The State of New Jersey
NJ Department of Banking and Insurance
Home > Consumer Information > Frequently Asked Questions for Insurance Proceeds Checks
Frequently Asked Questions for Insurance Proceeds Checks

Customers that receive insurance proceeds should call their mortgage company and/or bank to find out how to get the check endorsed and deposited (either in your bank account or with the mortgage holder).

I have received my insurance check, now what do I do?

When claim checks are issued by your insurance company, they will likely be made payable jointly to you (the customer), and the mortgagee.  In some cases, depending upon the size of the insurance claim check and other factors, the total amount of claim proceeds can be made available to you immediately.  In other instances, due to investor requirements and to protect against possible contractor fraud in the repair and rebuilding of homes, some customers will receive the insurance funds in installments as the repair work progresses.  It is important that you contact the mortgage company and your bank branch for check endorsement and monitoring as soon as you receive a check. 

Why is the check made out to my mortgage company and me?

The mortgage holder is listed as the loss payee on the insurance policy, and is included on the check because they have a secured interest in the property.  Their responsibility is to help you by ensuring the property is repaired in the event of damage and restored to its original or higher value.

Will I receive the funds all at once?

The mortgage holder may release funds in increments protecting the homeowner from contractors who would complete part of the work and still get full payment without completing the entire job they were hired to do.

Why does the mortgage holder have to inspect the property for the funds to be released?

To protect the interests of the homeowner and the restoration of the home to its original or higher value, they may order and pay for inspections of the property.  By doing this, they watch over the repairs and release the insurance funds to cover the cost of repairs to the property as they’re completed.

Consumer Contact Numbers for National Banks
Bank of America Customer Service Line: 1-800-669-6607
JP Morgan Chase Customer Care Line: 1-888-356-0023
PNC Mortgage Call Center: 1-800-822-5626
Sovereign Bank Customer Service Line: 1-877-768-2265
TD Consumer Service Line: 1-888-751-9000
Valley National Customer Service Line: 1-800-522-4100
Wells Fargo Disaster Assistance Hotline: 1-888-818-9147
Consumer Contact Information for New Jersey Financial Institutions
List of New Jersey Financial Institutions
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New Jersey Department of Banking and Insurance