Can I repurpose portion of the money approved by insurance for flood?
12/20/2017 at 4:06:29 AM
Hello everybody,
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.
12/20/2017 at 10:02:02 AM
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!
12/20/2017 at 11:54:26 AM
Thanks a lot for the explanation.
1/9/2018 at 11:40:38 AM
It depends though...normally an insurance company will not just pay you full amount....it's #bout 70 percent...and if you get an outside contractor, you are responsible for paying them...not the insurance company
1/9/2018 at 11:40:40 AM
It depends though...normally an insurance company will not just pay you full amount....it's #bout 70 percent...and if you get an outside contractor, you are responsible for paying them...not the insurance company
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