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

Question

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 1

Shannon

Home Insurance, Car Insurance Expert

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.