My homeowners insurance appraised my roof damages at $7,000. Will this check be in my name only or the lein?.?

Question

My homeowners insurance appraised my roof damages at $7,000. Will this check be in my name only or the lein?.?

Answer 1

Usually it's in the name of the named insured and any and all mortgagees, OR in the name of the contractor doing the repairs.

Answer 2

You and your mortgage company will be listed on the check.

Call your mortgage company. Let them know you have an insurance check and they are on it. They will tell you what to do to get the check endorsed.

Mortgage companies usually have an insurance department that handles these checks. If you just send it to the address where you make your payments - they will just apply it to the balance of your mortgage.

Everyone who has a home financed gets a check with the mortgage company listed on it. Your policy has a loss payable clause that says the insurance company will protect the mortgage company's interest in your home. The best way to protect that interest is to list the mortgage company on the check too.

Answer 3

Usually check will have your name and the lien holders name on the check.  Personally I think that this is one unfair rule.  I have seen far to many lien holders hold up the repair process.  Some will even deny payment to the homeowner, which is probably illegal but they do not care.  When the check comes, contact your lien holder and ask them the process for getting the money back to you for repair bills.  By the sounds of your question you are not going to do the repairs or you are looking to profit from an insurance loss.  Good luck with that.