What to do if my shed burnt down so my insurer insurance my mortgagee the money but I am a contractor and just got permission to build the shed myself?

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What to do if my shed burnt down so my insurer insurance my mortgagee the money but I am a contractor and just got permission to build the shed myself?

Do I bill for my labor? I have some materials myself already, how do I get the money for those? What happens if there is leftover monies? Can I have the mortgage company put it toward my mortgage payments?Can the mortgage company keep the remainder? What do I do about the cost of the lumber I already have?

Asked on June 6, 2012 under Insurance Law, Maine

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

When you have a mortgage, the mortgagee has an absolute right to protect its security interest in your property. That is why most insurance checks are made out to both the homeowner and mortgagee. You need to bill for your labor (use your company) and then also make sure you include receipts for your parts. Then, ask for reimburesement of those monies. If there is any leftover, see if the mortgage company can put it towards your mortgage balance. Of course, the first route you should always take is to contact the mortgage company and see if it would endorse the check to you to pay for rebuild.


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