Is it possible to keep excess proceeds from an insurance claim? This is one of the many questions homeowners face whenever they are dealing with a damaged roofing system caused by hail or rainstorm. Korrect General Contracting, LLC, your complete roofing solutions provider, explains the legality of it all.
A Word About Money From the Insurance Claim
Homeowners have the right to file claims with their insurance providers once they see that their roof is damaged. With the adjusters’ evaluation, they will be receiving money for repairs or replacement of their roofing system. It is important for them to carefully study the policy to understand what all the money is for before they do the project.
It would also help if they work with reputable contractors that can offer residential roof replacement options for homeowners. More importantly, the contractors must make sure that everything is covered to complete the repair or replacement.
About Excess Proceeds
The money received from the insurance provider is often enough to cover the cost of repair or replacement. However, homeowners may choose to have the work completed for less than the amount. The remaining amount, also known as the excess proceeds, can be legally kept as long as it is the actual cash value component of the claim.
It only becomes illegal if the homeowners intentionally try to profit from their claims. They resort to lying to the insurance carriers about the paid deductible when, in fact, they have not. Problems may arise once they fraudulently seek another component of the claim, which is the replacement value payment.
To ensure that everything goes smoothly when dealing with your insurance company for your damaged roof, consult Korrect General Contracting, LLC. With us, you don’t have to pay other expenses other than your insurance deductible. We are ready to accept whatever your insurer will provide you for your claim while ensuring that you get high-quality repair or replacement.
We provide emergency roof leak repair, remodeling, construction and other roofing services. Give us a call at (817) 725-7769 to discuss your plans. We serve Dallas, TX.