Insurance – Rental Property: can I really make money LEGITIMATELY this way..?
Hi, I have a claim due to damage due to free falling on my property during a Tornado. Is it true you can make money the following way:
- Get a quote/estimate from the insurance company from their contractor
- then choose to hire another company for HALF the price for example.
- Insurance company or mortgage company will check damage was fixed properly, but NOT receipts (is this true!?)
- if damage was fixed properly they will pay you original estimate amount say 00.
In summary you only paid 00. Hence you made 00 less 0 deductible = 00!
is this correct they will pay WITHOUT asking to see receipt in this case!? one reason why I can see them do that is to keep you happy whil ethey were planning to pay the same amount anyway to their contractor. still, wanted to confrim this interesting opportunity to make money really exists(?)
THANKS.
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2 comments
Antony on October 9, 2009 at 7:04 am
You can easily check your quotes in internet, for example here – homeinsurance.awardspace.us
mbrcatz on October 9, 2009 at 7:04 am
They may or may not check receipts, but the vast majority of the time, they will.
It’s highly unlikely that you’ll make money in this case – most of the time, the tree removal coverage is limited enough, that it’s going to cost more to remove the tree, than you policy covers.