Typically, any settlement checks that you receive from your insurance company will be made payable to both you and your mortgage lender. Because the mortgage lender has a loan that is secured by your property, the mortgage lender wants to make sure that all necessary repairs are made in order to protect the property. Your mortgage lender may cash the insurance company check and pay the repair or rebuilding expenses as they are incurred.
Speak to an Experienced Insurance Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.