Property Depreciation Schedule Insurance Adjuster

Insurance problems for flood victims

SLOANSVILLE -- Homeowners who had flood insurance when flood waters ravaged their neighborhoods back in August thought the cost of rebuilding would be covered under their policies but that is not necessarily the case.  In Schoharie County, the rebuilding process is slow for many homeowners and in some cases it’s because they’re fighting with their insurance companies. 

Nichole and John Molesky built their home twelve years ago along Route 20 in Sloansville.  It was destroyed in less than 12 hours when 8 feet of water submerged their neighborhood.  The family has a flood insurance policy through Allstate with a coverage limit of $212,000, they filed a claim and waited to hear from their adjuster to determine how much they would get and when.  A few weeks ago, they got an offer for $111,000. "It's devastating, you know when you go through the house there's my kids stuff in their rooms and my baby books, the bracelets they came home from the hospital in--everything is just gone, the least they could do is help us start rebuilding our lives, give us the money from our policy and let us rebuild, that's all we want," said Nichole Molesky. "This offer does not even cover our mortgage let alone help us rebuild."

Nichole and John are not the only homeowners being offered about half of what they were expecting.  Mark Pullman lives next door and says he had a $137,000 policy on a home he owes $116,000 on and he is only being offered $59,000.

When it comes to flood insurance, unless you take out the maximum policy available for your home, you’ll likely only get the actual cash value of the building itself, minus depreciation. 

After CBS6 called Allstate, the insurer has agreed to reopen both the Molesky’s claim as well as Pullman’s claim and take another look.  If the company doesn’t budge on its offer Pullman says "56 years of having good credit is going to go down the drain because I'm going to have to walk away from the mortgage.

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