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.
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.
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
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.
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.