How Do Insurance Companies Pay Out Claims?
In many cases, people who live in homes aren’t the sole property owners, especially if they rent or pay a mortgage. In this case, the insurance payout may not go to them and instead go to their mortgage lender, property owner or other entity. Read on to discover who receives the insurance payout claim based on the type of property ownership.
For Homeowners
Homeowners are more likely to receive the insurance payout directly since they are the owners of the property, however, this isn’t always the case. Make sure to read through the insurance company’s policies to verify. In this scenario, it is the homeowner’s responsibility to pay for the repairs with the home insurance claim payout.
For Mortgage Lenders
Those with mortgages will have their insurance payout sent to the mortgage lender. Often, a homeowner with a mortgage would have to work with the company they are mortgaging with to get the payout. They may even ask to oversee the repairs or hire a contractor themselves.
For Property Management Companies
Home insurance claims for an apartment or condo often go to the association or property management company that owns the rights to the property. This requires homeowners to request payment from the property management company and potentially get their approval for repairs.
For Contractors
In some cases, insurance companies will pay the contractor directly and not the homeowner. If an insurance provider works with their own network of repair professionals or if the claim is assigned to a general contractor on the homeowner’s behalf, it’s more likely that the money will go directly to those repairing the home and not the homeowner.
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September 16, 2021 at 04:12AM
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What Do You Do With Leftover Money From A Home Insurance Claim? - Zing! Blog by Quicken Loans
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