Does my insurance company want leftover money returned to them after repairs?

My insurance company gave me money to replace my roof and some drywall after a severe storm. They want me to send them the receipt for the roof and drywall replacement. If the work costs less than the amount the insurance company gave me, will they want the difference returned to them?

Answer

Good news: if the repairs have been completed in accordance with the terms of your policy agreement, you get to keep any extra money from the claim. As long as the initial cost estimates were not falsely inflated, it is fine to keep the money or even upgrade the repairs.

Answered on Mar 08, 2021

Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.

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