Homeowners insurance check for damage?

I had my roof and some drywall damage from a storm. Insurance adjuster came and is replacing the whole roof and some of the drywall.
They want the receipt for the roof sent into them. If the roof does not cost as much as they are sending me will they want the difference returned to them ( as they will know what it cost from the receipt)??

Depending on the language in your policy-- they may take a hold back. In general this is how it works (but follow up with your agent about your specific policy).

The adjuster comes out -- measures the roof - writes an estimate to repair the roof. The adjuster subtracts depreciation and your deductible. The deprecation is the "hold back". If you chose not to replace your roof -- you get no more money.

However, if you replace the roof and submit the receipt showing that the repairs were done with in 180 days of the loss -- the adjuster will pay you the "hold back". So the only thing you will be out is the deductible.

Now-- word of caution about roofs -- If you chose to upgrade your shingles (say - go from a 3 Tab (flat ones) to an architectural (cut up one) -- they don't pay for the up grade. They would pay for what you had-- 3 tabs -- and you pay the difference for the upgrade. This is with all aspects of the roof. The insurance company does not pay for upgrades.

Quick less on roof pricing -- it's just 7th grade math. The adjuster measures the area of the roof and divides by 100. This breaks the roof into a 10x10 square. Roofs are priced in "squares". The adjuster will pay a flat price per square - this is for the roofing company to remove 1 layer of shingles and go back with another. It includes nails/felt paper/ debris removal/profit/overhead.

Now -- your insurance company does not owe what ever a roofer want to charge per sq. They owe a fair market rate.

So - show your roofer the insurance adjusters estimate. It will have the amount per square and the roof measurements on it. If the roofer has a problem with that amount -- call your adjuster. Not all roofers are honest (many are-- but quite a few love to price gouge --especially after a storm). You may want to have a couple of roofers look at your roof. Show each of them the adjusters estimate.

If you need suggestions on reputable roofing companies in your area -- call your adjuster. They usually know whose good (and whose not) in your area.

Good luck.

Sometimes the insurance company offers "actual cash value" settlement until the work has been completed. Replacement cost coverage is paid once finished and the company requests the receipt for documentation. So .... that may be what has happened and if you don't provide the receipt, you may not get the full replacement cost. However, on the other hand, it is unethical and fraudulent to turn one receipt in for damages and then profit from a lower bid. So, I would definitely return the difference.

No.

And you can get a "statement of completed work" from the contractor, instead of the receipt, and the statement can be marked, "paid in full" without revealing the price.

Make sure your policy has replacement cost and not depreciated cost.

Be honest. They may not pay you without a reciept.

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