First, we suggest you contact your insurance agent immediately and file a claim. You should also contact the Customer Service department of the Lender to notify them of the damages. As a general rule, proceeds for claims totaling more than $5,000 will be held by the Lender in a restricted escrow account and disbursed in progress payments as the repairs are completed. Please note that claim settlement checks include the lender as a payee. The lender must endorse these checks before you negotiate them.
Contact a Loan Officer for further information.