I wanted to share my experience with you guys and see if it is as abnormal as I think it is. I have never had an insurance claim so I am kind of lost.
My house was damaged during Irma. No extreme damage but enough to justify a claim. Nationwide Insurance was great to deal with. They cut me a check to make several repairs and I feel it was fair.They made the check out to me and my mortgage company. I called the mortgager to find out what to do. They said I have to sign the check over to them and then submit estimates from licensed contractors.They will disburse money for a deposit on the work and then 50% of the cost halfway and the remainder when complete. All of the work will be inspected by their own inspector while the work is going on ad upon completion.
My fear is that my insurance company has set aside $3K as "depreciation value".After the work is complete, I submit invoices for the work that I done and then they release those funds to me. I am worried that I will have to sign that over to the motgager and they will keep it or if I can get everything fixed for less than the insurance claim, they will keep that too.
everyone I have talked to has never heard of this. Any thoughts or advice?