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Home Insurance
Posted on 5/14/25 at 2:26 pm
Posted on 5/14/25 at 2:26 pm
Has anyone ever got their mortgage company involved when dealing with low ball settlements from home owner’s insurance? After all it’s technically their house til you pay it off and would benefit them to have problems fixed.
5
Posted on 5/14/25 at 2:31 pm to ellessu
There's 2 people I don't want ever speaking to each other. My mortgage company and my home owners company.
Posted on 5/14/25 at 2:46 pm to ellessu
No. Thats not their lane. They care about getting paid or moving to asset to payoff the loan.
Posted on 5/14/25 at 2:51 pm to ellessu
They explicitly will NOT get involved in that fight. Hire a lawyer. It sucks but it's what you gotta do. I had to do it too.
ETA and magically after my lawyer contacted the insurance company the settlement amount went from 18K to 90K. Which was till below the independent appraiser damage value I had. but the point is...frick scamming insurance companies.
ETA and magically after my lawyer contacted the insurance company the settlement amount went from 18K to 90K. Which was till below the independent appraiser damage value I had. but the point is...frick scamming insurance companies.
This post was edited on 5/14/25 at 2:54 pm
Posted on 5/14/25 at 3:00 pm to ellessu
As long as they get the check from the insurance company and you prove you completed the repairs (regardless how much you had to come out of pocket), they do not care, and they will not get involved.
Also, it is a known practice that insurance companies will start with a low-ball offer because so many people just accept it and move on. Reputable insurance companies will work with you once you provide multiple quotes or receipts. The others will require legal involvement. If you are unsure where your insurance company falls, hire an attorney.
Also, it is a known practice that insurance companies will start with a low-ball offer because so many people just accept it and move on. Reputable insurance companies will work with you once you provide multiple quotes or receipts. The others will require legal involvement. If you are unsure where your insurance company falls, hire an attorney.
Posted on 5/14/25 at 3:01 pm to ellessu
My very innocent friend. The mortgage company will want to control every Penney of the insurance payout. They believe it is there asset not yours.
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