You Spoke, We Took Action: Insurance Loss Process Changes
Hanna Kielar2-minute read
March 17, 2021
It’s stressful enough having your home damaged or, worse, destroyed. Trying to file an insurance claim and receive your repair funds shouldn’t make an already bad situation worse. When our clients told us that the insurance loss claims process was doing just that, we knew we had to act. So we went to industry regulators and advocated for a better process for you.
Because of your feedback, we’ve streamlined the insurance loss claims process to make it easier and faster to review a claim and endorse your insurance check.
So What Changed?
If you haven’t gone through this process before or it’s been some time, you may be wondering what’s changed. We’re so glad you asked. Here’s what you can expect from our new and improved process for a majority of our loans.
Shorter Wait Times
The turnaround time for us to return your check has been reduced from 14 days to 3 days, cutting the amount of time you have to wait to receive your funds needed to repair your home.
Fewer People Involved In The Process
Now, our team can endorse and release the check, eliminating the number of people involved.
Less Documentation Needed
For claims at or under $50,000, you only need to send in the check from your insurer. In the past, you would have needed to send in the insurance loss report as well.
For claims over $50,000, you must send the check and insurance loss report. You’ll also need to send the contractor’s license and/or lien waiver, only if your state requires it. In the past, you would have also had to send an estimate, agreement and W-9 for each contractor.
Because we’ve been able to reduce the number of required documents, we can endorse and return the check to you much faster.
You Have More Control
Checks will be made payable to you. We’re no longer required to include the name of your contractor on the check. That means you’re now 100% in control of your funds and responsible for managing the payments to your contractors.
No Required Final Inspection
A final inspection is no longer required. Instead, the claim can close once all the funds are released and, for claims over $50,000, two progress inspections have been completed.
Full mobile inspections are now permitted to complete the required two progress inspections.
Why Did We Change Our Process?
We care about what you have to say; so when you spoke up, we listened. We want to provide for our clients and, thanks to your feedback, we believe this new, simplified and faster process will help provide a better experience when you need it most.
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