So Mrs. Mondo and I just received our final insurance payout from our mortgage company who'd been holding it hostage. Although it was a minor fraction of our entire payout, it still feels good to finally have it all behind us. It got me thinking. I wonder how many folks (now that we're just about 10 months post-Ike) are still battling with insurance companies? Our house's damage truly turned out to be very, very small marbles compared to some of our close friends' damages. And it took us this long to get our final payment. Whew.
I try not to meddle in my friends' business too much, so I never ask people how their insurance woes stand at the moment. It's almost like asking, "how's your sex life?" It's really not my business. Neither one. But. I got to thinking that if the Mrs. and I just received our final insured gesture of good faith (and again with the fact that our damage was minimal), then other folks with more extensive damage must be still waiting on funds. Bleh.
I remember before the storm I thought the insurance game worked like this: I have damage. They inspect it. They give me a check for what it'll cost me to repair the damages. All's beuno (that's Spanish for good/well). Wrong.
Instead it operates like this: I have damage. They inspect it (at their leisure it seems). They determine what they think it'll cost me to repair what I lost (all precisley calculated using the "oh-so-lovely" depreciation factor). They give me a check made out to me and the mortgage company. I endorse the check. Check goes to mortgage company. It's like a game of hot potato until the mortgage company gets a hold of my money. Then the money's given out like a weekly allowance to a five year old. So forth. So on and on. I'll spare you the rest of the details as I'm sure you've all been there. Welcome to the suck.
So for what it's worth. How's your great insurance battle of '09 going?
Mondo, I feel your pain!
I had significant damage to my home. When my insurance and mortgage holder asked me back in October if I was using a contractor, I trustingly, unknowingly, answered truthfully and said yes. Then, my mortgage holder, whom I have been paying (if that is not clear!), placed a lien on my property in the name of said contractor.....before he had ever done any work on the house. Then, 6 months later, when he still had not done much of anything on the house, I was unable to get rid of lame contractor because the mortgage company sent all funds in both my name and the contractor's name - I could only remove the lien if he signed a "paid in full" to my mortgage company or I filed a lawsuit against him.
So, basically, the mortgage company very carefully protected the contractor rather than me, the homeowner.
After many, many fierce conversations and near-threats (okay, there were real threats..),my contractor finally did the work on my house. We're down to punch list items.
And, the mortgage company is pushing the last check on me, but I don't really care when it comes....the contractor won't be getting my signature on it until long after all items are done, I can relax and use the entire house, and ensure all items are done completely!
So the moral is, don't ever tell your mortgage company you're using a contractor........ until the work is done!