Is it fraud to find materials and labor cheaper after the in

Submitted by bryanh on Thu, 10/02/2008 - 14:01

Water Damage to the home. Contractor's estimate was $50000. Insurance companies adjuster (independant that they hired) came back at $34000. Cabiners were included. Check has gone to mortgage company. I can refurbish damaged cabinets for a smaller cost. Only gave $10000 for cabinets and installation.

Posted: 02 Oct 2008 02:08 Post Subject:

No it's not... as long as the work is done and done correctly (as the mortgage company needs to be protected).

Posted: 02 Oct 2008 02:17 Post Subject:

Insurance companies want to put you back to where you were before the situation that caused a claim. If the adjusters says X, and you can get it done (or do it yourself for Y) for less, then good for you.

On the flip side, if the adjuster says X, and you want to add some additional things/upgrades, then you will be responsible for the additional costs.

Posted: 02 Oct 2008 02:17 Post Subject: Message

It was my understanding that I do not have to give money back to the insurance company as long as the home is in the same condition or better than it was before the accident.
Is this true?

Posted: 02 Oct 2008 03:10 Post Subject:

Yes again. If you end up getting everything done for less, the remaining money is yours.

Posted: 02 Oct 2008 06:13 Post Subject:

I'll say this... try to give the money back to the insurance company. I can almost guarentee you that they won't want it back. :)

If you can manage to find a way to gave the repairs done for less, more power to you. If you 'fail" to tell the insurance company, no one is going to fault you in any way for that.

Posted: 03 Oct 2008 05:33 Post Subject:

Once the insurance company issues you the check the money belongs to you. If you can fix the damages at a cheaper cost, the credit goes to you. You can keep the rest & can use it at your discretion. But, I'm sure that you won't be left with much on the check after paying all the repair expenses.

However, saving money on the check shouldn't be your only objective, rather it'd be better to get the best quality of the job done and pay the contractor his dues. After all, you are gonna live in that apartment. And next time the insurer will not pay for the same damages if the quality of the job done was poor.

~Jeremy

Posted: 03 Oct 2008 10:49 Post Subject:

received this quick message from Bryan...

Is it fraud? If the insurance companies adjuster estimates for new cabinets for $10000 and I find them for less and get them installed.

NO it's not fraud...honey quit worrying...you're fine, we promise...Tcope was kidding about trying to return the money...just get them back in same shape as before and all is good...

Posted: 03 Oct 2008 01:49 Post Subject:

If it is worrying you that much, FEDEX me the funds - after all, I am a representitive of the insurance agency.

You'll be able to rest well knowing the left over funds are in an insurance professional's hands.

And yes, his good hands.

Posted: 04 Oct 2008 10:57 Post Subject:

Quite the sense of humor Life...you have gotten several laughs from me from post to post. If you can repair it yourself for cheaper than that is your business. We did this a few years back when we had a claim on our homeowners. My hubby is Mr. I will fix it myself and Brother is in construction so why not put the extra in your pocket or into other home improvements? Hey Life wanna share your FEDEX delivery...say 60/40?

Posted: 06 Oct 2008 04:45 Post Subject:

You do relize that I want the 60% right?lol.

Posted: 06 Oct 2008 07:15 Post Subject:

I'll take 40% for simply providing an address/account number!

Posted: 07 Oct 2008 12:43 Post Subject:

Okay now make me feel bad...I'll split 50/50.

Posted: 07 Oct 2008 12:45 Post Subject:

(works every time....hee hee)

50/50? Perfect. Deal.

Posted: 07 Oct 2008 12:55 Post Subject:

LOL...You must be a blast in person.

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