Recently, I’ve had several Louisiana Homeowners Insurance Claimants contact my office about their mortgage company holding onto their insurance money. Often times the person has a hurricane insurance claim, fire insurance claim or other homeowners claim and has completed repairs or has nearly completed repairs. For whatever reason the mortgage company is giving the homeowner the runaround on disbursing the money.
Although the mortgage company, as additional insured on the policy, has a right to make sure the repairs are made. Sometimes the mortgage company exceeds its authority. You can try to resolve this problem on your own by completing a complaint form with State of Louisiana Office of Financial Institutions. You can also call a Louisiana insurance dispute lawyer for assistance with this matter.