What do I do with the extra money from a homeowners insurance check?
Thursday, May 21st, 2009 at
4:23 am
Comments (2)
Jereme D asked:
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.
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.
