Navigating the Path After Submitting Your Homeowners Insurance Claim
Based on their assessment, the adjuster may provide you with a settlement check for the total amount (minus your deductible) or an advance on that sum. Alternatively, you might receive the settlement check at a later date. Typically, separate checks are issued for each type of loss, such as structural damage and personal property.
If your home is under a mortgage, the check could be made out to both you and your lender, or it may be sent directly to your lender. If your lender is the recipient, it's important to communicate with them regarding the payment procedure for the repairs. Lenders may require approval for contractors, deposit the settlement into an escrow account designated for repairs, or inspect the completed repairs before issuing payment.
If the insurance adjuster concludes that your home is uninhabitable, typically, insurance coverage includes additional expenses that arise while you reside elsewhere. These expenses may encompass rent, dining out, pet boarding, utility installation fees, and additional transportation costs.
