How to Get an Insurance Check Endorsed
When you file a property damage claim with an insurance company, but you don't fully own the property that was damaged, you may need to have the insurance check endorsed by the bank or lien holder. This means that you will not receive the money to pay for repairs or replacements until the insurance check has been endorsed, which can take time. Here's how to get that done.
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Things You'll Need
- Evidence of damage or loss
- Police report (if applicable)
- Estimates from repair companies
Instructions
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Verify that the amount of the insurance check is the amount promised to you when you filed or completed your claim. If there is any discrepancy, do not send this check to be endorsed; instead, send it back to the insurance company and ask them to correct their mistake.
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Call the bank or lender to let them know you need to get your insurance check endorsed. Find out if they have a specific protocol to follow regarding this type of procedure, and advise them as to whether or not the check is made out to both you and the lender.
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Read the paperwork you received when you obtained your mortgage, auto loan or other type of financing. There may be language in the contract or agreement that pertains to insurance claims. For example, some lenders will require that you obtain a certain number of estimates for repairs. Make sure you have followed the requirements exactly.
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Visit the office of the lender if there is one nearby. This is the fastest way to get an insurance check endorsed, and the check will be processed within a few minutes. Even if you bring it in, however, there may be a waiting period or "hold" until the money from the insurance check is released.
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Mail the insurance check and required paperwork if there isn't a local office. This extends the amount of time that will lapse between the day you receive the check and the day you receive the money. However, the lender should be able to give you an estimate of how long it will take.
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Tips & Warnings
Make a photocopy of the insurance check before you mail it off to be endorsed. This way you have proof that you received it.
Send it by certified mail with return receipt requested so you know that the lender received the check.
In some cases, the lender will pay the repair bills or the cost to replace an item rather than distributing the money to you.
You may need to make an appointment to have an insurance check endorsed at a local office.
In the case of auto repairs, the bank or lender may want to see the vehicle and have it inspected by their body shop before releasing funds.
