What do I do with the extra money from a homeowners insurance check?
We have a leak in our roof. Insurance company sent an appraiser out to take a look. A week later they sent us a check for $12,000. A contractor I regularly use quoted me a price of $2,000 to do the repairs. I didn’t show him the quote sheet from the insurance company because I didn’t want him to know how much we received for the repairs, but I’m pretty confident he knows exactly what needs to be done to repair it correctly.
In the letter that has the estimate, it says I need to submit a receipt for the repair work done, but then I got the check shortly after the estimate arrived, so it seems as if they wouldn’t need a receipt now since they’ve already cut the check.
My question is, can my insurance company come back later and ask for extra money back in what they sent minus the actual repair cost? Or can I spend the extra money however I want?
The check is written to myself and the mortgage company.
Well, it seems that either they overpaid by accident, adding an extra zero, or that the check was for more than the roof repair – like inside water damage repair, as well.
If it was an error, they can come back to you for it. If not, you can do whatever you want, IF you can get it from your mortgage company.
See, you can’t cash that check yourself. You have to sign it, and send it in to the mortgage company, who will pay the contractor as the job is completed.
The insurance company just wants to verify that the work is done.
But you need to be really, really sure, that what your contractor does, is ALL the work the insurance company paid for. Because I bet it isn’t!
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