0
Can you do repairs yourself if the insurance check is made out to you and the contractor and the mortgage lender?
Wiki User
∙ 12y ago
Check inside your homeowners policy. Some companies let you and others will get really annoyed with you and possibly cancel your policy. When you first made the claim you must have gotten estimate for how much the work will cost and that's how they come up with the amount to give you in a check. Now if you go and do the work your self at half the cost then you make out on the deal and I don't know any insurance company that likes that . I would err on the side of caution on this one and look in the policy and or call them and honestly ask.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Do I have to use a licensed contractor to make repairs on my home if their is a mortgage?
Yes and No. No you don't need a licensed contractor if you are only doing minor repairs like painting a room or putting in new carpet you don't need a licensed contractor to make the repairs.
How do you get your mortgage company to endorse an insurance check if your house?
By providing them with proof that you have already made all repairs.
Are mortgage company required by law to release all of the insurance fund?
After you suffer a loss to your building, the insurance company will send the settlement check to your mortgage company, because they technically own your home. With that said, they want proof that the repairs are going to be done. Some mortgage companies will turn the funds over to you with a written estimate, while others may deliver partial funds to you as repairs are completed. They are required to release the funds to you because you own the insurance policy, not them. If you are having trouble getting the funds released, communicate the situation with your adjuster for advice. A good insurance adjuster may communicate with the mortgage company to assist you. See the attached link for details on settling a loss.
Who is responsible for the home repairs when in a reverse mortgage?
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.
Does a homeowners insurance payment have to include the second mortgage as a payee?
Probably. I assume you mean a payment for a claim for damage. You need to contact your second mortgagee and confer with them about this issue. The reason for putting the mortgagee on the check is to be sure that the repairs are done in order to protect them by keeping the collateral in good repair.
Do I have to use a licensed contractor to make repairs on my home if their is a mortgage?
Yes and No. No you don't need a licensed contractor if you are only doing minor repairs like painting a room or putting in new carpet you don't need a licensed contractor to make the repairs.
Does home owners insurance cover required city permits due to damages to the home?
Your insurance will pay the contractor. The contractor gets the required permits. The contractor will have already factored in the cost of any permits needed to make your repairs into his bid for the job.
Is a contractor's license needed to do repairs on other people's homes?
I would have to say yes because of Insurance issues.
How do you get your mortgage company to endorse an insurance check if your house?
By providing them with proof that you have already made all repairs.
What is an insurance company's contractor of record?
There is no such thing. In the United States the insured has the right to hire whomever they want to effect the repairs.
There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?
I really recommend calling your mortgage company to ask.
Can a homeowners insurance company force you to use their contractor for repairs?
No, an insurance company cannot force you to use their own contractor unless they invoke their option to repair pursuant to the policy. Take a look at your policy and ask the company if they are invoking their option to repair. If not, you are free to use your own contractor.
Insurance paid for water damage Check payable to us and PHH. How does PHH endorse check so we can begin repairs?
I assume PHH is your Mortgage company. They will not endorse the check until the work is done. If they endorse it you could spend the money and never have the repairs done. The way to fix this issue is to have the insurance company make out the check to you and the contractor of your choice and you. This guarantees the work is done and protects the mortgagee. There are several laws demanding protection for banks and mortgagees in these cases so the insurance carrier has to be sure the work is done. Another alternative is to pay for it yourself, provide proof of the repairs and proof you paid, then PHH will endorse the check to you afterward.
Can you refuse to have an insurance company carry out repairs to your van and do them yourself after an rta?
after an insurance company is involed after a road traffic accident can i refuse thier offer and do the repairs myself
Can you do the home repairs yourself and get paid by homeowners insurance?
Just contact your Home Insurance Company and ask them about it. Many companies are fine with this for small claims or minor repairs.
can i be sued for not letting a contractor do the job after a insurance settlement. there is no signed contract, but he said because he came out when the adjusters made their final evaluations of my home, but there was also another contractor present also?
It depends on the specific circumstances and the laws in your jurisdiction. If there was no signed contract and you didn't agree to hire the contractor, it may be difficult for the contractor to successfully sue you. However, it's always best to seek legal advice to fully understand your rights and obligations in this situation.
Do i have to use an insurance payout to repair damage when i am going to sell the house and have reflected it in the price?
If you own the home free and clear then no,, you do not have to make repairs. If you still have a mortgage on the home then yes, the terms of your mortgage contract require you make the repairs regardless of whether the home is for sale or not. When there is a mortgage involved, the decision to repair or not is our of your hands. it's up to the mortgage company.
