Insurance Claims Process Mortgage Check Endorsement
When you file an insurance claim on your home, and we will focus on a roofing claim here, there are certain procedures you need to follow to collect and cash your check. We will also focus on insurance claims process mortgage check endorsement. Normally there will be multiple checks involved in your insurance claims process. Almost always you will receive two checks. The second check is called the recoverable depreciation and comes after the roofing job is complete.
Understanding the Claims Process
So, you just filed a claim on your roof for wind and hail damage, now what do you do. If you have a top local roofing contractor you should be in good hands as they will be a great resource for help and information. Once you file your insurance claim, the insurance company will normally be at your house within 48 hours with an adjuster for the inspection. After the adjuster completes his storm damage assessment he is going to make you an offer with what is called an insurance scope of loss. The first check you get is just an advance on the total amount of your claim for repairs. It is not your final payment.
If you are offered an on the spot settlement and you could be depending on your insurance company, you can accept it in most cases. If your local roofing contractor finds additional damage during the roof install process, you can file what is called a supplement for the additional damage needing to be repaired. Most insurance policies require you to make a claim within one year of the date of the wind or hail storm. You will need to check with your state insurance department for verification on this.
If you have a claim and you have roof damage, interior damage, as well as personal belongings, damaged, you generally will receive separate checks for each type of claim made.
Structure Claims Check Procedures
If there is a mortgage on your home, the repairs check will typically be made out to both you and your mortgage company. During the insurance claims process mortgage check endorsement, all named parties will be required to endorse the claims check. In your mortgage company agreement, you agreed to keep hazard insurance in place on your home, lenders also require that their name be added to the insurance policy as an additional insured.
This is the often-misunderstood part about your insurance claims check, the lender gets the same rights to the check as the homeowner. This is usually when the homeowner either gets mad or frustrated with the claims process. When there is a mortgage company or bank involved, it means that your mortgage company or bank will need to endorse the insurance claims check before you can pay your roofing contractor. The mortgage procedures for the mortgage company can be quite lengthy, click on mortgage check process for a full description of the actual process. The link will take you to a generic but full explanation the should cover you for most mortgage companies.