Do i get to keep any money left over from a home insurance claim check after repairs are complete?

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I had all the repairs to my home done for less than the insurance company sent me a check for, the check is in both my name and the mortgage company so I have to send them the check so they can send me a check back in just my name only because I already paid for the repairs out of pocket, but they are requesting verifiable paid receipts, (which I have) but my receipts will show that I had the repairs done for less than what the insurance company sent me a check for, is that left over money mine? or can the mortgage company hold any money left over and do something like send it back to the insurance company? how exactly does that work because I would like to have other improvements to my home with that left over money, Thank You.”

Asked January 25, 2016

1 Answer


Whether or not you get to keep any money left over from a home insurance claim check after repairs are complete depends on a variety of factors, including the terms of your insurance policy and the cost of the repairs. In general, when you file a claim with your home insurance company, they will send an adjuster to assess the damage and determine the cost of repairs. Based on the cost of repairs, your insurance company will issue a check to cover the cost of repairs, minus your deductible. If the cost of repairs ends up being less than the amount of the insurance claim check, you may be able to keep the remaining funds. However, this will depend on the terms of your insurance policy and any agreements you have made with your insurance company. Some insurance policies include a provision that requires you to use any excess funds to make further repairs or improvements to your home. This is known as a "right to repair" provision, and it is designed to ensure that your home is fully restored to its pre-loss condition. In other cases, your insurance company may allow you to keep the excess funds, as long as the repairs have been completed to their satisfaction. However, if you have a mortgage on your home, your mortgage company may have a say in how the excess funds are used, as they also have a financial interest in the property. Ultimately, whether or not you get to keep any money left over from a home insurance claim check after repairs are complete will depend on the specific details of your situation, including the terms of your insurance policy and any agreements you have made with your insurance company and mortgage lender. It's important to carefully review your insurance policy and any contracts or agreements to ensure that you fully understand your rights and obligations.

Answered January 26, 2016 by InsuranceStar

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