We had a flood couple of month ago and, of course, opened an insurance claim.
At some point, we got mostly everything approved as per the estimate provided by insurance preferred contractors.
It turned out, that the approved amount is pretty healthy and it is actually possible to do the job quite a bit cheaper.
Given that the insurance does not care about who will eventually be the contractor doing the job, am I allowed to use the approved amount in its entirety and repurpose the rest of the money for some additional improvements?
Thank you in advance.
Yes in most cases you can. You are given an estimated value for what your damage was worth to be replaced. As long as what was damaged was fixed and any extra money spent for any upgrades will come out of your own pocket. Insurance company will send an adjuster to come to your home when the damages are fixed.
Hope this helps!
Thanks a lot for the explanation.
Search the TrustedPros directory and discover the best contractors in your area.Find your home service pro