NJM home insurance settlement Submitted by zxczxcv t3_120dflw on March 24, 2023 at 8:04 AM in newjersey How does NJM handle unused funds from a settlement to repair home damage? Is it handled differently across insurance companies in NJ? 6 comments 1
rdsmith3 t1_jdh2s8d wrote on March 24, 2023 at 10:40 AM If you have significant damage, they will send someone to inspect that you had it repaired. If you were able to get it repaired for less than they paid you, then you made out. They typically do not ask for receipts, in my experience. Permalink 1 zxczxcv OP t1_jdhhuve wrote on March 24, 2023 at 1:05 PM Got it... This was definitely significant. I was hoping NJM or the mortgage company would put unused funds towards the mortgage or send me a check. Permalink Parent 1 rdsmith3 t1_jdhjvlk wrote on March 24, 2023 at 1:21 PM NJM paid me directly when I had damage. If I have excess funds, I would be able to apply that towards the mortgage. Permalink Parent 1 zxczxcv OP t1_jdk8e4j wrote on March 25, 2023 at 12:10 AM Thank you for sharing! Permalink Parent 1
zxczxcv OP t1_jdhhuve wrote on March 24, 2023 at 1:05 PM Got it... This was definitely significant. I was hoping NJM or the mortgage company would put unused funds towards the mortgage or send me a check. Permalink Parent 1 rdsmith3 t1_jdhjvlk wrote on March 24, 2023 at 1:21 PM NJM paid me directly when I had damage. If I have excess funds, I would be able to apply that towards the mortgage. Permalink Parent 1 zxczxcv OP t1_jdk8e4j wrote on March 25, 2023 at 12:10 AM Thank you for sharing! Permalink Parent 1
rdsmith3 t1_jdhjvlk wrote on March 24, 2023 at 1:21 PM NJM paid me directly when I had damage. If I have excess funds, I would be able to apply that towards the mortgage. Permalink Parent 1 zxczxcv OP t1_jdk8e4j wrote on March 25, 2023 at 12:10 AM Thank you for sharing! Permalink Parent 1
peter-doubt t1_jdh4xoq wrote on March 24, 2023 at 11:05 AM Often, insurance is paid directly to the contractor(s). This may vary depending on company and scale of claim Permalink 1 zxczxcv OP t1_jdhhjc5 wrote on March 24, 2023 at 1:02 PM That makes sense. Sounds like there is no option with NJM to put unused funds towards one's mortgage. Thank you for your insight! Permalink Parent 1
zxczxcv OP t1_jdhhjc5 wrote on March 24, 2023 at 1:02 PM That makes sense. Sounds like there is no option with NJM to put unused funds towards one's mortgage. Thank you for your insight! Permalink Parent 1
rdsmith3 t1_jdh2s8d wrote
If you have significant damage, they will send someone to inspect that you had it repaired. If you were able to get it repaired for less than they paid you, then you made out. They typically do not ask for receipts, in my experience.