What is foundation water damage coverage?

What is foundation water damage coverage?

With “foundation coverage” endorsed, you can expect to have coverage to repair or replace your foundation if something were to happen to a pipe bursting or water leak under the home.

Why is my insurance check made out to me and my bank?

Insurance companies issue claim checks in both your name and in the mortgage company’s name. This feature enables your lender to ensure that these funds are used to make necessary repairs.

Can my mortgage company keep my insurance claim check?

Can my mortgage company hold my insurance claim check? Yes. Your mortgage company has a financial interest in making sure the necessary repairs are done. The lender will often keep the insurance check and release funds in installments as repair progresses.