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What! Insurance pays for financial losses. I don't understand your question.
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If you mean claim an insurance payment as income- that would depend on a lot of actors- so we cannot give you a blanket answer- however, in general- Let's say your car was stolen. Your insurance company paid you $1000 for it. Unless you claimed that as a casualty loss on your taxes, then it is income neutral- and would not be income.
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∙ 12y ago
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Do you have to claim money on home insurance repairs?
What! Insurance pays for financial losses. I don't understand your question.
What can you do if you do not have the money for the deductible for your home owners insurance claim?
You can either borrow money or what to get the repairs done until you have your deductible.
What is a collision claim?
A claim that you make on your own insurance for repairs due to a collision.
How do I Collect the depreciation from Homeowners insurance claim?
If you want to collect the depreciation your insurance company withheld from your claim payment you must make the repairs to your home. After you make the repairs contact your insurance company and they should issue a check for the depreciation.
If you receive an insurance claim check made out to the body shop and you and you want to make your own repairs can the check be re-issued to you?
The insurance company issues the check in both names, because there is still money owed on the vehicle. In which case, you would not be allowed to make your own repairs.
If a homeowners claim is paid off and they hire a profesional to do the repairs but the cost of the repairs are more what steps need to be taken for the insurance to issue a supplement claim?
Contact the claims representative and have them adivise you on what to do.
Can you take the insurance money and sell the property as is?
Yes. Keep in mind that claims count against you so sometimes if you don't intend to do the repairs it is better not to place the claim. 4lifeguild
What do you do if your insurance claim is paid and it is not enough to cover the repairs?
This answer can be very involved. Most simply, you should attempt to get your insurance adjuster and the repairer to agree on the cost of repairs. Insurance companies issue 'supplement' payment on claims regularly.
Do you need to file police report if you hit a deer?
You will need to for the insurance claim for car repairs.
If insurance pays more for a claim than it costs for repairs do you have to claim the additional payout as income for tax purposes?
That means that it is really stupid
Where does insurance claims money come from?
When you get insurance on a car, a house, a boat, you pay the insurance company money, known as premiums. The insurance company invests that money. When there is a claim, some of the premium, along with some of the interest from the invested money, is used to pay the claim.
Will it go on your insurance as a claim if a police report is filed but you pay for the repairs to the other person's car yourself?
It will not go against your insurance because a claim has not been filed only a police report.
