Q: A tree landed on my roof during a Hurricane, I finally got my insurance check and had to endorse it to my mortgage company along with several other documents such as pictures, insurance adjuster's report, contractor's estimate/contract and their W-9. Got all that and called to check on the status said it would take 7-10 weeks to process because of the number of claims.
I ask if I could call back and check on the status and was strongly advised not to because it would delay my claim from being process. I am finding it hard to believe that two months after the hurricane, that they can still be so busy to take 7-10 to process, and the countdown does not begin when it was received but when it actually is placed on the claim rep. hand when the 7-10 process counting begins. Can they do that, take another week. Meanwhile it has been raining and the my floors are getting very wet and scared that the longer they wait I will have to get the bottom wood replaced. Our insurance has been very generous and have paid more then quotes, can we get the difference back or those it have to go back and be applied to the principal of the loan? I keep hearing different stories.Is that determined per mortgage company or state? Thanks!
A: Lorenza, before I answer your question you should know that I am not licensed as a public adjuster in Texas only in Florida. I can only give suggestions based on the claims process here in Florida. Just for your piece of mind, I have gotten several questions from people in Texas after Hurricane Ike, and you seem to be notably ahead of most of them with regard to getting fund released from your mortgage company. Sorry to hear what happened to you and the difficulty you are having with the current weather conditions. The amount of time it takes a mortgage company to review and disperse funds is completely variable. For the mortgage company to require 7-10 weeks to release funds is not atypical and at Maximum Insurance Adjusters we have seen it take even longer at times. Once the repairs are completed, all excess funds from the settlement of the claim should be released to you, as long as you are current on your payments to the mortgage company. Additionally, it would probably be beneficial to you to contact a Public Adjuster. A Public Adjuster would be able to sort out these issues more thoroughly, as Public Adjusters are experts at policy interpretation and coverages, pricing, and evaluating damages. The National Association of Public Insurance Adjusters (NAPIA) has a website that can help you find a Public Adjuster in your area.