If a contractor can do the work outlined in an insurance claim report, what happens to the remaining funds?
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If a contractor can do the work outlined in an insurance claim report, what happens to the remaining funds?
Asked on August 2, 2012 under Insurance Law, Minnesota
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I think that you left put some words here. Do you mean "for less" than the money allocated by the insurance company? The insurance company has allocated funds based upon their appraisal of the loss and their computations as to the cost of repair. Generally they pay the actual cost of repair so there should not be money left over. Be careful here. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I think that you left put some words here. Do you mean "for less" than the money allocated by the insurance company? The insurance company has allocated funds based upon their appraisal of the loss and their computations as to the cost of repair. Generally they pay the actual cost of repair so there should not be money left over. Be careful here. Good luck.
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