Home Insurance Payout

[Pirate]

My neighbor wasn't given any money, the ins. co. is sending their repair people out to fix all his problems.

I was given a big pile of cash and a long list of stuff my ins. co. says was broken in a hail storm. They provided funds for all kinds of stuff that wasn't even damaged, window screens, chimney caps, etc. No dents or damage at all.

I was calculating out what I have and will spend vs. how much they gave me and the mortgage company. It appears there will be thousands of dollars left over.

I'm not out to make money off them nor do I want to waste my time finding contractors or doing unneeded repairs myself.

Anyone ever experienced this? I thought ins. co. had a better handle on their money. Can they come back and say give us the unused money back? Not that it matters.

 

[buckshot721]

Your lucky, we are still fighting with our insurance company to pay up for a tornado from May 30th

 

[randy41]

did the adjuster from the insurance co find all these things that needed repair that you say don't need repair?

 

[LD1]

You really need to call up and ask your insurance company that question.

Like Randy just asked, did they actually look at these items and determined they needed relaced, or did they just assume they needed replaced?

And....did tehy make out a 2 party check (you and the lein holder) OR is it just to you?

I dont have much experience with homeowners policy regarding this issue, but with autos, the left-over would be yours. IF you have a lein on the vehichle, it is typically their policy to issue a 2-party check. I usually have it fixed on MY dime, usually for less than what they estimate damages at. I do some of the work myself, and I have a good friend that has a shop. THEN when fixed, I have them look at the vehichle again, they verify the repairs, and re-issue the check in my name only.

IF I own the car 100%, then they make the check out to just me, less the deductible.

Not sure if homeowners is the same way, so I'd ask them. They will give you enough money to have a "professional" do the work. So IF you can do it cheaper, that difference is yours. Because you are getting paid the "professionals" rate.

 

[Bird]

The contract adjuster for our insurance company included the dents in the aluminum rain gutters and downspouts, the roof of my metal garden tool storage building, and a few other things. The insurance company then sent me a 2 party check. I took the check and the paperwork to the mortgage holder, they made copies for their files, and endorsed the check, which I then deposited in my bank. When the roofing was replaced, I wrote the roofing company a check, and took a copy of the invoice to my insurance agent. I got a very slight reduction in my insurance premiums for having new roofing.

Yes, I have a little money left over. Some things I fixed myself and I didn't replace the rain gutters. Now of course in the event of another wind or hail damage, the insurance company will pay for the roof, but not the other things that I didn't pay to have fixed.

I think that's fair and reasonable, both for me and for the insurance company.

 

[Pirate]

Some of my repairs came in way under. 2K less for new roof. 2K less for carport/tractor cover (metal roof), 700 bucks for a dumpster nobody wanted. Oh well, At least I am getting an entire new roof and 3 sides of the house with new vinyl.

 

[clemsonfor]

Just got reroffed monday due to hail damage. My roofer was $1k less tahn estimate, so i end up not even paying the deductable i think? Hes not totally finished so i have yet to give him the first amount. The way it was done in my case and a lot of the times with checks over $5k, is that they give you half the amount in a check and once the work is complete you send the invoice in and they will pay up to the amount that is still left on the claim. IE my case they said the roof would be $9k, bid was $8k which is what i have minus my $1k deductable. I have half the amount in my bank which was issued with the acceptance of liability for damage, i will write the roofer a check this amout once he is done and invoices me. The remainder i will send the invoice to Ins. They will then cut a check up the the amount left in my funds to do the work. My initial check was like $4300 or so and i have about $3700 left to draw against for a total of $8k. Now if he would ahve done the roof for $6k if would not have got the cash difference in my case they just would have paid the amount over the initial check to the ballance due, the rest they just keep.

Im my case im getting my old worn out 3 tabs replaced with Lifetime warrenty Architectual shingles (no thats lifetime against defects!).