Things to Know Financially about the Insurance Loss to Your Home:

1. Your Mortgage company needs to be contacted about your loss. Most mortgage companies will require you to fill out paperwork regarding your loss. If the paperwork is not done early in the loss process, it could impede prompt payment for your construction company and content reimbursement.
2. Keep a copy of the adjuster’s worksheet handy. Most mortgage companies require a copy to be sent to them.
3. Inspections will have to be made at your home by your mortgage company even if you are living in the home. On a large loss over $10,000, your insurance company will require an inspection at 50% completion as well as a final inspection. These have to be called in by the homeowner and followed through with phone calls to make sure the mortgage companies receive the reports in a timely manner.
4. All insurance checks over $10,000 have to be sent in to the mortgage company. They will usually send back the payments in thirds.
5. Mortgage companies require paperwork from your contractor. Most mortgage companies require a signed contract with your contractor and some require an estimate from the contractor.
6. Most checks written by insurance companies will have your mortgage listed as a payee. As an invested owner of your home their name will appear on the check.

As a service to our customers, we can communicate with your mortgage company for you. We will need you to come by the office or make arrangements with us to sign a permission letter that states you authorize us to communicate with them. On the paperwork, they require your loan number to be listed or the authorization is invalid.

During this trying time, we appreciate the opportunity to serve you and we will try to make the construction process go as smoothly as possible. If you have any other questions about the loss process, please feel free to call our office at 316-262-3313 and talk to our staff.

Sincerely,

Klein Construction