How do you receive the final deferred payment (Claim) from your insurance co. if you do the work yourself?
I filed a property claim on my Homeowners insurance policy. I received the initial payment on the claim and will receive the final payment after submitting receipts on how much it cost to repair the damages. My question is how do I get the final deferred payment if I do the work myself. I would only have the receipts for the material and not the labor. I’m also considering using a less expensive material on my house than what was originally on the house. How do I get the full final payment for my house if I can’t produce receipts for the labor or if I use a least expensive material on my house. Please advise.
My name is Katy and I am Hirby's Financial Guru with 20 years of experience and expertise in financial markets, insurance and tax strategies. I'm inspired by those who pursue their financial goals and I am here to help. 
My name is Tom and I am Hirby's Legal expert specializing in Real Estate and Injury Law. I have over 15 years of experience helping people online with legal advice and strategy.
August 17th, 2010 at 6:50 pm
You will be paid for the less expensive material. Your insurance company will not pay the difference for a more expensive material you could have used. As for the labor, your best bet is talk to contractors in your area & find out what the hourly rate is for whatever you were doing (I assume roofing, but you don’t say.) Then provide an itemized invoice of your hours at the going local rate.
I have to remind you that insurance is to get you back to where you were at the time of the loss. It is not to make a profit off of.