Homeowners Insurance California
live in texas and got a homeowners Insurance claim check and they made it out to both the mortgage company in?
i live in texas the morgage company is in california
Yep, if you have damage more than 5% or $5,000, whichever is LESS, and you have a mortgage on your house, the Insurance Company is required to make the check out jointly to you and the mortgage company.
Typically, you’d sign the check, send it to the mortgage company, and they’d release the money in installments to you to pay the contractor, as the work gets completed.
That keeps you from taking the money and not getting the repairs done, and abandoning the house to the mortgage company.
The way around it, is to ask your adjuster to make the check payable to you and the contractor, or sign a direction of pay with the contractor so they can be paid directly by the Insurance Company.
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