It’s bothered me for quite some time that people brag about claim payments they’ve received on auto claims or roof claims or other claim checks for property damage and they have not had the needed repairs made.
I’ve continued to voice my concern to insurance company adjusters as they are in the best position to prevent fraud and misuse of claim payment funds. The insurance carriers won’t release the funds until the insured signs a proof of loss form but there needs to be more “teeth” in these releases to require the property be repaired to the pre-loss condition.
Years ago, the insurance companies would include on the claim check both the lender AND the insured which was a good system to avoid fraud and insure the repairs were made.
For some reason, most insurance companies have discontinued this practice. I find this frustrating and was wondering if the lenders were aware of this practice or could institute requirements on their end.
Maybe I’m fighting an uphill battle, no one seems to care about fraud and everyone thinks its a windfall when they get a claim check from an insurance company. I would be happy to brainstorm solutions further with industry executives!
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It’s bothered me for quite some time that people brag about claim payments they’ve received on auto claims or roof claims or other claim checks for property damage and they have not had the needed repairs made.
I’ve continued to voice my concern to insurance company adjusters as they are in the best position to prevent fraud and misuse of claim payment funds. The insurance carriers won’t release the funds until the insured signs a proof of loss form but there needs to be more “teeth” in these releases to require the property be repaired to the pre-loss condition.
Years ago, the insurance companies would include on the claim check both the lender AND the insured which was a good system to avoid fraud and insure the repairs were made.
For some reason, most insurance companies have discontinued this practice. I find this frustrating and was wondering if the lenders were aware of this practice or could institute requirements on their end.
Maybe I’m fighting an uphill battle, no one seems to care about fraud and everyone thinks its a windfall when they get a claim check from an insurance company. I would be happy to brainstorm solutions further with industry executives!