If the insurance company give us money to fix the roof and we don't?
we had a pretty bad hailstones storm and the insurance company is going to give us money for the roof. we had someone look at it and the harm is really minor. if we use the money for something else besides fixing the roof what will happen? will we get within trouble?
Answers:
Well if they find out you might get in trouble. Plus the subsequent time you get hail mess up to your roof & there is still damage on here from last time, they wont fix your roof....I would just use the money for what it is for & fix the roof...They give the name they insurance fraud if you dont & you can get in trouble...
The money you own been giving is just a partial pay-out. it is the Actual Cash Value, not the replacement cost. It factors in depreciation. If you don't fix your roof you resign from the extra money on the table. Also you can not claim another claim for a roof that has been remunerated out to be replaced. You will also have to disclose it on your paperwork when you sell the house that the is a malfunction. At that point you will probably have to fix it to sell your home and you will hold to pay for the whole roof out of pocket. If I where on earth buying you home and no that you got money from the insurance company, I would expect the roof to be repaired or replaced. If you think you can secrete this the insurance will report it to clue and when someone else goes to get insurance on you home it will be noted that in attendance was a claim paid. I hope this will minister to you to make a wise decree. I have seen those get multiple roofs in a couple year span, because of the storms that enjoy been coming through year after year.
If you do not get your roof repaired, you will not be able to folder another claim if it does start leaking. Your best bet is to get your roof repaired. Source(s): Retired agent, 30 yrs. service
Likely, the amount is small adequate, then, that the check won't be made payable jointly to you and the mortgagee.
If you don't receive the damage repaired, your insurance company can cancel your policy, for have unrepaired damage. They could also deny another roof claim, or decrease the payout for a roof claim, by the amount they've already remunerated you plus your deductible. Source(s): agent, 21+ years
You can always save the money. You should keep in mind that if your roof does start to percolate, you can't file another claim.
You should also know that if you do not fix it, there is other the possibility of water intrusion into your attic which is conducive to mold growth. That will not be covered either and could conclude up being a very expensive lay a wager for you.
On the other hand, nothing might come to pass and you get to keep the money. Source(s): Claims Adjuster
You could also of late fix it yourself and keep the rest of the money. But I agree with the first creature, if the roof doesn't get fixed, it will affect the house's value contained by the long run. Source(s): Personal Experience.
You should fix the roof.
If you file a future claim on the roof (and you will when it starts to leak) - the insurance company will be capable of tell that the roof was not replaced and will not money you again for it. You don't get paid for matching roof twice. And that roof is going to have to be replaced at some time in the adjectives. Only then when you do it -- and have to income out of pocket for it --it will be much more expensive to do because shingle prices go up.
If the insurance company finds out you did not replace the roof- they can cancel your coverage and invite you to bring a policy somewhere else.
The hail damage may be minor immediately. But, as the year progresses the shingles heat and cool causing them to expand and contract. As that happen, hail bruises will rise to the surface. So the damage may not show immediately....but it will be there.
All of your neighbors will have clean roofs....so the value of your home will be decreased. Source(s): Insurance Adjuster
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Answers:
Well if they find out you might get in trouble. Plus the subsequent time you get hail mess up to your roof & there is still damage on here from last time, they wont fix your roof....I would just use the money for what it is for & fix the roof...They give the name they insurance fraud if you dont & you can get in trouble...
The money you own been giving is just a partial pay-out. it is the Actual Cash Value, not the replacement cost. It factors in depreciation. If you don't fix your roof you resign from the extra money on the table. Also you can not claim another claim for a roof that has been remunerated out to be replaced. You will also have to disclose it on your paperwork when you sell the house that the is a malfunction. At that point you will probably have to fix it to sell your home and you will hold to pay for the whole roof out of pocket. If I where on earth buying you home and no that you got money from the insurance company, I would expect the roof to be repaired or replaced. If you think you can secrete this the insurance will report it to clue and when someone else goes to get insurance on you home it will be noted that in attendance was a claim paid. I hope this will minister to you to make a wise decree. I have seen those get multiple roofs in a couple year span, because of the storms that enjoy been coming through year after year.
If you do not get your roof repaired, you will not be able to folder another claim if it does start leaking. Your best bet is to get your roof repaired. Source(s): Retired agent, 30 yrs. service
Likely, the amount is small adequate, then, that the check won't be made payable jointly to you and the mortgagee.
If you don't receive the damage repaired, your insurance company can cancel your policy, for have unrepaired damage. They could also deny another roof claim, or decrease the payout for a roof claim, by the amount they've already remunerated you plus your deductible. Source(s): agent, 21+ years
You can always save the money. You should keep in mind that if your roof does start to percolate, you can't file another claim.
You should also know that if you do not fix it, there is other the possibility of water intrusion into your attic which is conducive to mold growth. That will not be covered either and could conclude up being a very expensive lay a wager for you.
On the other hand, nothing might come to pass and you get to keep the money. Source(s): Claims Adjuster
You could also of late fix it yourself and keep the rest of the money. But I agree with the first creature, if the roof doesn't get fixed, it will affect the house's value contained by the long run. Source(s): Personal Experience.
You should fix the roof.
If you file a future claim on the roof (and you will when it starts to leak) - the insurance company will be capable of tell that the roof was not replaced and will not money you again for it. You don't get paid for matching roof twice. And that roof is going to have to be replaced at some time in the adjectives. Only then when you do it -- and have to income out of pocket for it --it will be much more expensive to do because shingle prices go up.
If the insurance company finds out you did not replace the roof- they can cancel your coverage and invite you to bring a policy somewhere else.
The hail damage may be minor immediately. But, as the year progresses the shingles heat and cool causing them to expand and contract. As that happen, hail bruises will rise to the surface. So the damage may not show immediately....but it will be there.
All of your neighbors will have clean roofs....so the value of your home will be decreased. Source(s): Insurance Adjuster
Related Questions: