Can i substitute expenses on fire insurance policy?

Question

I live in Malibu my master condo policy is with Loyds of London.

I see on my policy that many things that I will need in the event of loss are not listed on the component cost breakdown. will I be able to use some of the funds for flooring (example) for stucco or other items? I have a friend who lost his home and said his insurance co. cut him a check and did not care how he spent the money!

Answer 1

Probably but you need to get that clarification from your insurance company.  I'm sure they'll be glad to explain.

Answer 2

YOU don't get paid ANYTHING under the master policy.  The association does.  YOU can't collect, directly.  The insurance company cuts the check for building, structure, etc.   If you use it for something else (like a car), and leave the damage unrepaired, they can cancel you.

If YOU want coverage, be sure you have a CONDO UNIT OWNER'S policy.

Answer 3

certain categories will have limitations and the policy in its self will have limitations.  As for the total cost of construction you have a total limit and that can be averaged out but jewlery  and other items may only have coverage up to the stated limits be aware of those and ask you agent questions.