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 Posted: Fri Dec 18, 2009 11:11 pm Post subject: Over compensated? |
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I've read lots of posts on the internet where underpayment is in question, but what about OVERpayment for a claim? I recently received a check for more than 30 thousand dollars to replace my roof. I think I can have it replaced for several thousand dollars less than the check I received. What am I to do.....send the remaining money back to the insurance company or use it for other home improvements? Thank you?
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abesbirthday
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| Posted: Sat Dec 19, 2009 12:05 am Post subject: |
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I'll give the real world answer.... you carrier used some way to determined the cost to repair the roof. They issued payment based on this information. If you can manage to have it done for less for some reason, then more power to you. Is someone going to cut corners to get it done for less? I'd want to know why the repairs are being done for less.
Legally you _might_ be required to pay the money back but 1) that is a grey area and 2) I can promise you... your carrier really would not know what to do with the money if you tried to return it. It just does not happen. Also, they are paying you for your loss as required under the policy. Do they really want to take money back if the reason why its costing less is because all of the repairs are not being done or they are not being done correctly? I'm not saying this is happening... I'm just saying that your carrier probably does not want to take a chance on accepting money back. If they did, and the repairs were done correctly because of the lower payment, then you could come back against your carrier and say that they did not pay you for your entire loss. They just would rather have you keep the money in order to make sure nothing goes wrong later on. |
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tcope
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| Posted: Sat Dec 19, 2009 1:11 pm Post subject: |
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| I agree with T. But, what makes you think that you can have it replaced for several thousand dollars less? |
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Trench
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| Posted: Mon Dec 21, 2009 5:15 am Post subject: roof repair |
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I've received 2 estimates for 20 thousand and 21 thousand....plus 2 of my neighbors have within the year gotten their roofs replaced at the above prices and with the roofers I've contacted....plus our homeowners association has an approved list of roofers and both of the ones I've spoken with are on the list.
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abesbirthday
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| Posted: Mon Dec 21, 2009 5:31 am Post subject: |
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Have you looked over the insurance companies appraisal and the estimates you have? Where is the difference?
According to certain public adjusters there is no way the insurance company paid too much.... sorry... wrong thread.   |
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tcope
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| Posted: Mon Dec 21, 2009 3:58 pm Post subject: |
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| What is the comparison between the estimates you have and the one the insurer wrote? |
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Trench
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