by Guest » Sat Nov 06, 2010 04:53 pm
I have filed an insurance claim for Hail damage for roof. The adjuster came in and processed the claim. I got a check for Roof Repair cost - Deductible - Depreciation adjustment. I was told by the insurance company that i can get the depreciation adjustment amount reimbursed when i get the work completed and provide them proof of work completion.
Now i had called couple of contractors and they looked at my roof and they said there is hail damage signs on the roof but my roof doesn't need to be necessarily replaced.
So now my questin is can i keep the money without getting the work done? :?:
Since i wont provide any proof of work completion and request for reimbursement of depreciation adjustment amount from my insurance company will my company close the claim after 180 days or will they come behind me to get the work completed?
Now i had called couple of contractors and they looked at my roof and they said there is hail damage signs on the roof but my roof doesn't need to be necessarily replaced.
So now my questin is can i keep the money without getting the work done? :?:
Since i wont provide any proof of work completion and request for reimbursement of depreciation adjustment amount from my insurance company will my company close the claim after 180 days or will they come behind me to get the work completed?
Posted: Fri Jan 11, 2013 10:03 pm Post Subject:
Collecting on a claim and not using the money to repair the established damage does not result in a "profit" to the insured. It is not fraud and no one can be prosecuted for that. Not in Texas or any other state.
Fraud involves an intent to deceive. That element is missing here.
Posted: Thu Jan 17, 2013 02:52 am Post Subject: Home
On sandy strom we had problems in my home I claim my insurance I sand all estimate now the pepper I send to Adjester on that' paper I chose contracter and now I don't like that contracter so what shoud I do they send me some money to start work but I don't like contractor may I go another person
Posted: Thu Jan 17, 2013 07:38 am Post Subject:
It depends on what contract you have with the contractor. If you cancel a construction contract, you may be responsible for paying some damages to the contractor for lost work opportunities. But this is America . . . you can do whatever you want.
Posted: Fri Jan 18, 2013 01:21 am Post Subject: insurance check
I filed bankrupcy a year ago and moved out of my house after the storm Sandy. We had roof damage. My homeowners insurance just sent us a check, in my husband and my name.
Do we have to repair this roof.
Posted: Fri Jan 18, 2013 01:41 am Post Subject: homeowners insurance check
I filed bankrupcy a year ago and moved out of my house after the storm Sandy. We had roof damage. My homeowners insurance just sent us a check, in my husband and my name.
Do we have to repair this roof.
Posted: Fri Jan 18, 2013 02:16 am Post Subject:
Well, who does the home belong to now? If it was a foreclosure, you can probably keep the money. But it was intended to pay for the repairs, so you should pass it along to the person (lender or purchaser) who had to pay to fix the roof. That's the "RIGHT" thing to do.
Posted: Tue Jul 09, 2013 09:37 pm Post Subject: Insurance proceeds
I have a claim on my house. The damage has been repaired about 90%. My lender has to endorse the last check from insurance company. There are several thousand dollars left over. As the homeowner, can I legally keep the remaining money if all the repairs are complete? Keep in mind I have put hours of my labor and my own money for the repairs as well.
And lastly, can a lender refuse to give me the money?
Posted: Tue Jul 09, 2013 10:47 pm Post Subject:
can a lender refuse to give me the money?
Let's start with this one first. As long as you are not in default in your mortgage payments, the lender has no entitlement to the proceeds. It has the right to withhold the money to force the repairs only if your loan contract makes such a provision. Have you read your loan documents to see about that?can I legally keep the remaining money if all the repairs are complete? Keep in mind I have put hours of my labor and my own money for the repairs as well.
Your own labor hours cannot be valued more highly than a skilled craftsman. Having said that, if your construction is complete, and all bills have been paid, unless you are in default as stated above, the money is yours to do with as you please.What you cannot do is press a claim for damages beyond the amount that has already been paid if you have not incurred any expense beyond that amount. That would be insurance fraud (filing a false claim) and could land you in state prison for up to five years in most states.
Posted: Wed Jul 10, 2013 12:59 pm Post Subject: RE: Insurance proceeds
That is very informative. I will check my documents and I hope the section that applies is very obvious to find.
Also, I would like to add that my claim was handled through a public adjuster. I never even spoke one word to my insurance company. The PA did all the negotiations that I am paying them for... 10% of claim funds.
Posted: Wed Jul 10, 2013 03:49 pm Post Subject:
my claim was handled through a public adjuster
My question is why would you choose this as your initial means of dealing with an insurance claim? While Public Adjusters perform a valuable service, they, like attorneys, should only be brought into the claims process if you find yourself at an impasse with the insurance company in the resolution of your claim.From what you've said, you simply gave someone else 10% of your recovery for something you probably could have done on your own. If the PA cannot get you at least 11% more than you could have gotten on your own, you have lost money in the process.
You can probably thank all the attorneys who advertise in a way that leads people to believe insurance companies are out to rip them off when a claim occurs. This is just not true. Do problems happen? Of course, but often they are the result of people who don't know what their insurance covers because they've never read their policies. Attorneys and Public Adjusters cannot overcome what the contract states, unless the contract is ambiguous.
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