Can I keep the money?
Can I keep the money from the insurance Claim. In a nutshell NO that is illegal. The insurance company is sending you what they think it should take to repair your home to a Pre-storm conditions. They are almost always lower than what if they should be is considered things that are obligated to a for such as building building code upgrades permits these are not added to your policies yet. In some cases some policies will have additional coverage to cover up grade for building codes and also permits.
Getting a cheaper roof testament will put money in your pocket because the insurance companies will release your money until the job is done…. They will get the final invoice of the price from the roofing company.
Submitting a false final invoice is considered a felony and insurance fraud in combined two up in trouble and in jail or both.
When your insurance company agrees to pay your claim, they will normally come to the first partial payment check my tissue deductible written out to you the home owner and also your mortgage company Lesser deductible. Sometimes to check is, well your adjustor is in an at the home. Other times it will be mailed to you within a week to 10 days after they had completed the required paperwork
Facts about your claim
The paper work that you receive from your insurance company only represent an estimate of your roof repairs is not a final settlement.
The Colorado Dept of insurance http://www.dora.state.co.us/insurance/consumer/homemain.htm recommends that your roofing contractor be at your home when your insurance adjuster arrives to inspect your property for insurance Claim damage. Adjusters are busy and have many unemployment only mess some things or overlook some important aspects of your claim.
Your insurance can not be canceled for weather related claims.
If you choose a Contractor that charges less than fair market price you may get inferior materials, less than quality labor, the lack of service after the sale. In this industry those are called storm chasers.
The difference between fair market pricing and the lowest bid can not be applied keywords your deductible your insurance company keeps the saints.
How does the depreciation work?
Your insurance company may hold back the depreciation in your insurance Claim . Depreciation is the amount of your settlement that is not paid until you have completed the work.
Most policies cover full replacement costs line issue deductible. If you are not sure as your contractor or insurance adjuster.
The depreciation check of insurance Claim usually only cut after your contractor submits his final invoice.
If you do not use all of your depreciation to get your home fix your insurance company will subtract that your deductible from the final or lower price which is on the invoice rather than the total amount of the insurance Claim was allowed.
In other words if your insurance company will keep in each depreciation monies you do not stand while beating your house home fixed.
After all final invoices are submitted to your insurance company by the Contractor all and sometimes your mortgage company will want to do a final inspection to be sure that all work is complete that was billed through the invoice and can completed in a workmanship like manner with quality materials before releasing the second appreciation.
What about a insurance claim supplemental ?
In a storm environment most all insurance companies get overwhelmed with the amount of claims that are in a certain area which they open up ( cat office ) or catastrophe office in the items that are missed and can be proven and photographed to prove that claim can be added to get a insurance Claim supplemental that can be handled by your contractor.