I had a new roof put on 2 weeks ago after a hail storm. Total cost of the new roof was $25k. Insurance agreed that the new roof was $25k, but after depreciation and my $1k deductible, they cut me a check (payable to me and my mortgage holder) for $19,600. I mailed the check to my mortgage company. The signed it and mailed it back. I deposited it and paid a deposit to the roofer.

If I wanted to keep the $19k and not put on a new roof, I could have. But it would have resulted iny roof being excluded from future coverage.

Once I got the new roof on, the insurance company had it inspected and cut me a.second check for the depreciation. Had to get the mortgage company to endorse it, and the was able to deposit and pay the roofing company. I'm out of pocket $1000, my deductible.