QUESTION

Do you have to use the money you receive from your Home Owners Insurance for a claim you made to repair the claim or can it be used for something else

Asked on Jun 02nd, 2013 on Taxation - Missouri
More details to this question:
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2 ANSWERS

Probate Attorney serving St. Louis, MO at Edward L. Armstrong, P.C.
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I guess it depends on your insurance contract. Generally speaking, the insurance company issues the check to you and you may use the money for whatever, HOWEVER, their obligation to pay you for the loss claimed has been satisfied and you can't ask them to pay this again.
Answered on Jun 06th, 2013 at 1:49 AM

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You should review the insurance contract. Generally, you can use the money for any purpose. But, if you use it for something else, you can't come back to the insurance company later and get more money for the same damage.
Answered on Jun 04th, 2013 at 8:53 PM

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