HELP!! Need advice!!

[beachgirl]

We are 10 months into a Ch. 13 plan. The past 2 days, we've had some wind damage to our roof, and opinions are to get it replaced. We have a call into our insurance co., but I am thinking ahead...how can we do this? We DO NOT have $10,000 to replace it, or even 1/2 if the insurance co pays 1/2. Is there any chance we can finance this if we have to??? WHAT DO WE DO??

[SinkingFast]

Call your insurance company first. See what your "Storm Damage Coverage" is. If you have insurance coverage for this, follow your insurance company's rules for repair and/or replacement.

Generally, your insurance company will send out an Adjuster. That person will climb up on your house and walk your roof. They have criteria what they look for in the way of damage to the shingles, soffetts, gutters, etc. The Adjuster will tell you if you qualify to have your roof repaired and/or replaced by your insurance policy.

If you qualify for a repair/replacement thru your insurance company, then you'll need to get estimates from Roofing companies. Once you settle on the roofer you want to work with, you submit their estimate to your insurance company for the cost of the work.

The insurance company will issue you a check in your name and your mortgage Lender's name. You have to send the check to your mortgage Lender for them to sign. They send it back to you. You sign. And then you have the funds to get the work done. Less your deductible, of course.

[beachgirl]

Thanks for the info. I've called the insurance co., and they are sending someone out soon. I've got my fingers crossed that they will cover all of it! Thanks for your help

[katze]

Look at your policy. You should only have to pay your deductible. I think ours is $500.