Thursday, November 26, 2015

Post Sandy: Even after the insurance check, try getting the money from your bank

Even after the insurance check comes in, Sandy victims find it's hard to get the money as banks micro-manage.

Post Sandy: Even after the insurance check, try getting the money from your bank



Among the responses to my story today about Sandy victims who can't shake any insurance money out of the National Flood Insurance Program, featuring Maurice Corkery of Delaware County, above,  was an e-mail from Anne Cancelmo of Ocean City, who writes, "How about an article on the topic regarding insurance companies when writing a check to cover losses write it to the homeowner (aka morgtage holder) and the bank (mortgager).

Cancelmo goes on to write, in a complaint I have heard often: "Therefore both parties must sign check. And how about the bank putting check into escrow account to micro manage and approve any repairs homeowner will make? No matter insurance company has documentation already and has approved repairs. No matter repairs have been made an dhomeowner just wants reimbursement.

"TD Bank has this policy. So does Wells Fargo. Problem is you don't know this until u go to deposit insurance check.

"The aftermath of the storm is worse than the storm, but I still consider myself lucky. But others are not so. Just another insult to injury."

One homeowner in Brigantine told me that to avoid this problem, he dug deep into savings and paid off his mortgage so he could deposit the insurance settlement outright and have access to the cash as he saw fit. 


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About this blog

Inquirer staff writer Amy S. Rosenberg has covered Philly police, city neighborhoods, Ed Rendell as mayor, the Jersey shore, Atlantic City, Miss America and the psychology of Eagles fans. She moved to Ventnor on July 3, 1995, which makes her a local, but not really.

Inquirer Staff Writer Jacqueline L. Urgo has spent every summer of her life at the Jersey Shore, and has lived there year-round for nearly 30 years, even fulfilling one of her bucket list dreams by once living in a house by the sea.

Since 1990, she has covered the waterfront for The Inquirer — from the Atlantic to the Delaware Bay shore — and some of the mainland in between. Along the way, she amassed an encyclopedic knowledge of this tear-it-down-and-build-it-back-up region, delving into the history and the hype of a place with a lot of unexpected stories to tell.

Amy S. Rosenberg
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