🔺 r/personalfinanceusadface256·34 days ago
Insurance can't cover enough to rebuild my house. What happens now?
Hello! Recently, my house burned down, not a total loss but the damage is extremely severe. Talking with our contractor and our adjuster, the difference between the cost to repair and the maximum amount insurance can pay is in the range of 100k. What happens now? I talked to the bank and they said that an equity loan wouldn't be possible, and a home improvement loan would be pretty unlikely. Are there other options I'm not thinking of? What happens if we don't have that money, do we just put the land on the market? Any advice to help us keep our house would be appreciated! EDIT: This is getting so much attention! Thank you for your advice, even if I don't respond I am combing through it! I have a long weekend this weekend so I'll be making a game plan along with my lesson plans for Tuesday. EDIT2: To answer some FAQs, 1. This is a regular house fire in VA. 2. This is my parents' house, I'm just handling insurance right now. 3. I AM aware this house must have been under insured. This is not my question. As much as I appreciate people sharing information, the question is not if I am under insured, it's what should I do with the facts as is. submitted by /u/sadface256 to r/personalfin…