How does NJM handle unused funds from a settlement to repair home damage? Is it handled differently across insurance companies in NJ?
Comments
peter-doubt t1_jdh4xoq wrote
Often, insurance is paid directly to the contractor(s). This may vary depending on company and scale of claim
zxczxcv OP t1_jdhhjc5 wrote
That makes sense. Sounds like there is no option with NJM to put unused funds towards one's mortgage. Thank you for your insight!
zxczxcv OP t1_jdhhuve wrote
Got it... This was definitely significant. I was hoping NJM or the mortgage company would put unused funds towards the mortgage or send me a check.
rdsmith3 t1_jdhjvlk wrote
NJM paid me directly when I had damage. If I have excess funds, I would be able to apply that towards the mortgage.
zxczxcv OP t1_jdk8e4j wrote
Thank you for sharing!
rdsmith3 t1_jdh2s8d wrote
If you have significant damage, they will send someone to inspect that you had it repaired. If you were able to get it repaired for less than they paid you, then you made out. They typically do not ask for receipts, in my experience.