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Insurance Claim Payment 101

Insurance claim payment

When you file an insurance claim, you are always looking forward to receiving a check and fixing your repairs. Here is some helpful information that can help you when receiving checks from the insurance company.

  1. The first check that you get will not be your final check. The first check is what is usually the undisputed amount. It is often times not very large and may seem like not even close to what will need to cover your damage, but don’t despair that is the beginning of your process. You may end up receiving multiple checks. If you have damage to not only your house, but to personal belongings as well you may receive separate checks for these damages.
  2. Your mortgage company/lender may cause a delay on your funds. If you have a mortgage lender the insurance company will always put that lender on any checks that are paid out on the claim. The only exception would be the payments for the replacement of personal belongings or additional living expenses. This will cause a delay in receiving your funds.
  3. There is usually a condition in your mortgage agreement that requires the mortgage lender to be on any insurance payments regarding the home. This is done to ensure that all the necessary repairs have been made. What this also means is that your mortgage lender will be required to endorse this check before you will be able to cash it. Depending on the circumstance every lender’s policy is different, requiring documents and sometimes an inspection of the work.
  4. The value of your personal items may be calculated on actual cash value. If you have damaged belongings you may be required to submit a personal inventory form to the insurance company. Unless you purchase replacement value coverage with your policy the settlement check that you receive will be based on the actual cash value. This amount is determined by the age of the item.

The process of getting your funds can seem daunting, but by hiring a Home Damage Adjuster like Property Damage Consultants to handle your claim will allow you to work with experienced adjusters who are familiar with this process. Our adjusters will also ensure that you understand the process as well every step of the way.

With 29 years of Adjusting experience, Craig Drillich established Property Damage Consultants in 2002. After working on behalf of the insurance companies for twelve years and tired of seeing the injustice being done to the property owners, Craig Drillich, President of the Board of Directors of the Florida Association of Public Insurance Adjusters (FAPIA), became a consumer advocate as an all lines licensed Public Adjuster and Appraiser.

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