CAN YOU POCKET INSURANCE MONEY? // WHAT IF THERE'S EXCESS MONEY?

Can you pocket insurance money? You get that insurance check, and suddenly a nice vacation or a new car looks a lot better than repairing your roof... So can you pocket [excess] insurance money? Yes and no—there are times when you can and can’t. Watch the video to learn when you actually CAN!

In this video I will share with you the reasons that you might be able to keep insurance claim money and other reasons that you might not be able to. Even though a large check from an insurance company looks tempting to put towards your next vacation, you should consult with someone before assuming it is OK to spend on yourself.

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As a homeowner, you are responsible for maintaining your property, especially if it’s under a mortgage. Note that if you have damage in your house and you don't make repairs, and you happen to have a similar loss later on, you WILL NOT GET PAID! Watch the video to understand how important it is to get repair works done appropriately and find out how to best handle your insurance payments and what to do if you end up getting more money than needed for your home repairs!

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Free legal advice about property insurance, real estate, and current issues for homeowners and property owners across Florida and the U.S.

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Disclaimer: Your policy and the results for your specific case may vary. The information in this video may only apply in Florida and may not apply in your state or area. This post should not be construed as legal advice. There is no agreement to provide legal representation, unless a written contract has been signed by you and the attorney. Contact an attorney for a true review of the validity and value of your case or claim. This content is copyright of Brittany Alexander, Esq., owner of Premier Property Law in Florida.

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[TheGolfster]

Not to mention that you are making the insurance company richer and for that they love you (which is why most insurers set a time limit, typically a year to complete the repairs). They love people who don't complete the repairs because: 1. You settled for the lowest amount imaginable (the first estimate is always the "throw it on the wall see if it sticks estimate". 2. Any recoverable depreciation being held by your insurer (which is roughly 50% of the total claim) goes back in their pocket when you don't do the repairs. The rich get richer.

[renitawalton]

I did self repair. I received a 100% inspection completed. Can they keep the left over money if the repairs was much less than claim

[johnj]

And if one question
If i choose to make the repairs myself
Obviously of good to better quality work than a contractor
I get to keep the extra $$$
as my labor

And insurance paid 75% of claim but held the
"RECOVERABLE Depreciation"
Untill after the work is completed then after it is complete they can send a inspector to check that it was done then they will pay the last 5%

[anthonyboria]

Hi there great video btw just wondering at the end of the video you were saying, long story short yes you can keep left over money but you said you cant do anything you want with it little confused? So as long as you get the work done then its fine as long as it got done properly and it was completed if im correct? Thanks btw best on YouTube video...

[anthonyboria]

I think you said you can but it sounded like you said you cant just rewatch..it if im correct after you said long story short at the end lmk if thats correct..but great video alot of confusion out here! To say the least!!!.

[dylanwilliams]

Thanks for the video. What about 'must do' repairs versus 'nice-to-haves'? I had a small fire in my garage, and my insurance company gave me money to scrub and repaint the walls of a room on the second floor at the other end of the house. The room showed only the slightest amount of soot on the chemical sponge. I'll definitely get the garage repaired, but it doesn't seem the hassle (or money) to do some of these nice-to-haves (which will require me to move out for a while). But I'm not sure what my mortgage company would say about that. Thanks.

[zzevonplant]

What happens if I don't use all the insurance money because we did a lot of repairs ourselves and with the help of people we know and such? Just wondering because we're fighting for the insurance to give us more because they gave us *nowhere NEAR* enough money, and we've had to do a lot of the work ourselves while fighting for them to pay, so, in the end, we might end up with extra at the end, but maybe not too. Just making sure that's not illegal or anything to keep the leftover money.