The Mortgage Insurance Process

When You Need Restoration Services, RA Hyman is With You Every Step of the Way

  • Fire Damage Restoration
  • Water Damage Repairs
  • Storm Damage Restoration
  • Historic Building Restoration
  • Home Remodeling

The Mortgage Insurance Process

We understand that not all of our clients are familiar with the mortgage insurance process. RA Hyman Restoration, Inc. works closely with you, your insurance adjuster, mortgage company, and claims representative to ensure the entire project runs smoothly. From start to finish, we thoroughly explain the answers to all of your questions and concerns. Trust RA Hyman to get the job done right the first time.

File a Claim With Your Insurance Company

Notify Your Mortgage Company of Your Insurance Claim

Receive Your Insurance Check

Process the Check With Your Mortgage Company

Endorsement of Claim

If your claim is minor, your mortgage company may endorse the insurance check to you to pay for repairs. This also depends on the type of loan you have, and your delinquency status. In these instances, this is the final step of the process.

Monitored/Managed Claims

For more severe damage, your mortgage company monitors repairs, releasing funds in increments to you and the contractor. This helps ensure that repairs are completed and protects you against fraudulent contractors.

 

After the initial inspection by an insurance adjuster, the borrower secures a contractor bid. The first check is issued. Repairs begin with periodic inspections. Checks are issued as the restoration process continues. Finally, a waiver of lien from the contractor is provided, along with a certificate of completion. The final check is issued. 

Remaining Funds and Your Mortgage (if Applicable)

Your mortgage company cannot take funds from your insurance payment to pay off fees or past due amounts without your permission. You can instruct your mortgage company to issue you a check for any remaining balance.

Insurance Restoration FAQ

finances
Q: Why is my insurance check made out to me and my mortgage company?

A: If your property is damaged, your mortgage company has a financial interest in ensuring your property is repaired.

Q: What if my home was completely destroyed?

A: Generally the company only pays to rebuild your home the way it was before it was destroyed. If you do not wish to rebuild and your mortgage is paid, you may receive a smaller settlement amount. If you do not wish to rebuild and you are still paying your mortgage, your mortgage company might require you to rebuild your home.

home
Q: What should I do If my payment is not covering repairs?

A: In the event that your payment is not covering repairs, you should contact your insurance company for a supplemental claim review.

tips for success
Tips for Success

Each restoration claim is unique. There are a few steps to ensure coverage, no matter what the circumstances are.
• Keep documents organized and prepared.
• Take detailed notes during all discussions with your insurance and mortgage company.
• Good records will be useful for tax purposes.
• Save receipts on personal purchases for repairs.