Insurance Claims Step by Step Process - Part 7 | real estate

Insurance Claims Step by Step Process - Part 7

I got the 2nd insurance check amount now from the insurance company with the lenders name on it again. Now I have to go through the process again by mailing it to get it endorsed, etc. I called up the lender today, the insurance department, not customer service. I went over the situation and what I was trying to accomplish. They quickly added up this check, and the previous check to see that it was under their “loss payee” guidelines, or whatever she said on the phone. Basically their is a trigger amount. I think it’s $15,000 with this lender, what that means is if we get up to $15,000 then they have me endorse the check and send it to them, and they deposit the check and they make progress payments along the way to the contractor as their inspector agrees things are complete and moving forward. Because the amounts were low enough I was able to go get that check overnighted today at USPS and I will get them a self-addressed envelope so that they can mail it right back to me endorsed. I will deposit it, and get it to the contractor right away for materials to get started.

Even after the contractor gets the buyer’s , neighbor’s and everyone to agree on the same roofing and siding, then we can move forward. I went to look at the siding and roof samples, late last week just to ok it on my side. Even after the work is complete, the “depreciated” amount that the insurance company is holding back will still need to be paid out and a check will need to be paid, for the contractors completing their job. I’ll keep everyone updated on Part 8, to come out this week and we try to wrap everything up. This experience has taken far longer in days and time than I could have imagined. I hope no more storms come through.

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Insurance Claims Step by Step Process - Part 7

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