Insurance Policies?

Question

Can I have it in my Policy that if something happens to my house the insurance will settle the money with me, instead of paying checks to builders directly?

Answer 1

You can have the insurance company put the money in an escrow account. The lender has to be sure you you are going to repair the house so that they do not lose their money.

Answer 2

Yes...

Answer 3

Most insurers will either settle directly with the builders or will pay you upon receipt of a paid invoice. Some High Net Worth insurers will offer you a cash settlement but their premiums are likely to be much higher.

Chubb Insurance is one company I know that can operate in this way.