How long do I have to repair the damage to my home after an insurance loss? Repairs are to be completed within 365 days (one year), or funds may be applied to the unpaid principal balance of the mortgage. If you expect your repairs to require more than 365 days (one year) to be completed, please notify us of the date the repairs are expected to begin, as well as the expected completion date.

What if I want to act as my own general contractor? All repairs affecting the safety and soundness, or structural integrity, of the property may require a licensed contractor to be used. You may act as your own contractor if Third Federal considers your loan current. Please contact Third Federal if you are unsure the status of your account. Acting as your own contractor requires that you ensure all outside contractors hired to perform repairs are paid in full and that no mechanic’s liens have been, or will be placed on the property as a result of failure to pay any contractor, or bills related to the repairs.

What if my claim amount is greater than the principal balance on my loan. If your claim amount exceeds your principal balance, Third Federal will release the difference to you.

Can I use my claim funds to pay my past due balance? Insurance claim funds are intended to repair your home to the pre-existing condition. You may not apply your insurance claim check to an outstanding balance on your mortgage unless it is enough to pay the full loan balance. If your loan is in foreclosure, alternate disbursement guidelines will apply.

Can I pay my loan balance in full with my insurance claim check? If your claim amount is greater than your outstanding loan balance, you may pay off your balance. Before doing so, please obtain a payoff quote from Third Federal by calling 1-800 THIRD FED (844-7333) to ensure that your claim funds will cover the total amount outstanding.

How do I receive my funds from an insurance loss? All payments are mailed with tracking at the customer’s expense. Expedited mailing may be requested at additional cost.

Will Third Federal endorse my claim check?

Before Third Federal can release any insurance claim funds to you, your mortgage payments must be current. If your mortgage payments are not current, please call us at 1-800-THIRD-FED (844-7333) for assistance with your claim check.

If your payments are current, the Third Federal Loan Service team will review the provided information, make a decision on whether funds can be released or placed in an account while repairs are made, and then contact you by phone or e-mail. If funds are placed in an account, a final inspection is required before funds are released. Any inspection fees will be charged to the customer.

Insurance loss proceeds may not be used as payment to any public adjuster or other third parties retained by the borrower. If the total amount listed on the signed contract(s) and conditional waiver of lien form is greater than the amount that is being paid out by the insurance carrier, the borrower is responsible for paying the difference. A verified paid receipt for the difference will be needed prior to the final draw being released.

As the mortgage holder, Third Federal has an interest in the property, because it serves as collateral for your loan. Third Federal must monitor the repair process to ensure that the value and condition of the collateral is maintained.

What can I do to avoid scams from people trying to take advantage of insurance claims? First, do not sign your insurance loss check over to anyone, including contractors. Second, do not give contractors any money up front. Sound, reliable contractors understand the insurance loss claims process, and they know what they need to provide in order to be reimbursed. Third, do not give your account number to anyone. Vendors, contractors, others calling you on the phone do not need to know your account numbers.

What must I provide in order to process my insurance claim check? We must have two items to start the process:

• The Endorsed Insurance Check
• All pages of the proof of loss from the insurance company

The remaining items may be requested for further review:

• Signed contract(s) for repairs
• If there is another lien holder (other than Third Federal), proof of the principal balance
• If the other lien holder will be holding a building fund, a letter from the other lien holder stating this (or a written statement signed and dated by the customer)
• Any other documents pertaining to the loss.
• Signed Intent to Repair

Why is my insurance claim check payable to both Third Federal and me?

You, the owner, and Third Federal, as the mortgage issuer, both have a vested interest in ensuring that repairs are satisfactorily completed, and your home is restored to its pre-existing condition.
Please stop in to your local Third Federal branch to process your insurance claim check, or if you do not have a branch nearby, please endorse the check and mail it to Third Federal to the address listed below.

Third Federal Savings and Loan
Loan Services Department – Insurance Loss
7007 Broadway Ave.
Cleveland, OH 44105

Note: All borrowers must endorse the check.  To ensure accurate and timely processing, please include your name, address, daytime phone number, and loan number on all correspondence.

What to I do if I have an insurance loss?

If your home suffered damage, your insurance company may send you an insurance loss check for the damages.  As the mortgage holder, Third Federal’s name may appear on the check.  It is standard practice to include the mortgage holder’s name on insurance loss checks.  If your property has sustained a total loss, please contact us at 1-800-THIRD-FED (844-7333).

All required documentation can be dropped off at a local branch, sent via fax, email or mail.
Insurance Loss/Customer Service Inquiries: 1-800 THIRD FED (844-7333)

Insurance Loss Fax Number: 216-271-7208 

Insurance Loss E-mail Address: insuranceloss@thirdfederal.com

Mailing Address: 
Third Federal Savings and Loan
7007 Broadway Ave.
Cleveland, OH 44105
Attn: Loan Services Dept.