These are the general steps we follow when you need to file a claim with your homeowner’s insurance for damage to your property. Your individual situation may differ. We know this may be a difficult time and we’re committed to helping you get your insurance claim funds as quickly and easily as possible. Not only do we value you as a customer, but as your mortgage company, we have a security interest in the property and need to make sure it’s restored to its original or better condition or value.
Step 1. Contact your insurance company if you have any property damage
Your first step is to contact your insurance company and file a claim with them. Find out when an adjustor will come and when to expect any claim checks.
Step 2. Call us at 1-800-382-0017 option 1 after you’ve filed a claim and your insurance company has determined a settlement amount
We’ll provide you important details on how we will process your claim check. We’ll discuss how McCue Mortgage will be involved in the process to restore your home.
Step 3. Receive your funds and start the repair process
When you receive your insurance check, you’ll notice that McCue Mortgage of CHFA is named on it. As the mortgage provider, we have a financial interest in ensuring your property is restored. Notify us as soon as you get your check and we will give you the information and forms you need to move forward with repairs. For most minor damages, we’ll endorse the insurance check to you to manage the repairs. Generally, if your home has only minor damages – and your loan is current – we won’t need to oversee the repair process. Instead, we’ll endorse the check completely to you to manage repairs. (Other conditions may apply, including additional requirements set by your mortgage insurance provider.) For significant damage, McCue Mortgage will help monitor the repairs to your home.
We will need the following documentation to endorse all checks:
- The claim check endorsed by all parties
- Intent to Repair form executed by you
- A copy of the estimate of damages from the adjuster
- A copy of the signed contract for repairs
- A copy of the contractor’s license
- A copy of the contractor’s liability insurance
- A signed W9 from the contractor
For significant damage, McCue Mortgage will monitor the repairs to your home
For many situations – including property damage of $15,000 or more, or if a loan is not current – we’ll monitor the progress of repairs to your home. We’ll work with you to ensure your property is restored to its original condition. This process also protects you from potential fraud and/or incomplete repairs.
Endorse the insurance check to McCue Mortgage
For property repairs that we monitor, we will hold the insurance claim funds and issue payments to your contractors as work is completed. We will perform visual inspections to verify the completion of the repairs. Once the work is finalized, we will require a statement signed by you that you agree that the work is completed and satisfied.