 HELP!! Second home insurance problem. Primary is in Florida...second is in Idaho--where to go for insurance? |
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Governmental assistance?
Additional Details
I am male (white). Had a Hemorragic Stroke. Live in
the USA.... |
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as far as the process of quoting, binding, issuing, etc
where does that happen? the agency or does the carrier do it and the agency just as a front end?
Additional Details
what ... |
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Ammie | How does my mother cash an insurance check with multiple lienholders names on it? ? |
Our home caught on fire Thanksgiving (November 2008 Electrical Fire). The insurance company has finally issued a (small) check for the restructure and rebuilding of our home. However there are 5 creditors listed on the check in addition to my mothers name.
1) My question is how does my mother cash this check, and keep most of the money? (additionally all of these debts are in attorneys offices at this point, not with the original creditors)
2) How can my mother get more money from the insurance company for the repairs of our home (should we sue 20K was issued out of 160K that was avaliable)? |
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Merritt L
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Home insurance is actually very flexible. I'm not familiar with all the fine print of my policy, but my home insurance agent is always a phone call away. Try calling your agent or a homeowners agent in your city. http://www.goodinternetdeals.com/Home-Insurance.html They should be able to help you. |
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Dave and Rebel G
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She will have to contact the attorney that is holding the debts. SHe will not be able to keep all of the money if these are lien holders, they are entitled to the money she owes them. This is exactly what liens are for, any money brought in MUST, by law, be used to pay those debts. The money will be split equally between her and the creditors listed. The insurance company is not automatically liable for all $160,000 in one lump sum. Money will be paid out in relation to the rate of repair. |
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Mr. Getmoney
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She won't be able to cash it. I'd venture to guess that there are five creditors on this check because she owes them money, and they have a levy on income such as this. She owes them the money. The reason the debts are in attorneys offices, is because the creditors did not get paid. So that is not a good thing. The creditors employ the attorneys to do stuff like this... (Put holds on income until they get paid the money they are owed) |
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lil southern girl
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The short answer is, she doesn't. No bank will take the check without all the people listed as payees signing off.
I can't really answer anything more without having a lot of detailed info that you may not even have yourself. Frankly, she needs to talk to a lawyer. Even if it turns out that there is nothing she can do, a lawyer licensed in your state can explain the reasons why. |
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mbrcatz
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Well, she can't. She agreed, up front, to pay the attorneys. This is their guarantee that they'll get paid. She gets what's left over.
As to the second, "$160 was available" is probably NOT TRUE. They should have explained why they're only paying $20K, most of the time, it's DEPRECIATED VALUE until the repairs are actually completed, and THEN you get the rest of it. Also, there could be coinsurance penalties involved here, or even a deductible.
The MATH, should be clearly outlined in the letter that came with the check.
But I"ll tell you right now, she screwed herself, hiring attorneys - she basically agreed to give away a huge hunk of the insurance money to them, and she probably would have gotten it anyway. MORE attorney action, is probably going to screw her over even more.
"Sue sue sue" is NOT the answer to everything. If the insurance company kept their part of the deal, and she was trying to pull a fast one by underinsuring, or not repairing (taking the money and running), well, there's nothing to sue THEM over. Sorry. |
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Gambit
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I've never seen an insurer who stayed on risk with 5 loss payees on a Homeowner's policy (that's usually a HUGE moral hazard). Unfortunately there is no way to cash a cheque unless all payees have signed the cheque. Therefore you're going to have to call all five additional parties on the cheque and tell them that you need their endorsement on the cheque in order to have enough funds to start repairs. There's no guarantee they will agree to this. One of them may ask that the funds be released to them and they will issue the funds as needed.
You state 20K issued out of 160K that was available. Do you mean that the total estimate of the damages is $160,000, or $160,000 is the limit of the policy? If it's the first then the insurer is not going to issue the total estimate. They need to see that repairs are under way and they will issue in stages. If it's the second what is the actual estimate of the damages? |
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Betta breeder
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I would send the check back as it is not acceptable for you. If you don't know how to handle this and want more money, get a lawyer.
Cheers |
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