Posted on March 11, 2010.
Are the owners of insurance covering loss of theft by a remodeling contractor? We hired a contractor linked to a liscensed and additon to our house. He has to demolish the back of our house so he can start over, requested $ 33,000.00 for materials and labor and we never saw him again. Does home insurance cover this loss
N owners only covers materials and supplies after they were added to the house, not before.
In fact, he did not steal the property, he stole money. If he was really stuck, you can withdraw your copy of the bond (see, if you do not, it was not related to you, then it is "unrelated" to the extent that you are concerned) and file a claim with the insurance company. You can also remove your copy of the certificate of insurance is provided when you signed the contract (you have one, right?) And try to file a claim against his career General Liability (probably not seats).
What I would do is contact the office of building permits that gave the permit for the demolition and Licensing Division city contractor, and file a formal complaint. When you hire ANOTHER contractor, keep in mind, has a good line of credit and be able to buy supplies and then you submit the receipt for you to repay.
You also need to run the office of your own agent, and have a sit down - because you might need to add a "builders risk" endorsement to your insurance, to cover as much as he is under construction. It is usually no, unless you add this rider. The only thing worse than getting scammed of $ 33,000 would have to pay another $ 30,000 and the most incomplete burning.
You must invest $ 11,000 more and bounty hunter. (They will find it and stop)
The simple answer is no.
You were the victim of a theft is not covered by .... home insurance in the same way it would not be covered if you were walking in the street and have been the victim of a robbery.
In most cases, the state agency that licenses contractors will have a unit called the "Contractor Recovery Fund" or something similar.
It will help you either get your money from the contractor or that you pay from the recovery fund (which is funded by fees paid by contractors to pay).
Most but not all, states have this feature. But everyone may be called something different.
There is a board licsensing they must report and its security may be revoked.Dont think the owners will cover this kind of thing!
A reputable contractor will not ask for money until he has finished or you will be asked to pay only partial for the work he has done on your satisfaction.You have learned a valuable lesson here, does not any money until the job is done done.But check the link and with the council for licsensing contractors.Good Luck!
Probobly not but it depends on your insurance, you must go to report it and hope the police can find it, then take the contractor to court.
Insurance is designated for contingencies and unforeseen accidents not for renovations or theft by employees.
