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 Posted: Fri Jul 04, 2008 4:08 pm Post subject: hail claim roof |
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In response to jazzhands question:
In cases of Replacement Cost Insurance (HO-B), You usually get part of your settlement up front and the balance when reciepts for work are submitted.
You have to send in actual receipts. If they don't add up to your adjusters estimate, then the insurance co. will change the amount you will be paid to match your receipts less your deductible.
Many people don't understand that your adjusters estimate will be changed to match your actual expenses minus your deductible.
It is insurance fraud to misrepresent your claim in any way. You have to give the insurance the actual receipts from the company that preforms the work.
Now if it is the case that your first check is for the actual cash value (thats replacement cost minus depretiation) of your loss and you can negoiate to have the work done for less or even save money by doing it your self. That ok because it's like being paid for damage to your car. If you don't mind the way your car looks, you can keep the money and not make the repairs.
Your first check (usually for acv) is for the amount of damage your home sustained minus your deductible. You always have to pay the deductible. You can spend this check any way you want. The consequence is, if you don't repair/replace the covered items your insurability in the future may be at risk.
I would never make a statement like your roofer did, but he's not all wrong.
I think you should always deal with a knowledgeable roofer. One that's experienced with managing insurance claims. You must commit to paying your deductible. You may not have much out of pocket expense because you might not replace all of the items on your claim. Often times customer are paid for things like gutters but elect not to replace them. You may be able to use that money toward your deductible.
I hope this information helps, good luck with your roof. If I can be of any assistance email me.
Tide Roofing Co
tide.roofing[at]gmail.com
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tide
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| Posted: Fri Aug 29, 2008 10:16 pm Post subject: money amounts!!! |
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What insurances companies do you all work for? I'm a contractor! The insurance co. Hardly ever willing give enough to pay to repair repair your homes. So how are you getting the money plus extra to keep! Every home owner and contractor in town is going to arbitration!
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bad nuz
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| Posted: Sat Aug 30, 2008 11:32 am Post subject: |
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Wow bad,I think the question is what town do you live in? That's awful! Never ever ever in 23 years have I seen or heard of that.... | Quote: | | Every home owner and contractor in town is going to arbitration! |
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Lori
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| Posted: Sun Sep 28, 2008 6:35 pm Post subject: insurance |
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I work for a co specializing in storm damage and I am surprised by how many people think they can pocket money by using a low bid. It is the Insurance Co.'s money that they are paying to a reputable co. to do the work, just as Texas Roofer said. Most people are getting a brand new roof for the cost of their deductable or less and yet they still want more, which of course is insurance fraud. Homeowners, stop trying to scam your insurance co. Find a reputable roofing co, check them out with the BBB, get your roof done and let them collect what they deserve, otherwise get up on the roof and do it all yourself.
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Bryan in WI
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| Posted: Mon Sep 29, 2008 10:54 am Post subject: |
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| Quote: | | Most people are getting a brand new roof for the cost of their deductable or less and yet they still want more, which of course is insurance fraud |
tell me about it  every single day...i see it with car claims as well... | Quote: | | Find a reputable roofing co, check them out with the BBB, get your roof done and let them collect what they deserve, otherwise get up on the roof and do it all yourself. |
Well said Bryan...BRAVO!
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Lori
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| Posted: Mon Sep 29, 2008 2:40 pm Post subject: |
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It's like anything else...people trying to gain an advantage. If I have roof damage and I get a check from the insurance company for 8K, and I get three estimates - 6, 7500, 1000 - why not go for the 7500? I mean..sheesh...you are getting a "free" roof (well, not free because you paid your premiums but...).
People wonder why their rates are so high. It's party because other people are trying to commit fraud against the insurance companies.
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LifeIsGood
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| Posted: Mon Sep 29, 2008 11:04 pm Post subject: |
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The ones that crack me up are the ones that pocket a ton of money...then call a few months later wanting their adjuster to help them with 'joe jack just came into town to rip you off roofer'... yeah that's gonna happen.
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Lori
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| Posted: Mon Sep 27, 2010 4:49 pm Post subject: The law about settlement differences |
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State statute determines if pocketing the difference between the insurance settlement and the lowest bid is acceptable. This is completely acceptable in Colorado per the Colorado Attorney General's office, Division of Insurance Fraud. There is nothing illegal about this, as long as you do not falsify any documents or make false claims.
Once the insurance claims adjuster cuts you a check, then you are free to use that money how you wish, including doing the work yourself or hiring a discount contractor and keeping the difference. There are many discount contractors who will do a as-good-as or even better job than a high-priced contractor.
There are many in the roofing industry that are on a national campaign to misrepresent the law and assert that this is insurance fraud, when in most states it is not. They make this assertion because it reflects their own self-interests, not the law. If you have any questions, contact your state Attorney General and clarify, then expose the roofing company for misrepresenting the law as they use this tactic to intimidate customers. Also make sure that you get bids and do not let any roofer to have any contact with your insurance company or have any information regarding the settlement.
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Mark Gerardy
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| Posted: Mon Sep 27, 2010 7:00 pm Post subject: |
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| Revived a thread that was 2 years old. Wow. |
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tcope
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| Posted: Thu Jun 23, 2011 5:17 am Post subject: Fencing insurance claim paid |
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My insurance co. SF paid insurance claim for Privacy wood Fence that was damaged from tornado. Can i use the money for a chain link fence instead of wood fence?
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zacharia95
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| Posted: Fri Jul 15, 2011 3:37 pm Post subject: svUAbPXByH |
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Wow, this is in every rpesect what I needed to know.
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Irene
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