Can I use my own contractor?

Yes — the lender approves the contractor and inspects work, but you choose them.

Check has the bank's name on it?

Home Insurance Check Made Out to My Mortgage Company (US)

For claims over $5k–$40k, insurers issue a joint check with your lender. Lenders release funds in draws as repairs complete.

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The short answer

Mortgage clause requires joint payment for larger structural claims. Lender endorses, then holds funds in escrow and releases in 1/3 or 1/4 draws tied to completed inspections. Small claims (under $5k–$40k depending on servicer) may be released fully upfront. Delays are typical — start the loss draft file the day the check arrives.

Frequently asked

Can I use my own contractor?: Yes — the lender approves the contractor and inspects work, but you choose them.

Your policy is the only source of truth

Stop guessing. Check your actual policy.

Generic answers don't pay claims. PolicyPal reads your policy wording in seconds and tells you, in one sentence, whether you're covered.

Upload your policy$3 per analysis · $9 for all 4 tools · No subscription