The following are some steps to take:
1. Secure the damaged area
Take immediate steps to prevent further damage—such as placing tarps on the roof or boarding up broken windows. Always save your receipts for these materials. You may also want to take clear, timestamped photos and videos of all damages, including interior water intrusion, roof damage, siding, and any personal property lost.
2. Contact your insurance company
File a claim by calling your insurance agent as soon as possible to report the damage and then your agent will assign an adjuster to inspect the property and assess the repair costs.
3. Contact your lender
Call your mortgage lender to notify them of the damage. The insurance company will usually issue a two-party check made payable to you and your lender because the lender has a stake in your home. Lenders most of the time will place the amount of the check into an escrow account. The lender will release the funds as the repairs are completed and may require inspections before the funds are released.
4. Complete the repairs
Get estimates from reputable local contractors. Once the repairs are completed the lender will disburse the amount of the repairs and may require inspections along the way. The lender will want to make sure the repairs were completed satisfactorily to protect the value of the collateral for your loan.
By: Troy Arenz-Mortgage Consultant