{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Speaking of Insurance","title":"When Insurance Pays Out, But Your Mortgage Lender Locks It Up: California’s Post-Wildfire Payout Crisis","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/06d8bced\"></iframe>","width":"100%","height":180,"duration":1056,"description":"California homeowners, contractors, and business owners face mounting hurdles after a disaster—and even when an insurance claim gets approved, the fight might not be over.\nIn this episode of Speaking of Insurance, Aaron Bollinger breaks down a critical insurance roadblock that catches many property owners by surprise: what happens when your insurance company issues a payout, but your mortgage lender holds the funds.\nExamining recent developments, including California state investigations into hundreds of delayed payouts following the Los Angeles wildfires, Aaron explains why financial institutions control insurance proceeds, how loss draft departments operate, and why rebuilding projects stall when lender procedures don't align with contractor timelines. Plus, he covers Assembly Bill 493, the California law requiring lenders to pay interest on certain hazard insurance proceeds held in escrow.\nIn this episode, we cover:\nThe Payout Gap: Why getting your homeowner's insurance claim approved doesn't automatically mean you have immediate access to funds to start rebuilding.\nThe Mortgagee Clause & Loss Drafts: How a lender's legal interest in your property triggers loss draft processes that require estimates, permits, and inspections before releasing money.\nState Investigations: A look at California's regulatory actions targeting financial institutions over delayed insurance disbursements and transparency issues for wildfire survivors.\nContractor Realities: How cash flow restrictions, progress payment schedules, and legal limits on down payments impact contractors and rebuilding timelines.\nAB 493 and Your Rights: How California law mandates that lenders pay annual simple interest on eligible hazard insurance proceeds held during reconstruction.\nPractical Steps: What homeowners should ask their lenders and contractors before an emergency happens to ensure smooth coordination and avoid unexpected delays.\n\nAt Bollinsure Insurance Services, we believe insurance should be...","thumbnail_url":"https://img.transistorcdn.com/Kwtahq_FfPLMUz7ez0spP-aXc8k-Jw0pJJEWOhgCwXY/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9iYzVi/Nzc1YjNjOTJiOTBj/NWNiMTNjMTQ5OGY2/MTBkYS5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}