Traveler's Homeowner Insurance (Geico) - Homeowner Claims Made Payable to Mortgage Company
Homeowner's Insurance - Complaint
NATIONWIDE, NEW YORK -- I've been with GEICO/Traveler's for 15 years. A windstorm blew the roof off my house. Contractor estimates ranged from $9600 - $23K. Travelers sent my bank a check for $6700, made out to them, which they "escrowed" until the repairs were complete. This means that I have had to come up with all the money to do approximately $12,000 of work before the bank releases my insurance check.
This policy protects the bank's interest but ignores the homeowner who is paying for the insurance and has to get all the repairs done anyway. Plus the estimates were only HALF of the actual cost, which was at the low end of the estimates I got. AVOID GEICO. AVOID TRAVELER's.