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Home Insurance question

  • 03-06-2011 9:09am
    #1
    Drackedie
    Registered Users, Registered Users 2 Posts: 20 ✭


    Hi,
    I hope this is in the correct forum.

    We had a burst pipe in the house before christmas, which caused quite a bit of damage.

    Called the insurance company and they had someone out in a few days. They made an offer, in February, which we thought was awful so we refused it and had our loss adjuster look into it. They had no joy so we finally gave in and accepted.

    The cheque arrived this morning, but it was for less than expected.

    We looked again at the original offer, and it was broken down as follows:

    Buildings xxxx
    Contents xxxx
    Excess (xxxx)
    Retention (xxxx)

    So they took off the Excess, which is okay and I understand, but they
    did not pay us the Retention. Does anybody know why that is?

    Thanks,
    D


Comments

  • #2
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    http://www.ehow.com/about_6162705_insurance-retention-definition.html

    Check your policy document, as it should be in there, along with your excess.


  • #3
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


  • #4
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    There shouldn't be an excess and a retention as they are both forms of the same thing. Is there any chance that it could relate to a suggested under insurance on your part, whereby they deem you to be bearing a proportion of the loss.

    Was under insurance ever discussed?


  • #5
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    EXCESS is that part of the claim you must pay yourself, usually the first €XX.

    The RETENTION is that portion that will be paid to you once the damage is repaired and the receipts forwarded to the insurer.

    They are NOT the same thing.


    Retention is applied to put pressure on you to complete the repairs and not simply use the money on a bet on the horses, holiday etc.


  • #6
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    mark1819 wrote: »
    i think you have to read the terms and conditions of the coverage of your policy and if you are not satisfied with your insurance company you can take help from a loss assessor.

    And you in turn need to read the first post on this thread, the OP did use a loss adjuster.


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  • #7
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    Loss Assessor V Loss adjuster

    http://proinsuranceclaims.ie/lossassessorvslossadjuster.html.html


  • #8
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    cookie1977 wrote: »
    Loss Assessor V Loss adjuster

    http://proinsuranceclaims.ie/lossassessorvslossadjuster.html.html

    Apologies, I was distracted by the sight of a recently registered first time poster using poor English with suspicious motives, he posted on the same topic in a different thread...
    mark1819 wrote: »
    in my opinion you can take online help for a better loss assessor.


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