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Posted by Hannah Lapin ● Nov 20, 2018 9:00:00 AM

The Visio Loss Draft Process

Visio Loss Draft Process

Need to file an insurance claim for damage to your investment property? Follow these six simple steps:

  1. Contact your insurance provider. Report the damage, determine your coverage, and file a claim. If you have flood damage and flood insurance, you'll need to contact that insurance provider as well. Visit FEMA to see how the flood claim process works.
  2. Register for Disaster Assistance (especially if you flooded and don't have flood insurance). There may be resources available to you that are not covered under your insurance. Visit DisasterAssitance.gov or call 800-621-FEMA (3362) to find out.
  3. Call BSI Financial Services. Visio's third-party loan servicer BSI can be reached at 888-327-7861. Explain to them how you have been affected to help expedite your claims process.
  4. Work with an adjuster to assess property damage. Your insurance provider will assign you an adjuster to assess property damage if the damage is covered. If you have any questions about this process, the BSI Customer Service Team is available to help answer questions. 
  5. Get your loss draft check. If your damage is covered, your company will send a loss draft check (or a claim check) to you. This check will typically need to be endorsed by both you and your loan company, and will specify all parties required to endorse.
  6. Make sure you have all the required documentation. Here's what you will need:
    • Endorsed Insurance Claim Check
    • Insurance Company Adjuster’s Worksheet

    • Signed Contract/Proposal with your contractor

    • Contractor’s Waiver of Lien

For additional insurance resources, visit the "Insurance" section of our blog. For additional landlord resources, visit our Resources Page.

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Related: Save on Flood Insurance with AmeriFlood Solutions, Inc., Landlord Insurance: The Ultimate Guide

Topics: Insurance