to lack of labour/materials (factored into the repairers quotes and you?d need to factor this in too). Quoted costs for roof replacement may include corrugated steel for tiles? this requires changes to the hold-down/wall framing, and roof insulation. If you have vj wall lining this is super expensive to replace ? a win for you if replacing with timber stud/plasterboard.

 

[Ed Barton]

Does the insurance company guarantee the quality of the repairs like a lot do with cars?

 

[HeadsOnBeds]

Thanks for the info. Ed you do get a warranty but not sure what that's worth on these repairs. Any roofer is on the hook for the roof warranty anyway.

Should be an interesting process.

 

[The Y-man]

Heard of people who did NOT take the cash option, because they thought the people arranged by the insurance company would do a more comprehensive job etc - and really regretted it. Apparently took years to get things right. For one thing, when the tradies come in, they are not allowed to talk to you (will only answer to the insurance company) so you can't give any special directions - you have to call the insurer, explain, who then may or may not pass on the instrucitons to the tradie etc.

The Y-man

 

[Xenia IM]

Heard of people who did NOT take the cash option, because they thought the people arranged by the insurance company would do a more comprehensive job etc - and really regretted it. Apparently took years to get things right. For one thing, when the tradies come in, they are not allowed to talk to you (will only answer to the insurance company) so you can't give any special directions - you have to call the insurer, explain, who then may or may not pass on the instrucitons to the tradie etc.

The Y-man

This here would be reason enough for me to take the cash.

 

[Snoopy]

Heard of people who did NOT take the cash option, because they thought the people arranged by the insurance company would do a more comprehensive job etc - and really regretted it. Apparently took years to get things right. For one thing, when the tradies come in, they are not allowed to talk to you (will only answer to the insurance company) so you can't give any special directions - you have to call the insurer, explain, who then may or may not pass on the instrucitons to the tradie etc.

The Y-man

I had exactly the opposite experience. The insurance company's panel of builders seem to be better quality and more accountable. If the difference is not great leave it to the insurer.

 

[HeadsOnBeds]

I'm going to do a mix. Let the insurer do the roof and I'll take cash for the inside, easier for me to do inside in stages. Happy I had the old income protection though!
I'm in the process of having the roofers look at changing the tile to a colorbond roof. It's a bit cheaper but we've got to examine the engineering side of it first.

Thanks for the input.

 

[Brady]

Recently took cash settlement, funds in account up to me to complete. This option was better for me.