Similarly, if you live in a coop or condominium, your management company may have required that the building’s financial entity be named as co-insured. As a condition of granting a mortgage, lenders usually require that they are named in the homeowner's policy and that they are a party to any insurance payments related to the structure. If you have a mortgage on your house, the check for repairs will generally be made out to both you and the mortgage lender. Your lender or management company might have control over your payment
If you have flood insurance and experienced flood damage, that means a separate check as well. If your home is uninhabitable, you’ll also receive a check for the additional living expenses (ALE) you incur if you can’t live in your home while it is being repaired. When both the structure of your home and your personal belongings are damaged, you generally receive two separate checks from your insurance company, one for each category of damage. Check your policy to know how long you have to reopen claims. Later, if you find other damage, you can reopen the claim and file for an additional amount. If you’re offered an on-the-spot settlement, you can accept the check right away. The first check you get from your insurance company is often an advance against the total settlement amount, not the final payment. In most instances, an adjuster will inspect the damage to your home and offer you a certain sum of money for repairs, based on the terms and limits of your homeowner's policy.
And while processing times do vary from company to company and are dependent on the type of claim, Insurance Information Institute (III) has provided a good overview of what you can expect. You may be one of many policyholders who want to know how quickly you can expect to receive your payout after you’ve filed a claim.
Insurance exists to help out with expenses after a disaster strikes.
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