You are here because you have homeowners insurance claim check questions. Lucky for you, Florida Allstar Public Adjusting, Inc., has been handling claims for over a decade.
We always get questions about the settlement checks. The most often asked question is why is the mortgage company listed as one of the payees? Unfortunately, there is not much you can do to remove the lender’s name from the check if you have a mortgage. This is because the bank has a lien on your property until you make the last payment. They are technically an owner of your property up until that last penny is paid on your mortgage. Because of this, the lender wants to have some control over how you spend that money. In other words, they want you to spend it on that damaged property and not spend it on a new set of cool rims for your car or that trip to Las Vegas you have been dying to go on.
Insurance Claim Check Trick
There are some tricks, however. If the settlement check is under a certain amount, then the lender will likely endorse it and return it to you. If it’s over that certain amount, then they likely to hold your money and distribute it slowly to you as the work is done. And yes, they will do periodic inspections of your property to see that you are actually doing it.
I do have one suggestion which will allow you to get your claim check back in one piece from the lender instead of them paying it out to you in portions. Call me and I will explain it to you.
Alan Himmel, Public Adjuster: 954-659-8333.