Your Insurance Claim and Repairs

Your Insurance Claim Payment and Repairs

When you determine that your home was damaged during a natural disaster, call your insurance company. They will help you understand your coverage and assist you in filing a claim. An adjuster will be sent to inspect the damage and prepare a general estimate of the repair cost. From this estimate, the insurance company will issue a check payable to you (the homeowner) and Caliber Home Loans, Inc. ("Caliber") (the mortgage company) named in the mortgagee clause of your policy. The check is called a Loss Draft. You should report your claim and forthcoming Loss Draft to us. We will guide you through the proper procedure to have your home repaired and process the claim check.

Loan program guidelines issued by the investor will dictate if Caliber monitors your Loss Draft and repairs. Monitoring means that Caliber will gather all documentation associated with the repair cost, scope of work and contractor performing the work. We then complete an inspection prior to releasing any funds to make sure the repairs are proceeding as planned. Doing so ensures that your home is returned to its pre-disaster state and that your loan remains well-secured.

Please call Caliber's Loss Draft Department at 866-940-2335 or fax them at 937-525-3389 so that we may help guide you through the Loss Draft process.

How to Process Your Insurance Claim Check (Loss Draft)

Claims Less than $40,000 Current on Payments

Not monitored if the loan was current at the time of the disaster.
Send claim check to Caliber for endorsement and return.
Allow 10 business days for processing the endorsement
The fully endorsed Loss Draft will be sent back to you.
You must ensure all repairs are complete.
Different rules may apply, depending on your loan type.

Claims $40,000 and Up Current on Payments

Caliber is required to monitor the claim.
Send your fully endorsed claim check to Caliber. We will deposit in an escrow account until time to disburse the funds.
Additional documentation should be sent with the check.
Upon receipt of all required documents, Caliber will issue the greater of $40k or 33% of the insurance loss proceeds. The final payment is issued when repairs are complete and after a final inspection.
Different rules may apply, depending on your loan type.

Claims for Past Due Loans, Bankruptcy, or Foreclosure

Caliber is required to monitor the claim.
Send your fully endorsed claim check to Caliber. We will deposit in an escrow account until time to disburse the funds.
Additional documentation should be sent with the check.
Upon receipt of all required documents, 25% of the claim funds up to $10k are issued. The final payment is made when the repairs are complete and after the final inspection.
Different rules may apply, depending on your loan type.

Monitored Claims: Additional Documentation Needed

If your total claim is greater than $40,000 or if your loan was past due, in bankruptcy or in foreclosure at the time of the natural disaster, Caliber is required to monitor the repairs process and claim payout. Caliber is also required to monitor your claim if the cause of loss is asbestos, bio-hazard clean-up, mold, sinkhole, explosion, earthquake or landslide. To meet this requirement, we need additional documentation from you. Please send the following with your fully endorsed Loss Draft/claim check to us at the address indicated below.

Copy of the Adjuster's Worksheet (all pages)
Completed Repair Affidavit
Clearance/stabilization tests or reports if your cause of loss is asbestos, bio-hazard clean-up, mold, lead or sinkhole.

Send all of the above documents with your endorsed Loss Draft/claim check to:

Caliber Home Loans
Loss Draft Department
PO Box 6501
Springfield, OH 45501

Loss Draft Department

Reach out to this group to report new insurance claims, ask questions about the loss draft (insurance claim payment) process, obtain information on monitoring of your claim, or to send claim monitoring documentation by fax.

Phone Number: 866-940-2335
Fax Number: 937-525-3389

Hazard Insurance Processing Center

The Hazard Insurance Processing Center is your resource for questions concerning payment of your insurance policy, tracking information about your insurance policy, and other daily insurance policy-related activities.

Phone Number: 866-825-9268
Fax Number: 937-525-4120