Sat 2 Oct, 2004 02:13 pm
I have a question. I have been given notice that should my wind storm insurance people decide that I need a new roof, the check will be made payable to me and my mortgage company. I saw on the local news last night, that this has become a real problem, and that the mortgage holders give the insured six months to get the work done.
This simply does not sound right to me. I don't have any leaks, but aesthetically, the roof looks funky. Any suggestions about what course of action I should take? I hate to have to get a lawyer.
The part about the co-payable cheque makes sense to me. It's supposed to ensure that both parties who own the property know the work is done, and that the work was done to the satisfaction of both parties.
Don't know about the timeline. That is specific to policies. Does your home-owner's policy, or state law, have time lines for repair? I know that we've got a time limit for the proof of loss to be presented (30 days). After that, some policies also have a repair end date - unless there is agreement between all three parties (the insurer, the home-owner, and the mortgage holder).
ehBeth, Frankly, I think it is a big loophole. It might be different if my house had been totally destroyed. I could understand that, but just suppose that I can't find anyone to do the work. You realize, of course, that there is a huge demand for roofing and repair men here at the moment. Then does that mean that if I can't fix what needs fixing within a six months period, that I forfeit my claim? I swear, TO, I smell collusion.
One thing that I reluctantly admit, and that is that I just want things resolved. I have the money to do it myself, but I am furious that I should have to do so just to have a certain peace......
I have no one to help me, ehBeth, and like the little red hen, I must do it myself. ......frustrated........................................................
letty : if your insurance policy does not contain a clause allowing the insurance company to add the name of another payee to the cheque, i can't see how they would get away with it. your florida insurance commission should also be able to provide you with information on your rights(check for their website). i would certainly advise you to read your policy WORD-FOR-WORD. perhaps you might simply question their right to add another name. GOOD LUCK ! hbg
Thanks, hamburger. I know that I must do that myself. I'm just tired, but as I once told your daughter, "....my kind of guy, hamburger is..." a weak attempt at levity. Damnit, wish I had a star in my pocket.
letty : i hope it is some consolation for you to know that ehbeth works in the insurance industry and still continues to be a 'mensch'. i worked for almost thirty years in the (life)insurance industry, but had no direct connection with the actual business (the selling of policies and settlement of claims). life insurance is a pretty straight-forward business , of course, the customer is either alive or dead - it's fairly easy to tell (cruel, but true). hbg
The co-pay shouldn't mean any kind of problem. The six month timeline is the issue, from my read. I know that it's going to be a problem to get a roofer in any decent amount of time.
There was post-Frances flooding where hamburger lives. The main insurance cleaning contractor has 500 people in that city, when they normally have 10 -12. They are currently booking cleanups into November. The problem there is the mold people are struggling to contain, til the cleanup crews can get to them.
Multiple that by 1000x and you've got the Florida situation.
If the mortgage holder is demanding the work be completed in an unreasonable amount of time - there are a couple of alternatives. One, tell the mortgage-holder to find you 2 or 3 roofers who will be available to do the work. You'll pick which one you will use. Alternatively, if it is a bank or similar institution, ask for the name of the ombudsman. Write to the ombudsman, with a copy to the ombudsman for the state/federal body which licenses/holds its registration, as well as whoever is dealing with your claim directly, and the ombudsman for the insurer. Ombudsmen get things looked at.
Thanks, honey. I had no idea that you were in the insurance business. So is my niece and she didn't quite understand the bit either.
Well, I will do what I have to do, but I so appreciate the advice of experts and like George Washington, I will listen, then I must do what I must do. (no, I won't cut down any cherry trees..<smile>)
From your American friend.
I've been in and around insurance for over 20 years now, Miss LettyBettyHettyGettyCustisLee. Hard to believe. Collectively, hamburger and I have about half a century of various types of insurance knowledge rattling around in our heads
There's always some weird new angle someone's thrown into a policy - or trying to say they have.
Just a side note, Beth. My sisters are in a row over my name...I love it. Yes, I will think ombudsman, but I do think they call it Insurance Commissioner, here, and exchequer in England.
To Canada from America......................................................................
letty : just a thought ... you may want to ask the insurance rep/insurance company to point out to you where it states in the policy that a cheque can be issued with the name of a co-payee added; if they can't point this out to you, you'll probably have made your point. hbg
Hamburger, I need to do that. I am too trusting, I'm afraid. When I was forced, and I mean FORCED to leave Nationwide and go with Qualsure, I did not understand it. It had something to do with the government hiring private contractors to implement coverage and a "pre-nuptial" contract seemed to be the result. Yep, I said pre-nuptial because as we all know, politics breeds strange bedfellows.
I will have to get that policy and re read it. Sheeeeeze. Thanks, my friend.