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| Help! Is this wrong? |
My husband and I were buying a home contract for deed. While living there we had to carry home owners insurance. In our contract it stated that the seller must cut down a tree that was in the front yard and we were not responsible for any damages caused by the tree untill this was done. The tree was dying and had caused damage to a neighbors home. In july of this year we ended the contract and moved. 11 days after we moved a storm came through and knocked the tree down causing extensive damage to the house. Our homeowners policy had not run out yet. We had no idea any damage had been done until yesterday when we received a check from the insurance company for almost $4000. We did not file a claim, the mortgage company did not file a claim. They just sent an adjuster out on their own because a lot of homes had been damaged that day. Can we keep the money? I have spoken with the insurance company and they know we no loger live there. The check is made out to us... contuined..
Additional Details
I just want to make sure that in time this cannot come back to bite us. We ended the contract in writing with two months notice so that was all done the correct way. Serious answers only, Please |
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Suzanne: YPA
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There were several correct answers, but a number of incorrect ones.
First, it would NOT be insurance fraud to keep the money; the question really is, do you want to keep the money, given what may happen.
Several answerers here have missed a very important detail: you had a contract with the owner that stipulated s/he was responsible for the abatement of the hazard presented by the tree AND that s/he would be financially responsible if the tree damaged either the home or a neighbor's home. The owner failed to abate the risk, therefore, by contract, the owner is solely responsible for fixing all damages. So it is highly probable the money is yours. I want to reiterate, this is NOT insurance fraud. You did nothing to misrepresent facts to the insurer. A private contract with the owner DOES NOT negate an insurer's contractual responsibility, unless the insurance policy specifies this.
I suggest you contact your state insurance commissioner's office and ask for the state's definition of "insurance fraud." Most states define this as filing a false or intentionally misleading claim, as mine does. Again, this is not the case here. You did not file the claim and made no false statements to the insurer.
I hope this helps. |
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T-Bird
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If you signed and paid for homeowner insurance and you stated the policy had yet to run out then yes, the money is yours. You paid the premiums and the money is rightfully yours. |
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ms.jay
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over 40 yr ago my mother said if anybody send u a check cash it worry later if it bite u later just pay it back |
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Deji O
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if you are feeling bad about this then it probably is not right.
But you need to know what your own principles are about certain things and you need to act accordingly here. When you stand for nothing you fall for anything. |
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barrettins
 |
Most of these answers are very good but they all miss a very cogent point. In property and casualty insurance the operative question is did you have an insurable interest in the property "at the time of the loss".
If it can be construed that you had an insurable interest in the property at the time of the loss then you are entitled to keep the money. If you did not have an insurable interest in the property at the time of the loss then the insurance company would have a legitimate reason to ask that the money be returned. But in either case it is for sure no fraud was involved.
Remember you do not have to live in the house to have an insurable interest.I would suggest that you notify the insurance company in writing of your intentions. Send a copy of the letter to your Commissioner of Insurance.
From the information posted here it is difficult to tell if you had an insurable interest at the time of the loss. Therefore take the check, your insurance policy, and a copy of the contract to an attorney for a legal opinion.
In the end this is a legal matter and you really should get professional legal advise.
Good luck and best wishes. |
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dcgirl
|
I would cash the check and put it in a separate account, not touching the money for a couple of years, just in case the insurance company changes their minds. And I would also call the insurance company and let them know you are cashing the check. That way, if they don't ask for it back in a few years, you will have a nice little pile of money but if they do ask for it back, you won't have to go into your pockets to pay them. |
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fyrfly
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When you spoke with the insurance company, did they say it was OK for you to keep the money? I would think it should go to the current owners of the house because they are the ones who will have to pay for repairs. Maybe legally it's OK for you to keep it, but ethically it is not. |
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norsmen
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if you keep it it will be fraud |
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mkulda
 |
Well it depends.
If nobody was living in the house and there was no other homeowner's policy in place because the house was vacant, then yes you can keep the money with one exception.
The insurer needs to know the house was vacant at the time and you're premium, even though it was paid up...would be increased because of the vacancy.
If there was a policy and you had prepaid the premium and there was still coverage on the house, then whether or not you lived there, the coverage was still in place.
But as I mentioned that coverage is more expensive if the house was vacant at the time.
The company could have just deducted some extra premium from the proceeds of the check.
One other thing....since they paid you out....you are now liable for any damage that needs to be repaired becuase that's what the money was for.
So hopefully you aren't taking the money and then not wanted to make good on the situtation that led to the claim in the first place....THAT would be fraud...not just solely for taking the money. |
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curiositycat
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Tempting though it may be, insurance fraud is not something you want to mess with, so no. Take the check to them in person and request in writing that you did so. |
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mbrcatz
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I would NOT take that money. I would rip that check right up and forget about it. Actually, you should return the check, and advise the company that you did NOT file a claim, and you expect it to be taken off your record.
That claim could seriously affect your ability to get homeowners insurance in the future, and WILL affect how much you pay for it in the future. |
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