So I had an insured that just had a total roof loss & he has a slate roof. They carrier wrote a check for $45,000 to him & his mortgage company.
He plans on putting on regular cheap 25 year shingles & pocketing the difference (which is like 25k in his pocket.) That's technically OK right? The 45k check he got from the insurance company was after holding depreciation. They'll reimburse extra once the work is done.
But again, he can just keep the difference between cheap asphalt shingles & the payment he got right? Will the mortgage company care if he doesn't replace w/ slates?
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He plans on putting on regular cheap 25 year shingles & pocketing the difference (which is like 25k in his pocket.) That's technically OK right? The 45k check he got from the insurance company was after holding depreciation. They'll reimburse extra once the work is done.
But again, he can just keep the difference between cheap asphalt shingles & the payment he got right? Will the mortgage company care if he doesn't replace w/ slates?
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