When an unexpected event wreaks havoc on your home and you find yourself needing to file a homeowner’s insurance claim, we’re here to help.
This is your one-stop-shop for the forms to help get your claim started. Please fill out the forms below and contact us today.
Here’s what you need to get started
- Background: If IncredibleBank is listed on your homeowner’s insurance policy in the mortgagee clause, it is because we have a lien on the property. We are also listed as payee on the insurance check because unrepaired damage to a home can decrease the property’s value.
There are specific guidelines for you to follow with your insurance claim. The bank will work directly with the investor on your loan and other parties as needed. The insurance claim proceeds may not be released until all of the work has been completed, as determined by the investor. The team at IncredibleBank will be in touch with you about the conditions of the release of funds.
- Timeframe: The timeframe varies, depending on when all required documentation specific to your claim is received, the repairs are completed and if an inspection is required by the investor. The process typically takes anywhere from 4 to 12 weeks, but varies widely based on individual circumstances. The process could be delayed if the required documentation is not filled out correctly or required items are missing.
- Inspections: Multiple inspections of repairs may be needed to process the claim. Each inspection ranges from $60 - $200 and is ordered by the IncredibleBank loan servicing group. Some contractors may contact IncredibleBank directly to request a final inspection and release of funds. IncredibleBank requires your written approval to talk to the contractor in regard to the claim and will direct them to work with you for that authorization.
If additional funds are required to complete the repairs, a progress inspection can be ordered to release a portion of the remaining insurance claim funds, subject to investor approval.
- Lien Waivers: A lien waiver from the contractor performing the repairs is required in most cases. It must state a dollar amount equal to or greater than the dollar amount stated on the repair bid; it cannot be left blank or have TBD written in the place of a dollar amount.
- Claim Proceeds: All borrowers listed on the loan are included on IncredibleBank's disbursement check unless written authorization is received by the borrower stating otherwise. Claim proceeds can be deposited directly into your checking, savings or money market account with a signed authorization.
- Paid Invoices: Paid-in-full invoices must indicate the amount paid and $0 balance due on the receipt.
- Completing the Work Yourself: Paid receipts and/or estimates from supply companies may be required if you complete the repairs yourself. If you do not have enough paid receipts or estimates to release all claim funds, an inspection can be completed in lieu of the additional receipts/estimates. Any type of labor is paid for after the work has been completed and is confirmed by an inspection.
Finally, if a claim has both mitigation (e.g. fire damage or water damage clean-up) and repairs, we will need a contractor bid, W9 and lien waivers for both. If IncredibleBank is in a second lien position, we will endorse the claim check so it can be taken to the first mortgagee. The insurance claim is then handled by the first mortgagee, not by IncredibleBank.
- Homeowners insurance claims: borrower's checklist
- Insurance claim affidavit
- Waiver of lien
- W9 form
- Important info regarding your insurance claim TS