I bet you never knew that, did you? Well, if you did, you are way smarter than me. I knew tornadoes cause damage and even deaths. I knew people would file insurance claims after tornados hit. (By the way, the plural of tornado can be spelled either way. Check it out. I just did.)
But I did not know that those claims would generate mountains for paperwork. It's not only the paperwork with the insurance company. It's not even only the paperwork with the contractor(s) you hire to do the work to repair and rebuild. The mortgage company likes their own paperwork, too. And the threshold for having to file all of the mortgage company's paperwork? $10K. Seriously, $10K. If your damages hit $10K, they have you and your contractor fill out all of their packet of paperwork. $10K is next to nothing in today's economy of materials and labor. Oh, and one more thing - the mortgage company holds the insurance company's draft for the damages and they release the payments to the contractor.
Did you know all of this? Am I the only blond in the world who didn't know this?
Well now that I know this, I will handle things differently for my next tornado. I will call my mortgage holder the next business day after the tornado. I knew to call my insurance company. I didn't know to call my mortgage company until AFTER I had received the insurance company's draft that was made out to both me and the mortgage holder. Again, am I the only blond around? How come I never knew this stuff before?
Maybe that is one of those things they taught in economics one day, and I was asleep? Cause I really had a reputation for sleeping in class...uh...NOT!
Anyway, now you know, too, in case I am not alone in this.
No comments:
Post a Comment