Insurance Claim checks (a.k.a. Insurance Loss drafts) for Home Repairs Frequently Asked Questions
Connex Credit Union understands that when you have sustained damage to your home it can be a very difficult time for you and your family. To help you through this process, we have provided helpful answers for a couple of frequently asked questions related to insurance losses for a home.
These questions and answers are designed to provide guidance when a homeowner receives an insurance loss draft (also known as an insurance claim check) from their insurance company and may not apply in every situation.
What do I do if my home is damaged and I have received an insurance claim check with Connex Credit Union listed as a payee on the check?
Generally, you should send/present the insurance check (called a loss draft) to Connex, along with ALL pages of your insurance adjuster’s report, which itemizes the damage to the home. Please include the best telephone number where you may be reached.
To expedite the process the adjustor’s report can be faxed to 203-603-0740 or emailed to firstname.lastname@example.org. Please include your best daytime contact number.
If the total amount of damages to your home is less than 20,000 and your loan is current and in good standing, your check will be endorsed and returned to you or deposited to your account with Connex within 72 hours of receipt. Please be advised normal check holds will apply.
If the total amount of damages to your home is more than 20,000 and your loan is current and in good standing we may require monitoring the release of funds to ensure that the home is restored to its original or better condition. The loss draft will be deposited, and some of the funds will be released to you (and/or your contractor) after the draft clears the bank in five business days. We may request copies of contract(s). Generally, the first release of funds will be one-third of the money. Property inspections may be required to release the balance of the funds. You will be assigned someone to discuss your specific claim.
Our objective is to release insurance loss draft funds as soon as possible so that the damage to your house is repaired with minimal inconvenience to you and your family.
Why is Connex Credit Union listed as a payee on the insurance loss draft?
Connex Credit Union is listed as a loss payee on your insurance policy. We will be included on any insurance loss draft because we have a secured interest in the property. Our responsibility is to ensure the property is repaired in the event of damage and restored to its original or higher value.