Now that everyone has installed new roofs....

[tourbound129]

Originally Posted by pbnj07

You said you're going to wait, but isn't there a certain timeframe between the hail storm and when you need to file a claim and have the work done in order for the insurance company to pay-out?

The only time frame stipulation I have is for depreciation. I have one year to fix the roof to recover the amount of depreciation. It was only $180 so I'm not overly concerned about it right now.

My check was made out to me and my mortgage company. In my case it was Chase bank. I walked in there, they made a phone call to verify that I wasn't behind on my mortgage (or anything else they could check I presume), made sure the check was good, photocopied my drivers license, and endorsed the check and I was on my way.

I decided that for now that money would better benefit me if I invested it in a nice high-yield corporate bond fund with monthly dividends and a 9.5% yield.

[FalconheadWest]

Originally Posted by pbnj07

Just curious....in these situations (not my case), if someone were to sell a house with a discalimer that the roof needs replacing and offers cash back at closing to allow for that, is that still considered insurance fraud?

Because of the many changes in mortgage financing these days, a good portion of mortgages are FHA loans, and the roof would have to be replaced prior to closing.

And in a nut-shell, it's never a good idea to disclose you know something is wrong and tell the buyer they can fix it after closing. They have way too many things to worry about and it just complicates things. If you know it needs to be replaced, just do it.

[10scoachrick]

[quote=tourbound129;8684874]

I decided that for now that money would better benefit me if I invested it in a nice high-yield corporate bond fund with monthly dividends and a 9.5% yield.[/quote]

If you're getting those kind of numbers on anything 'safe', I'd put more than the 'roof' money in it!

[tourbound129]

[quote=10scoachrick;8696359]

Originally Posted by tourbound129

I decided that for now that money would better benefit me if I invested it in a nice high-yield corporate bond fund with monthly dividends and a 9.5% yield.[/quote]

If you're getting those kind of numbers on anything 'safe', I'd put more than the 'roof' money in it!

I certainly did. My wife and I will probably max out our IRA contributions for the year with that fund and I also cashed out some savings bonds that were paying 4%. I'm shoveling as much as I can afford in there right now.

I guess its as safe as a "junk bond" fund can be.

[RoofingGuru]

In Texas, it is illegal for the roofing company to pay the deductible for you. Doing so is insurance fraud for both the home owner and the contractor. Most roofing contractors know this even if the homeowners don't. I know it's tempting to take the money and run, but it's fate that your tempting. The insurance companies almost always keep a portion of the money until after the job is complete. This is called the Recoverable Depreciation. The only way this can be obtained is by turning in the invoice showing what you have been billed and what you have paid the roofing company. To get the full amount, you have to submit these documents saying that he is charging you the full amount of the estimate including your deductible. If he is charging you less, then the insurance company pays less of the Recoverable Depreciation. You can't get your deductible paid without submitting a falsified invoice. Not only are you breaking the law and risking heavy fines and potential jail time in extreme cases, but you are dealing with a crook.

[RooferInBigCity]

I work for a roofing company & you all do not have a clue what you are talking about.....I don't know you, so I have no reason to lie to you. The insurance comapny gives you some money upfront & the "depreciation" check, once the new roof is put on. If a roofer does the work for less than the insurance money, then the insurance company keeps the difference- it doesn't go in the homeowner's pocket. Lets say you are getting $10,000 for the roof. Ins pays you $6,500 upfront. Once roof on, then ins pays you the remaining $3,500.................... Let's say you talk the roofer into doing it for less, say $8,000. Then the roofer sends a final invoice to the ins company for $8,000 & ins pays you $1,500 more. You have no more money in your pocket & the insurance company kept $2,000. You might as well pay the roofer more, since you don't keep anything anyway.