A man holds a large settlement check that he has won in a trialIt may seem like an age since you started your insurance claim process to get reimbursement from your insurance company. But now that you finally have the money, is that ceiling stain so bad? Do the damaged boards on your deck really need to be replaced yet? After all, you’ve been living with them for so long, that you might be pretty sure you can continue to live with them.

Where Could You Spend That Money Instead?

The question above is often the first thing a policy holder thinks about when they receive their reimbursement check. That significant sum of money can easily tempt anyone to spend on a vacation, shopping spree or something else that may be considered to be equally frivolous. Or maybe you just have a lot of bills that need paying. All of these obligations can make it really difficult to put your reimbursement check toward home repair.

You Must Use Your Check for Repairs

Any policy holder receiving money from their insurance company in order to reimburse them for home or property damage must use those funds for damage repair. The check is not only written to you, you see, but also to your mortgage company. You must submit the check to your mortgage company, and they will pay out the lump sum to you in increments. Usually, you will receive the first 33% of the check initially so that your repairs can begin.

What Are The Risks Of Not Using Your Money For Repairs?

One big risk is losing the rest of your money. Once the mortgage company receives your check and issues the initial 33% to you, they will contact inspectors to visit your home and verify that repairs are underway. If they are not, you will not receive the next third of your money.

If you owe money on your home, then technically, your home is owned by the mortgage company. Homes which don’t receive regular maintenance and repairs when they are needed will lose value. Should you default on your loan and didn’t make the needed repairs to it when you had the money from the insurance company, the mortgage company will lose money.

Even if you have no money owning on your home, not making repairs is risky. You will receive the full settlement check in your name, and won’t be required by law to make repairs. However, by not doing so, that small leak could turn into significant water damage, including structural damage should moisture be continued to invade. All of these items which seem so small now can end up costing you thousands of dollars in repairs that your insurance company may not reimburse you for if they discover that you didn’t make repairs when you should.

Calling a Florida public adjuster can help you ensure that you stay on track with all of your needed home repairs. The best news is that a public adjuster can get you the repair money you need much more quickly than you think; all you have to do is call 877-869-8989.

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Leonard Pisciotto, Jr. is the Owner of Equitable Public Adjusters & Appraisers, and Licensed as a Public Adjuster by the State of Florida.He has over 10 years of handling claims for one of the largest insurance companies in Florida, has Developed and managed a claims office of 20 Claim Adjusters.In addition, Mr. Pisciotto, Jr. is a Claims law graduate and Stetson University graduate.