Can You Keep Leftover Home Insurance Claim Money?
If you have a damaged roof on your home and you file a claim with the insurance company, your insurance company will pay out for repair or rebuild costs. It’s possible the insurance company will overestimate the cost of repairs or new items and you’ll have funds leftover.
Any funds leftover from your build it technically yours as long as you used the insurance payout for its intended use. It also depends on how your insurance claim works with your insurance company, who receives the payout after the claim and the insurance rules for leftover money.
Some insurance companies are hands-off when it comes to the terms of how loss settlement money is used. If you need to repair or replace your roof, the insurance company may pay you directly after a loss and nothing is written into your policy about returning leftover claim money, then any unused dollars may be kept.
Each insurance company works a little differently, so it’s best to ask questions in the upfront so you know how a claims transaction will work. After a claim is filed, will they send you a check? Will you need to get reimbursed? Maybe the insurance company will pay the roofing contractor directly.
All these questions you’ll want to ask with your insurance company. If you need help, BB Roofing has experience working with insurance company’s and making claims go smoothly.
If you are looking for a roofing company, call BB Roofing for a free, no obligation roofing inspection today. BB Roofing has HAAG certified inspectors in Nebraska, Kansas and Iowa that will ensure your home has not been damaged. We will work with you to put together the best solution to getting it fixed; a solution that works with your budget and timeline.