Frequently asked questions regarding insurance checks and/or claims:

I received an insurance check for damage on my property - what is my next step?
As soon as you receive your insurance claims check, it should be endorsed and mailed to NEFCU. Please include your adjuster's statement and any invoices you already have that need to be paid. Please note that insurance checks often have an expiration date, so it is important that the check is sent to the credit union as soon as possible.

Do I need to endorse the check?
Yes, all parties listed on the check will be required to sign before mailing the check to NEFCU. Without proper endorsement we cannot deposit the check. 

Why is NEFCU listed on the check?
NEFCU will be a payee on the check because the credit union is listed as the "mortgagee" on your insurance policy. NEFCU has a financial interest in your property, so this enables us to ensure these funds are used to repair the property.

What do I do if NEFCU and another institution are listed on the check?
  • If your 1st mortgage is with another financial institution, they will help you with the claims process. If you have a 2nd mortgage with NEFCU, you should send the check to the credit union for NEFCU's endorsement. We will endorse the check and mail it back to you. 
  • If your 1st mortgage is with NEFCU, please obtain all other endorsements before mailing the insurance check to the credit union.
Why does NEFCU place a hold on my insurance check funds?
NEFCU places a hold on the insurance claim funds to ensure that all repairs are made to the property and it is restored to its original condition, free of defect.

What should I include when I send/bring in the insurance check?
We ask that you send in the check, adjuster's statement detailing the claim, and any invoices you would like paid. 

Do I have to repair the property?
Yes, NEFCU requires the property be repaired.

How should I submit my invoices and adjuster's statements to the credit union?
You can mail, fax or e-mail all adjuster's statements and invoices to NEFCU. Please contact NEFCU mortgage department for contact information.
How do contractors get paid if my funds are being held at the credit union?
NEFCU will request an invoice be submitted. Upon receipt, the credit union will issue a check made payable to the contractor and you. You will need to endorse the check prior to giving it to the contractor. This process is in place to protect you - it provides you the opportunity to ensure all the work has been completed prior to providing payment.

What if I do the repairs myself?
If you complete repairs yourself, we will need proof of the supplies purchased. You will be required to submit all receipts/quotes. You can also be reimbursed for the labor by submitting written documentation.

What if I have already paid for the repairs?
If you have already made the repairs to your property, we will require a copy of the receipts and/or check used to pay for the repairs or supplies. Once received NEFCU will reimburse you.

What if my insurance claim check includes payment of personal property?
NEFCU will review the adjuster's statement and release any funds for personal property upon your request.