If the company neglects to adjust the loss within 15 days after receiving notice of it, or to begin to rebuild or repair the property destroyed or damaged within 20 days after the adjustment of the loss, the insured may proceed to rebuild or repair at the expense of the company, which shall be liable for the reasonable expenses incurred in so doing and for the loss sustained by its neglect, not exceeding the amount insured; or the insured may commence an action upon the policy.