Am I required use insurance claim settlement money to repair damaged floors to claim is on?
UPDATED: Oct 14, 2020
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Basically, we are receiving insurance money from a moving company that damage our wood floors. Can we use that amount after we receive the settlement check to put new wood floors in a different living area in the house? Are we legally required to repair the floors the claim was made on?
Asked May 13, 2016
From the question it says that you are receiving insurance money for a damaged floor from a moving company. You do not indicate what sort of damage was done. Was it a scratched up floor or was it water damage? It depends how badly it was damaged if you are even able to repair it. Or, if a better option would be to replace the floors the claim was made on. I don't know so I can't really give an opinion whether to repair or replace.
Typically, you can spend the money any way you want. However, if there is a duplicate claim on the same floor and the money has already been payed out, then the insurance company will question and probably not pay it. So no it is not required, but the insurance company expects for you to use the money for the claim. What I might suggest however, if the floors can be repaired instead of replaced, you may have enough money to do both.
Answered April 19, 2017 by InsuranceStar