Many times, when a TWIA policyholder receives a check for their claim payment for damage to their home, it will be written to both them and their mortgage company. Here’s why, and what to do next.
Why is my mortgage company on my check?
Because both you and the mortgage company are listed as having an interest in the property on the policy. So, any claim payment checks will be written to both of you.
This is because often, as a prerequisite of lending money to buy a home, the mortgage company will require you to:
- Get a home insurance policy, and
- List the mortgage company’s interest on the policy.
Being included on the policy helps protect the mortgage company’s financial interest in the property. If the home becomes damaged, it allows them to be a part of the claim payment process and ensure the home is repaired.
How should I proceed?
Every mortgage company follows different guidelines on how to process these checks. Contact your company to find out how to endorse and process your claim payment check.
What if the wrong mortgage company is on the check?
If your loan is no longer with the mortgage company listed on the check, that means the wrong mortgage company is on your policy. Your policy must be updated before a new check can be issued.
To update your policy to include the correct mortgage company and to stop payment on the check with the incorrect mortgagee on it, follow these steps:
- To change the mortgage company name on your policy, contact your agent
- To stop payment on the check:
- Email current/correct mortgage company information/documentation to firstname.lastname@example.org, or
- Contact the TWIA claims team
- Log in to Claims Center or the Policyholder Portal
- Call (800) 788-8247
For More Information
Please contact your insurance agent if you have any questions about your policy and the coverages it provides. If you have a TWIA claim you would like to discuss, contact us through Claims Center or the Policyholder Portal or by calling (800) 788-8247.
Temporary and Permanent Repairs
Protect Yourself from Fraud
How TWIA Estimates Repair Costs
Factors That Impact the Claim Payment Amount
What if TWIA's claim payment isn't enough?
Increased Cost of Construction (ICC) Coverage
Additional Living Expenses (ALE) Coverage
Windstorm Certificates of Compliance (WPI-8, WPI-8-E, WPI-8-C)
Rights and Responsibilities After a Loss