PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can I keep the money left over from my homeowners claim?
Do I have to give the leftover money from my homeowners claim back to the insurance company? We had a kitchen fire and had to have the whole room gutted and redone. The estimate came in around $37,000 but it ended up only costing about $34,000. I don't want to be dishonest; however, it would be nice to keep the extra cash.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“As long as the estimates to repair the kitchen where honest estimates, you are free to keep any overages that are leftover!
When a claims adjuster cuts a check for the estimate to get your home repaired, it is an amount based on the replacement cost of the materials and the cost of labor. Both of these things can fluctuate drastically within short periods of time.
It could be that the cost of materials were higher at the time of the estimate. Maybe your contractor was able to get items at a lower price and pass the savings on to you, or it may have taken the workers less time than they thought to complete the job. Having a trustworthy contractor has its benefits and saving money can be one of them.
It is important to check the fine print of your
home insurance policy
to make sure there isn’t any language that forbids you from keeping the extra funds. This isn’t typical, but some insurance carriers do have this stipulation. If you are questioning the cost of your insurance policy, it is a great time to re-shop both your
home and auto insurance
policies. By bundling your auto and home insurance, you can save with a multi-line discount. Use the free
Jerry
app to help make this happen! Jerry collects auto and home quotes from over 50 companies and brings the lowest available rates right to your phone.” View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
.webp&w=384&q=75)
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
