if insurance company gives me money to fix my roof do i have to fix the roof?
i m getting money to fix my roof(insurance) through a friend who said they would fix my roof when I got the insurance money. But im financially falling apart. i was wondering if I could legally take part of the money and pay up bills and do the roof ourselves? and no I havent signed any contracts to get the work done.
- AnonymousLv 78 years agoFavorite Answer
No, you can do anything you want, with that money.
Keep in mind, if you don't fix the roof, they will likely cancel your policy for "unrepaired damages". You won't be able to find new coverage, with that unrepaired damage.
Also keep in mind, if you have a mortgage, the check will be made out to you and the mortgage company jointly - you won't be able to 'cash" the check.
- JaniceLv 44 years ago
The money you have been giving is just a partial payment. it is the Actual Cash Value, not the replacement cost. It factors in depreciation. If you don't fix your roof you leave the extra money on the table. Also you can not claim another claim for a roof that has been paid out to be replaced. You will also have to disclose it on your paperwork when you sell the house that the is a defect. At that point you will probably have to fix it to sell your home and you will have to pay for the whole roof out of pocket. If I where 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 hide this the insurance will report it to clue and when someone else goes to get insurance on you home it will be noted that there was a claim paid. I hope this will help you to make a wise decision. I have seen people get multiple roofs in a couple year span, because of the storms that have been coming through year after year.
- JudyLv 78 years ago
Generally yes you can do that. There are situations where, if the insurance payment is based on an estimate from a particular company, the insurance check is made out jointly to you and the repair company.
- 8 years ago
You can do whatever with the money, but then you will still have a bad roof that eventually you will need to fix
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- A HunchLv 78 years ago
Yes. But check with your permit department in your area. Roof repairs typically need permits. you can get the permit and do the work yourself, IF you can pass the permit process.
- 8 years ago
Well that what the money is for but its up to you if you fix it or get whoever to fix it. They just know they gave you money to get fixed so you can't say other wise.Source(s): know how it can be sometime
- 8 years ago
Yes, as long as the check is made payable just to you and not jointly to you and someone who sent in an estimate as part of your claim.