THI Storm Repair explains why homeowners accepting low bids from contractors is RISKY. Homeowners should not try to 'Cash In' on contractors that can do the job for a lower price than what the insurance company pays. Put very simply, homeowners are not permitted to Profit from an insurance claim. IT'S ILLEGAL ! Lets say your claim was awarded for 10k and your deductible was $500. When the insurance company agrees to the settled amount they are required by law to pay the entire claim in full once the project is complete and after they receive proper invoicing from the contractor.
Many homeowners want to shop the 10k settlement and find a cheaper contractor to perform the work outlined in the insurance scope. This is a huge MISTAKE. For starters, the chances are very high the local contractor does not even realize all of the items that need to be performed to compete the scope of loss allocated by the insurance company
atter of fact the owner of my company used to be an insurance adjuster so he knows all thier games.We know roofs and what to look for. I have real world examples of insurance being wrong about a roof just to not pay. My email is Moderator cut: send a DM,m email is advertising the company ]. I'll answer any questions you might have and if you want examples. -if/when it's approved there are 3 parts to the payout 1st is the deductible, 2nd is the actual cost value (value minus the depreciation), 3rd is the replacement cost value (depreciation).here's an example- say your total claim is $10,000, your deductible is $1000, insurance will be paying $9000 for your claim. Insurance determines depreciation, let's say $3000. They send the $6000 (total less deductible less depreciation) with adjusters scope of work (what they're paying for). After the work is complete the contractor invoices the insurance company and they send the remaining $3000 that was held out for depreciation. If that invoice doesn't match what insurance paid out there will be problems. A lot of people think they can get low bids and keep the extra money. That is ILLEGAL and there are huge consiquences if you are caught. So, might as well get the most out of what they are paying. YOU CANNOT PROFIT FROM AN INSURANCE CLAIM. Usually that first and second check are paid to the contractor. So the only cost to the homeowner is thier deductible, which is also paid to the contractor. Now, we can usually work out the deductible so alot of times there is no cost at all to the homeowner to get a new roof.Read more:
http://www.city-data.com/forum/fort-worth/80757-how-handle-hail-claim-dallas-howe.html#ixzz1gd1jrSPF
