Pipes break, trees fall on homes, natural disasters strike (at an increasingly higher rate over the past few years) and so on—all forcing property owners out of their homes or to live in damaged ones. Getting back to “normal” quickly has always been a top priority but not always possible.
Oftentimes, property owners are making an insurance claim for the first time and have no idea where to begin the process of restoring their property and putting their life back together. They soon learn that they need to work with their insurance and mortgage companies to get their property owner insurance claim check/homeowners claim checks endorsed but are not sure what that process entails which creates added stress and frustration on top of an already damaged situation.
The Property Insurance Claims Check Process (Homeowners Insurance Claim Process)
- Property owners having to possibly get checks endorsed by multiple parties and deposited in-person which is a hassle—a slow and time-consuming process.
- Contractors spending time dealing with mortgage companies to get signatures for the claim check as well as having to deal with it being a possible monitored claim (loss draft to be deposited), adding extra complexity to the process. This can include multiple hours on the phone with the mortgage company, driving around to get signatures from multiple parties or having to pay for FedEx tracking labels to get signatures on each check—a process that slows the claims process down even more due to checks sometimes getting lost in the mail and FedEx visits needing to be made.
- Restoration professionals addressing concerns from the mortgage company: it wants to protect its asset and have a claim “monitoring” process which includes multiple calls to the policyholder, documents, inspections, and time flushed down the drain.
This property insurance claims process (homeowners insurance claim process) can take weeks to months (delaying payment) and all parties involved lack trust in each other due to lack of transparency in the process. Property owners are afraid contractors are going to run off with their money without completing repairs and contractors are afraid they’re not going to get paid.
Now, there’s a better way.
Save Time, Effort, and Problem-Solving
Property owners and contractors no longer need to dedicate time, energy, and money to this often complicated and drawn out process—our team takes care of it while keeping them in the loop the whole way. The process with iink is turnkey, designed to be easier for the property owner specifically because we do all the heavy lifting. Instead of manually processing claim payments and getting mortgage endorsements, everyone involved is now freed up to put properties back together.
With iink Pay and iink Pro, property owners can endorse and deposit property owner insurance claim checks/homeowners insurance claim checks straight from their phone or computer into the iink system. This streamlines the submission, tracking, and release of claim check funds from the mortgage company’s process.
Quick Bank Transfers
Simply set up your iink account and enter your bank information securely via Plaid. (Plaid is a money transfer system that employs advanced security and encryption protocols to protect data during transmission.) Once Plaid has confirmed that this is your bank account, this will enable iink to confidently deposit your funds directly through an ACH into your bank account. Once the funds are ready for disbursement, they will be directly deposited into each payee’s account—just like sending money through Venmo or PayPal, but with insurance claim check funds.
Get Paid with Fewer Delays
Not following the property insurance claims check process process correctly can create huge payment delays. We know what mortgage companies' requirements are and collect all the necessary information, ensuring they get everything they need and all laws, rules, and regulations are followed to get property owners their money with fewer delays.
Full Transparency into Check Status
The iink web app lets you know where each claim check stands at all times which minimizes confusion and lack of transparency. Whoever uploads the check can add the distribution of funds to all appropriate parties, everyone agrees by signing electronically directly on the app, and as soon as funds become available, they will be deposited as directed.
The Old Way
- In-person check deposits.
- Slow, time-consuming process that can take weeks to months.
- Check chasing - contractors have to run around getting all parties to sign the claim check.
- Property owners are not familiar with the payment process which can cause check payment delays.
- Lack of trust, communication, and insight into where the check stands.
- Public adjusters hold the check for weeks or months until their fees have been paid.
- The incorrect mortgage bank being on a check, checks expiring, or checks gets lost.
The New Way
- Deposit property claim checks remotely.
- iink saves you time by handling communications with the mortgage company and digitally automating the creation of loss draft materials required for the release of claim funds.
- Funds are deposited directly into each account, remotely.
- No experience needed - iink handles payments for property owners.
- Know where checks stand at all times on the iink app.
- Transparency and written payment agreement in the iink system builds confidence and trust that funds will be going to the correct parties in a timely manner.
- iink is well-versed in P&C carrier issues that can arise and has a property insurance claim process/homeowners insurance claim process in place to help be one step ahead of potential issues before they can occur.
If you’re a property owner, contractor, or public adjuster who has been feeling frustrated by the claim check and endorsement process, let us show you how iink can solve your property claim headaches through a demo, or if you’re ready to get started, sign up now.