Posts Tagged ‘hail damage’

Insurance Claims Step by Step Process - Part 8

Tuesday, July 22nd, 2008

Step by Step Process - Part 8

I got some money to my contractor today. We have the siding color picked out which is similar to what we had.  He got the permits pulled for the roof and the siding today.  He is going to start on the property tomorrow, and work on the siding, roofing, wraps, garage door, exterior window painting this week and should have most of it done by the weekend. He is hoping to finish by late Monday or Tuesday at which time he will fax the claims department to tell them that he is done so that they can mail out the remaining “depreciated” amount of what’s owed.

I have to really rush on it since we are trying to close by the end of the month, plus what I’d like to do is just finish it by the weekend and close the property and then wait for the remaining check to come by mail, but what will happen is I’ll get another check which will be made out to the lender, which I’d have to mail in and have endorsed by them, which they probably won’t endorse since I will have closed and paid off their loan, plus their would be a new buyer, so that would complicate things.  Plus the contractors are going to have to sign lien waivers, and even the subcontractors will need to sign lien waivers.  We have to think ahead on properties like this for the closing date.  I will update everyone as the process moves on.  I got my 2nd insurance check in to the lender yesterday by mail and hope to have that endorsed and back anytime.

Sept. 10th

Rather then start a new 9th post on the insurance claim I’ll just end with this. It’s been probably another 5 weeks after this last post at least. I had to receive up to 5 checks.  2 of the last 3 checks were smaller and I didn’t have the lender named on them, so that made it easier for depositing.  We are getting ready to close on Friday and I got all of the lien waivers from the contractor and I paid them in full.   It took a couple of adjusters, many months, 5 checks, and many many hours, but I finally got all new siding, all new roofing.  I could probably write a short e-book on the entire process, but all I can say is never give up.  Keep on the insurance company until it’s done. Take the time to coordinate everything.

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Insurance Claims Step by Step Process - Part 7

Monday, July 21st, 2008

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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