Property Insurance Claims
We are sorry that you have experienced damage to your home.
TEG knows that this can be a stressful time so rest assured that we are here to help make this process quick and easy for you. We value your membership and want to make sure your property is restored to its original or even better condition. Here’s what you’ll need to do:
Contact Your Insurance Company & File a Claim
Your insurance company will assess the damage to your property, determine a settlement amount and give you a claim check to cover the damages. As your lender, TEGFCU will be listed on the check along with you because of our financial interest in the mortgaged property.
Visit Your TEG Branch
TEG will need to endorse the insurance claim checks sent by your insurance carrier. At this time, we will discuss your specific situation and figure out next steps. We’ll also provide you with important information and forms you will need to begin repairs.
As your lender, we will work with you through this process to make sure you feel confident you’re taking the right steps to get your home repaired and back in order.
Release of Insurance Proceeds and Completion of Repairs
Depending on the amount of the claim, extent of damage and status of your mortgage, funds may be released to you (or you contractor) either in installments or a lump sum after receipt of the required forms. Claims over $2500 will be reviewed by Mortgage Servicing within 2 business days of receipt of required documents and they will be able to provide you with specific details regarding the release of funds. Progress and final inspections may be required. It is your responsibility to ensure repairs are completed in a satisfactory manner.
TEG recommends that you obtain a detailed proposal including the scope of work from any contractors you select, and that you review their references. Be sure to keep track of all repair expenses and save your receipts. If you find additional damage that was not identified in your initial Insurance Adjuster’s Statement of Loss you should follow up with your insurance company to determine if you are entitled to any additional claim reimbursement.