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Do you have to claim money on home insurance repairs?
What! Insurance pays for financial losses. I don't understand your question.
What can you do if you do not have the money for the deductible for your home owners insurance claim?
You can either borrow money or what to get the repairs done until you have your deductible.
If you receive an insurance claim check made out to the body shop and you and you want to make your own repairs can the check be re-issued to you?
The insurance company issues the check in both names, because there is still money owed on the vehicle. In which case, you would not be allowed to make your own repairs.
What would happen if you kept your Homeowners insurance claim money instead of doing repairs Can you really get into legal trouble or is it money to you for your loss and you can do what you want?
If you still have a Mortgage, YES you can get into big trouble. Your mortgage contract requires that you make any repairs promptly. If your home is paid off and you have no finance lien then you are free to do what you want with the compensation you receive. Bare in mind that your Insurer will likely cancel your policy if you fail to make necessary repairs as you will be considered negligent by the insurer.
Can you take the insurance money and sell the property as is?
Yes. Keep in mind that claims count against you so sometimes if you don't intend to do the repairs it is better not to place the claim. 4lifeguild
Can you keep house insurance money instead of fixing a damaged floor?
Its your $$$ now !!! you can do with it what you want. * If the home is not still under a mortgage contract the homeowner is not obligated to use insurance funds for repairs of the property. However, if repairs are not done the insurance provider can refuse any claim if the flooring or adjoining structure is damaged further. If the home is still mortgaged repairs must be made as the lender would have to sign the insurance check as well as the homeowner/borrower. All mortgage contracts stipulate that the property must be kept in the same or better condition as it was when the property was purchased and lending agreement made. You could BUT that would be called insurance fraud... Lis@
Where does insurance claims money come from?
When you get insurance on a car, a house, a boat, you pay the insurance company money, known as premiums. The insurance company invests that money. When there is a claim, some of the premium, along with some of the interest from the invested money, is used to pay the claim.
Do you have to claim money from insurance repairs?
What! Insurance pays for financial losses. I don't understand your question. <><><> If you mean claim an insurance payment as income- that would depend on a lot of actors- so we cannot give you a blanket answer- however, in general- Let's say your car was stolen. Your insurance company paid you $1000 for it. Unless you claimed that as a casualty loss on your taxes, then it is income neutral- and would not be income.
Is homeowner entitled to any of the insurance check when repairs are being done on a damaged property?
Of course not. Insurance is supposed to put you back to the same position you were in before the damage occurred. Your not "entitled" to make money on a claim. If your property was repaired the contract was fulfilled.
Can you use the money from the insurance company to buy a new equipment instead of fixing it?
You are not obligated to spend your auto insurance settlement claim check on a particular kind of repair. In fact, after payout, the auto insurance company has no legal ability to control or restrict how you spend your settlement money.
I filed a claim with my Home owners Insurance Texas-Farmers Insurance and I wish to do the work myself instead of a contractor to save money then how much does Farmers pay owners for hourly wages?
probably none.
If you receive a check from insurance company to replace roof can you do the repairs yourself?
It is a question of honesty..... If you told the insurance company you were going to do it yourself and their check is for materials and some of your time then this would be OK. However, if your claim quote was for a builder to make the repairs, then their check is for this work and you should tell the insurance company that you intend to do the work yourself or you will be defrauding them. You must also remember that if you do the work yourself and the roof is damaged again they will probably refuse to pay (unless you are a qualified builder) on the basis that your initial repairs may have been inadequate. The fact that you asked this question indicates that you are basically an honest person - stick with the honesty and don't try and make money out of an insurance claim - it is not what insurance is for.
