Determined But Not Broken – #HurricaneSandy

First, everyday I am thankful that the home that I am living in has been completed and livable.

Every morning, we hear the sounds of construction crews working on people’s home–homes that were just started.

There is something about an insurance company and paying out an insurance claim that they don’t like. Well, I don’t think any company likes you making good on the insurance you’ve been paying all along.

Most of insurance adjusters came out in the very beginning to check the damage. They wrote a report and put it in a file.

Okay, that’s fine. But a month later, the insurance companies “claim” that the other person had leave for a family emergency and a new adjuster will be coming out.

Hmm? What happened to all the pictures and notes that pervious adjuster used? We never know–never will.

If the people in this area have not received their money from their insurance company, then this could be a reason. Moving On…

Lets say they received the okay for their claim and the insurance company sends a check to you for your policy.

If you don’t know, the check is made out to you and the loan provider of your house if you have a mortgage.

The check has to be double endorsed before it is released to you.

Once again, that sounds okay so far.

Here is the messed up part–the bank tht you deposit the check into does not like to release to funds.

Yup, you heard right. They will not release the funds.

Most of these home owners has gone through the tough parts and are now waiting on the banks to release the funds.

Now, what the banks don’t say is why.

It turns out that you had a check that was signed over to you for more than 20K the bank will only release a bit at a time. Makes some sense, since they don’t have all those funds on hand.

The banks do not tell you when they are going to release the money and why they are holding into it.

Turns out, your money is put into their escrow account for the banks to invest in, to make the banks money.

Sometimes, the banks will release a little bit to get you started, but you tell me if you know a contractor who will do a 80K job for 14K and no promise to when the rest will come.

None that I know of.

So many of these home owners around me just started repairing their homes. Most are hoping that the contractors will stick around and do more than what the banks released to them.

In the meantime, they are living in their bedrooms with a prayer to put this all behind them.

We are now in April, the hurricane was in October. It has been 6 months.

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I left a comment earlier didn’t think it came through. Its a shame it is taking this long for some better results. I hope things get better I know I heard stories from those in New Orleans about this very same mess.