Legal Question in Insurance Law in Florida
Do you have to spend the money from a insurance settlement on repairing the damage on home? My home is in foreclosure and we recently received a payout from a claim that we filed 6 months ago. It seems stupid to repair home now that it is in foreclosure and we have no way to save our home.
Asked on 2/28/10, 11:10 am
1 Answer from Attorneys
Matt E. Bales, Jr., Esq.
Bales & Bales, P.A.
Most insurance policies and lenders require that the insurance proceeds be used to repair the property damage. However, a review of your insurance policy and your loan documents would be necessary in order to make a definitive conclusion regarding same.
Coral Gables Attorney
www.balesfirm.com
Answered on 3/05/10, 11:24 am
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