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Ever wonder what to do when you have damages to your home caused by Mother Nature? We’ve all had that nightmare where Godzilla comes into town and wreaks havoc, right?

Well, that may not be a great example.

In all seriousness, what should you do after a storm hits and you realize your roof or siding is missing? There are several things that cross your mind, but we recommend you start right away with the following:

  • Call your insurance company and report the damages. In most claims that we have processed at Quicken Loans, the insurance company will typically send an adjuster to your property to survey the damage.
  • Once the adjuster completes the evaluation and the claim is approved, a check will be issued jointly to you and your lender. The insurance company will also provide you with an adjuster’s report, which is a breakdown of the damages.
  • After you receive the check and the adjuster’s report, you can contact your lender to get the process started for the repairs.

Your Lender and Your Insurance Claim

Your lender is involved in your insurance claim process because they have investors who fund your loan. For example, at Quicken Loans, we are required to ensure the repairs are made to the property/home and restored to the same quality or better prior to the loss. This is for the protection of our investors’ interest, as well as our clients’ equity and interest. It’s also listed in your deed and trust that in the event a claim is filed (page 6, paragraph 5, Property Insurance), your lender will monitor and see the repairs through to completion. Below is an example of the language you’ll see.

lender insurance

 

Important Points to Remember as a Quicken Loans Client:

  • While the repairs are being made, you still need to make your mortgage payment and remain in current status. If you are delinquent in your mortgage payment, all checks will need to be issued jointly to you and the contractor.
  • As a lender, we do not keep or make any financial gain from your insurance claim.
  • We can work directly with and pay your contractor. However, we will need verbal or written authorization from you.
  • Not everything is protected under your policy, so be familiar with your coverage between the dwelling and its contents.
  • All repairs listed on the adjuster report must be completed to the same quality or better prior to the loss.
  • For clients who are current with their payments:
    • If your total net claim (after paying the deductible) is:
      • $0-$10,000: Quicken Loans will send a single disbursement to you with no inspection required.
      • $10,000-$20,000: Quicken Loans will send a single disbursement to you with an inspection needed when repairs are complete.
        • In the event that your insurance company, city, or county completes an inspection, we can accept that in place of ordering an inspection. If the inspection is ordered by Quicken Loans, there is a $25 fee.
      • $20,000-$40,000: Quicken Loans will send a single disbursement issued to you and the contractor and an inspection is required when repairs are complete.
      • $40,000 and above: Please contact Quicken Loans, as we need more detailed information about your claim.

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This Post Has 74 Comments

  1. Myself Wife and 3 Kids had a house fire in 2017. Burned out of our home and are sleeping in someones living room due to Quicken’s release of funds policy to the contractor. I was told $115K would be given to the contractor in $40K increments. Quicken sent $47K in the first check then inspected the work for the next payment and instead of releasing an amount to keep the contractor honest Quicken released $67K and the contractor pocketed the funds.
    When I ask someone in the company what their policy is on this I cant get a straight answer. I keep hearing they aren’t involved and I need to seek legal counsel for the contractor. The inspected work didn’t merit all of the monies to be released and the job was less than half done. We have been maxing out credit cards and using covid grants and retirement funds college savings to try to get back in the the house. It is 2020 and we are still not home because of this. Very Frustrated with Quickens responses!!

    1. Hi Joseph:

      I’m sorry to hear you’re having this experience. I’m going to get this to our team to look into this and see what happened here. We aim to put the client first and we’ll be looking into this. Thanks for reaching out!

  2. My second insurance check needs to be endorsed by quicken loans. I have no idea how to do that. The roofer says they need this overnight. What do I do?

  3. i have insurance claim checks that need to be endorsed so i can get my home repaired, were do i send the checks to get endorsed and to who?

    1. Hi Travis:

      I’m going to get this to our team to go over the next step in your claims process. Thanks for reaching out!

  4. W had extensive hail damage to our home, turned it into insurance, and received the check. We both signed the check and sent it along with the insurance documents via overnight mail. I just got a message that the insurance documents were not found and I need to resend them. What email address do I send them to?

    1. Hi Anthony:

      I’m going to get this to our team so we can have someone reach out. Thanks for contacting us!

  5. what is the address and other contact information of your company when need your endorsement on an insurance check? I have hail damage and need to get the funds to the contractor to begin work.

    1. Hi Steven:

      I’m going to get this to our team make sure you’re aware of the process. They’ll walk you through next steps and we will get you taken care of. Thanks for reaching out!

  6. I have mailed my insurance check to be endorsed over two weeks ago. I called and the excuse I got was the mail is running three-four weeks behind…really? Because when State Farm sent me my check it took three days to get! Now I see others have had the same problem. I have been happy with Quicken Loans so far;however, I do not think it needs to take so long to endorse a check when I was promised you would overnight it back once it was received.

    1. Hi Nicole:

      It’s very possible that some mailing procedures have changed due to the current situation we find ourselves in, but I’m going to get this to our team to look into what’s going on and give you an update. Thank you for reaching out!

  7. I am so frustrated with the system for endorsing insurance checks!! I have been living with a tarp on my roof since February, hurricane season is about to begin and I still don’t have my checks endorsed. I sent two, and they sent back the small one. It is not enough for the roofer to accept to begin the new roof! Quicken keeps asking for a break down, when I sent everything I had. I just sent two more documents via email and get a reply that it will take “3 – 5 business days” to look at the documents and tell me if they are enough, or if I need to get the insurance company to produce something else they will accept! Isn’t there a live person that can look at documents and answer the same day whether they are acceptable? I appreciate that we are all in a bind because of covid19 but this is adding stress on top of stress!

    1. Hi Joanne:

      The last thing we want to do right now is cause more stress. I’m going to get this to our team to look into your situation and see what it’s happening. We appreciate you reaching out!

      1. Thank you so much! The problem was addressed by Mr. Bragg and I am happy to say he quickly found what was needed from the insurance company and stepped in to get it! I can’t express how much this means to me and my family that our roof will be fixed next week! Thank you Quicken, you are the best!

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