The 30% Rule
Are you aware that the insurance company hold up to 30% of your claim until you can provide proof of work completed and a relevant vat invoice.
What this means is that if your claim is for €10,000 you will receive €7,000 in your first payment and are expected to finance the remainder of the works yourself.
The remaining 30% or €3,000 will only be released when you have provided pictures of the completed works and a relevant vat invoice for your builder.
The adjuster may also request a visit to your property to have a visual inspection before the retention is released.
It is very difficult for the insured to finance the 30% of the refurbishment themselves, to ask a builder or tradesman to complete works with only 70% of the quote may cause problems also.
It’s important to know that all payments will be issued to you within 10 days of agreeing the claim figures and also 10 days after the retention information required have been received by the insurance adjuster.
The method of payments are cheques which will take another 5 working days to clear, when lodged, so when you have the works completed and pictures and invoices sent into the insurance adjuster, best case scenario you will have the money within 15 working days (three weeks).
It’s a long time to ask a builder to wait for their money after the works are completed
If you have a claim and are experience problems getting the works completed contact us for assistance WE WILL HELP.