What do you do with the money left over from a home insurance claim?

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Home insurance claims for an apartment or condo often go to the association or property management company that owns the rights to the property. This requires homeowners to request payment from the property management company and potentially get their approval for repairs. For Property Management Companies For Contractors

For Mortgage Lenders Homeowners are more likely to receive the insurance payout directly since they are the owners of the property, however, this isn’t always the case. Make sure to read through the insurance company’s policies to verify. In this scenario, it is the homeowner’s responsibility to pay for the repairs with the home insurance claim payout.

Those with mortgages will have their insurance payout sent to the mortgage lender. Often, a homeowner with a mortgage would have to work with the company they are mortgaging with to get the payout. They may even ask to oversee the repairs or hire a contractor themselves. For Homeowners

In some cases, insurance companies will pay the contractor directly and not the homeowner. If an insurance provider works with their own network of repair professionals or if the claim is assigned to a general contractor on the homeowner’s behalf, it’s more likely that the money will go directly to those repairing the home and not the homeowner. 

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  • What do you do with the money left over from a home insurance claim?
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