We are sorry that you have experienced damage to your home. TEGFCU knows 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 ensure 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 the 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 ensure you feel confident you’re taking the proper steps to get your home repaired and back in order.
Visit Your TEG Branch
You will need to submit some or all of the following to complete the processing of your insurance claim:
- Insurance Claim Check – This will need to be signed by all parties on the check.
- Insurance Adjuster’s Statement of Loss – Shows the claim amount and how much they will pay to cover the repairs.
- Contractor’s estimate of repairs – Describes damage and what repairs need to be done (if applicable).
- Additional Forms, if needed.
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 your contractor) either in installments or a lump sum after receipt of the required forms. Mortgage Servicing will review claims over $2500 within 2 business days of receipt of the 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 obtaining a detailed proposal, including the scope of work from any contractors you select, and reviewing their references. Be sure to keep track of all repair expenses and save your receipts. If you find additional damage 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.
If you have any questions, you may also bring any documents regarding your claim to any TEG Federal Credit Union branch1 or email [email protected].
