What happens even if you repair the property or do any type of job and the value of your property and the land  is nothing.

Unfortunately, nothing is the short answer. Your insurance policy does not provide coverage for any lost value to the home. This to me is the biggest catch 22 in the entire sinkhole scheme. Insurance companies want nothing more (supposedly) than for the homeowners to repair their homes. The whole premise of an insurance policy is to place the homeowner back in the same position as if the loss never occurred. If everyone agrees that is the goal why does it never happen? Most insurance companies make a huge stink about forcing their insureds to repair but none ever offer to pay them additional money for the lost value to their property. Of course they are not required to but, has any insurance company stopped to think that if they offered it to their insured, they would truly be doing what is in their clients best interest and truly making them whole again. No. Because that would cost money and money comes before customer service in this industry. So we continue to deal with the hypocrisy of insurance companies calling homeowners cheats and frauds while they in turn take no steps to actually do the right thing. My personal opinion is this would be one of the most forward thinking changes the legislature could make. If you are going to force homeowners to repair why not provide them that small additional compensation of the lost value as well. Otherwise every homeowner that repairs will come out a loser. There is absolutely no debate about this. Why do we have a system that punishes innocent insureds when they suffer a loss. Maybe the legislature should consider how many fewer lawsuits there would be. My guess is a lot. Loss of value with no ability to recover is one of the biggest concerns my clients always have and there is no solution for them.

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