Homeowners Insurance claim

[Ken Gurta]

I recently had a contract to sell an investment home of mine to a buyer. The buyer's inspector noticed some damage to the roof. I filed a claim with my insurance company to get the repairs completed in order to satisfy the buyer. The buyer backed out of the contract before I could get the work done.. I now have an investor who wants to purchase the home with cash "as is" with no repairs. I received the insurance claim check today. If I add the claim check to the investor's offer, it would be a very good deal for me. I have 2 questions; 1. Can I keep the claim check as my money since it is made out to me? 2. Will my insurance company ask for the money back as the house will be sold with no repairs? I currently have multiple policies with my Insurance company but would be canceling this one within 30 days.

[Jason Bott]

@Ken Gurta an insurance claim payment is meant to return you to the same financial position you were in prior to the claim.  The $ is yours and yours to do what you want with it.  The insurance company has no recourse if you use it for something other the remedy of the claimed property.