A few years ago, a restoration client of mine asked me what he could do to speed up payment from bank escrow accounts for the insurance claim work he had done. Prior to the call, I had never heard of a problem with getting paid by banks for insurance restoration work. A couple of calls to my friends in the banking business turned up no useful information on how to speed up payments; they were unaware that a problem with paying restoration contractors even existed. I called my client back to report there were no problems. I was wrong.
Thanks to a hail storm that severely damaged the roof and the windows on three sides of my house this year, I now know from first-hand experience why my client was asking the question about delayed payments from banks on a mortgaged home. In this article, I will offer some useful tips to avoid some of the time delays in getting paid for the insurance restoration work you have completed.