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Pay Back Insurance Cash Settlement
panpan
Posts: 38 Forumite
We had a water leak, it warped some flooring etc. took a cash settlement, but have yet to get around to booking in someone to do the work.
In the meantime, our situation has changed, and would ideally like to sell the house.
Do I need to phone up my insurance company and pay the settlement back if we sell the house without doing the work or can I sell the house and just keep the cash?
Thanks
In the meantime, our situation has changed, and would ideally like to sell the house.
Do I need to phone up my insurance company and pay the settlement back if we sell the house without doing the work or can I sell the house and just keep the cash?
Thanks
0
Comments
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The insurance company won't care if you fixed it or not, the cash is yours.0
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Keep the cash - I have always done so with cash settlements (from motoring accidents) and have never informed the insurers (so don't go ringing them).
Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.0 -
Thank you for the advice.0
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The cash is yours. AFAIK part of the point of a cash settlement is to give you the option of whether or not to bother doing the work!
If you choose not to do the work, the money is compensation for the consequential reduction in value of the property. For example, you would expect your house to sell for a lower price with noticeable water damage than an otherwise identical one in good condition.0 -
We had a pay out for a water leak and badly marked our dining room table. After inspection and approval, hubby sanded the table (it did for a few years) and we bought a new bed with the payout.0
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