- Report: #1129211
Complaint Review: insuranceclaimcheck.com - Florence South Carolina
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Author Not Confirmed
Why?
insuranceclaimcheck.com
Florence, South Carolina, USA
Phone:
1-866-222-8118
Web:
www.insuranceclaimcheck.com
Categories:
Business Rating:
(0)
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insuranceclaimcheck.com AKA Assurant Deceptive Activity Florence South Carolina
These scam artists are a clearinghouse for mortgage companies that are listed on insurance checks that are paid to the Mortgage Co, and to the homeowner who files a claim for a loss on their own home. Since mortgage companies do not want to deal with that, they hire these clowns. Please check with your insurance company, and if they use insuranceclaimcheck.com or Assurant Inc, DROP them now. If not, you will be dealing with a nightmare in getting YOUR insurance funds paid to you if you have a loss claim. Anything that is uploaded to them takes 3-5 days to process...why in the world is that? It should be instant, that is why we upload things. And anything else administrative takes 7 days, such as when my check is released to me (whenever that will be). These slugs will find any reason to delay and hold on to the insurance money instead of sending it to you to do repairs on your home. They will lie to you, and boldly say they are your mortgage company and this is the way it is. I did research these morons and the last time I called them to see where my money was, I laid into the minimum wage liar and told her to stop saying she was my mortgage company and she was only a hired third party to process my insurance check. There was no answer to that because she was taken totally by surprise that I figured out who they really are. Anyway, the reason they delay issuing you your insurance proceeds is that they deposit the check and keep the interest from investing it, so the longer they have your money, the longer they make money off it. I will be filing official complaints with several State Banking and Insurance Regulatory agencies against these slicksters. I am also considering filing a lawsuit, either on my own or with an attorney. Stay away from these snakes if possible.
1 Updates & Rebuttals
Jason
Howell,Michigan,
United States
Loss Drafts
#2General Comment
Tue, May 22, 2018
The report indicates a lack of undersanding of the loss drafts process. Specifically, claim checks are deposited to a restricted escrow account, and the earned interest on the claim funds is given to the borrower. This is a federal regulation, and is not done at the discretion of the financial institution. The report states that the bank earns interest and steals it from the borrower, which is not true. They do not intentionally delay releasing claim funds for the purpose of collecting interest.
Generally the rules for issuing drafts depend on the financial institution, the amount of the claim, and whether the borrower is delinquent on their loan payments. Under some circumstances a claim check will be endorsed directly over to the borrower. Under other circumstances, drafts will be released in stages dependent on repairs and inspections.
It is common for financial institutions to outsource the process of managing this diffiicult process. The person on the phone is doing their job to help the borrower meet the bank's requirements, obtain their claim funds, and get their property repaired. Calling them out for not being an employee of the bank is unfair and irrelevant. This doesn't alleviate any of the responsibilities or regulatory requirements.
