Legal Question in Insurance Law in Georgia

I have an insurance claim. The insurance company is giving me $5.00 per square foot to replace my damaged floors. I have found similar flooring that costs $4.00 per square foot.

Can I pocket the difference between the payout and cost? Is pocketing the difference considered fraud? Or do I give the difference back to the company?

I hear about people pocketing funds frequently, but I'm not sure whether or not it's legal. Thanks for your help.


Asked on 8/19/15, 12:02 pm

1 Answer from Attorneys
Ronald Arthur Lowry Ronald Arthur Lowry

The insurer is essentially making an offer to settle an insurance claim. If you accept that offer and have some left over after fixing the damage, the amount in excess of what you spend to make the repair is yours to keep.

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Answered on 8/19/15, 12:27 pm


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