I recently had a fire on a rental property with a significant amount of damage but not totaled.?

Question

I have yet to get a figure from the contractor but both he and the adjuster felt that the damages would be close to the policy limit of $87,000. My question is: I am a remodeler myself and wondered if I would be able to do most of the work myself and sub the rest of it out? My only interest in doing this is if I could potentially profit from this in the same way that the contractor would if he was to do the job. In other words, if the insurance company came up with a figure of $80,000 and I got the work doen for $60,000, would I be able to keep the difference?

Answer 1

Yes you should be able too, the only thing the homeowner insurance cares about once they write the check is that the work gets done. Make sure everything is up to code tho cause this is something that they will defiantly check.