Question : Insurance – Rental Property: can I really make some money this way..?
Hi, I have a claim due to damage due to 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 $ 5000.

In summary you only paid $ 2500. Hence you made $ 2500 less $ 300 deductible = $ 2200!

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 while they were planning to pay the same amount anyway to their contractor. still, wanted to confirm this interesting opportunity to make money really exists(?)
THANKS.
rental property insurance quote

Best answer:

Answer by Gorkbark Porkduke Gefunken Fubar
Yes, it is possible. If you don’t mind getting shoddy work done, then knock yourself out.

I had a large tree branch come down and scrap a spot on the siding on my house. The insurance company gave me $ 400 to fix it. I took a paint brush and slapped some paint on it and in 5 minutes it was done. You could save even more by doing the work yourself.