Roof repair endorsement of check by mortgage Co.

UPDATED: Oct 14, 2020

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UPDATED: Oct 14, 2020Fact Checked

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September hurricane irma. Some roof damage and a water leak attic / garage ceiling. I had some singles and had the roof repaired at a minimal cost. As the exact single color was not available my insurance company issue a check for the whole roof however only about 4 feet of roof required repairs.(the single I used is same quality but very slight color difference) We have about 600K in equity in our home and owe about 280K to our mortgage company which refusing to endorse the check unless i have the whole roof replaced. Insurance check for all repairs was $40K including the roof. A new roof would far and exceed this amount. My current roof qualifies for wind migration insurance reduction. Please advise how I can convince my mortgage company to release these monies as I need them for repair of stuff not covered, for example a $58 replacement of boat house and dock. We live in Florida.”

Asked April 11, 2018

1 Answer

When it comes to insurance claims, things can be tricky. The first thing you need to do is go back and double check the estimate on what the costs are actually for. On the one hand, $40,000 for a new roof seems absolutely astonishing. However, if it is also for testing of structural damage, mold sampling and remediation after the roof was exposed, and other more random items that could be considered preventative, then you have a different set of circumstances to think about. Consider the fact that if additional damage occurred as a result of this roof damage, then the insurance company could still be on the hook for a lot more damage to repair, it does make sense that they could be seeking out the best way to complete the entire claim for good.

The next thing you should do is consider getting a second (or even third or fourth) estimate on your roof to see if the quote is being highballed. If you are trying to keep the costs of the repair down to a minimum, then bring in a few contractors who you trust and who could get the work done for a much more reasonable price. It will save your insurance company money, and it will probably make your home look like less of a bad risk.

Finally, you should have this specific discussion and ask this question to your claims field agent or adjuster yourself, just because there might be something else going on behind the scenes that is forcing this cost to go so high and through the roof (pun intended). At the end of the day, the insurance company does have a right to ensure their repairs are completed to the extent that it will protect the rest of the house, but you absolutely have some say and can influence how that gets done along the way.

Answered April 16, 2018 by cap381

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