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 Posted: Tue Sep 29, 2009 7:45 pm Post subject: What if I use my insurance check made payable to me for some |
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| I need a furnace more than I need anew roof, may I use the funds for the roof from the ins. company to purchase a furnace. |
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bkw_58
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| Posted: Tue Sep 29, 2009 10:50 pm Post subject: |
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If the draft/check is made payable to you only then yes, you can. However, if you'd suffer another loss to your roof, it wouldn't be paid again of course. Only other issue 'might' be (doubtful, but possible), if your carrier does follow up inspections. But (again) if you don't have a mortagee, and the payment is to you only you are free to do whatever you wish with the money.
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Lori
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| Posted: Mon Oct 05, 2009 8:58 pm Post subject: |
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| Will you just turn the furnace up to compensate for the hole in the roof? |
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Fishman
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| Posted: Tue Oct 06, 2009 4:41 am Post subject: |
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The inspection is the big thing. Some companies do them every few years and some don't. If they find problems with your roof that has not been repaired or replaced, they will send you a letter giving you "x" amount of time to make repairs and if you don't they may not renew the policy.
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Dasfuk
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| Posted: Tue Oct 06, 2009 6:05 am Post subject: |
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| So, this "x" amount of time starts from the day the carrier discovers that the damage has not been repaired. Does it mean that initially they don't offer a deadline following a settlement? |
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steven
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| Posted: Tue Oct 06, 2009 9:15 pm Post subject: |
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I'm not saying that they found damage has been repaired.... lets put it this way.
Companies do inspections of homes and buildings all of the time. I do them myself. When I go out and find a roof that is deteriorated to the point it should be replaced, (I don't know if there has been a prior claim or not) I send a recommendation to have it replaced or repaired and the company gives the insured "x" amount of time to replace or repair from the receipt of the letter. Some companies will work with the insured and some won't...it really depends on the problem or more so multiple problems with a risk.
So it really doesn't matter if there has been a claim before, what the roof looks like from the ground does matter (at the time of the inspection). The OP could be forced to replace the roof a year from now (after an inspection) after they have spent their money on a furnace. See the OP wants to use the current money for a furnace, I doubt they will have spare money a year from now to replace the roof.
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Dasfuk
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