Skip to main content
Close
Enter Search Term
Customer Service (800) 683-0973 Mon-Fri: 8:30am - 5pm PT
Routing Number 325182289
Quick Links

Insurance Claims

If you have experienced damage to your property you may need to make an insurance claim. Review the information below to learn more about the steps you need to take to get your property restored.

Insurance Claims Insurance Verification Homeowners Taxes and Insurance Forms and Applications Contact Us

How to start an insurance claim

If you have experienced damage to your property you may need to make an insurance claim. The first step, if you have not already done so, is to report the loss to your insurance company. Once you have reported the claim to your insurance company, you may receive a claim check that is made payable to both you and 1st Security Bank.

As a lienholder/mortgagee of your property, 1st Security Bank holds a financial interest in your property. As referred to in documents provided at the closing of your loan, we are required to ensure that your property is repaired, and its value does not depreciate due to the loss.

Checks received due to a property insurance claim must be mailed to the Mountlake Terrace Administrative office for further processing:

6920 220th St SW, Suite 202, Mountlake Terrace, WA 98043
OR
PO Box 97000, Lynnwood, WA 98046

Please ensure you have completed the following 3 steps:

STEP 1 — Contact your insurance company

Contact your insurance company to file a claim. To avoid delays, clarify with the insurance company how the check will be made out:

  • If there is an outstanding loan, 1st Security Bank should be listed as a payee, along with you, the property owner.
  • If the loan has been paid off, 1st Security Bank should not be listed as a payee; only the property owner should be listed.

STEP 2 — Contact 1st Security Bank

Call or email 1st Security Bank to notify us that a claim has been opened.

STEP 3 — Submit documentation for claim

Determine the monetary amount of your insurance claim and provide the required documentation to expedite the return of your funds to repair your property. The size of the claim and the type of property will determine how claim checks are processed.

You will need to provide the following documents to 1st Security Bank and take the following actions:

  • Provide a copy of your insurance estimate.
  • Complete and return a signed Declaration of Intent to Complete Repairs form. (Download Form)
  • Mail the check to our Mountlake Terrace Administrative Office (see above).

IF YOU EXPERIENCED SIGNIFICANT DAMAGE...

  • Provide the bid from the contractor of your choosing.
  • Your contractor license and insurance information.
  • Complete a Declaration of Intent to Complete Repairs form signed by both you and your contractor. (Download Form)
  • Endorse the back of the insurance check and mail to our Mountlake Terrace Administrative Office (see above).

NOTICE: Additional checks will be endorsed after the receipt of all documents for review. This is sent as an encrypted email. Please check your spam folder if you do not see the email.

You will need to provide the following documents and take the following actions:

  • Provide to 1st security a copy of any insurance documentation related to the damage or claim and/or a copy of the quote or invoice from the repair company that will be doing the repairs.
  • Complete and return a Declaration of Intent to Complete Repairs form. (Download Form)
  • Endorse the back of the insurance check and mail to our Mountlake Terrace Administrative Office (see above).

We will reissue the check to you and your repair company unless instructed to issue to only to the repair company.

FORMS

You may be asked to provide some or all of these forms during the claim process:

Insurance adjuster’s report

This report is provided by your homeowners insurance company. It lists the damages to your property and outlines the total amount designated for each portion of your claim. Please include all pages when you submit this report.

Estimate(s) and/or invoice(s) from contractor(s)

These are formal proposals and/or final invoices that your contractor(s) provides explaining the repairs to be completed and the total cost. They must list property address, description of repairs, and the amount you have agreed upon.

Declaration of Intent to Complete Repairs form

The Declaration of Intent to Complete Repairs form is a 1st Security Bank form utilized as a statement of your intention to repair the damage to the property and outline your obligations to the bank. If you do not intend to repair the property, there are alternative steps that must be followed by the bank outlined by your loan investor (Fannie Mae, Freddie Mac, Ginnie Mae etc).

Completion of Repairs form

The Completion of Repairs form is a 1st Security Bank form that is completed and signed by the you, stating repairs have been or will be completed to the restored condition of the property prior to the damage. It also authorizes the 1st Security Bank, to release and remaining insurance proceeds available for the damage once the repairs have been completed.

Need assistance or have any questions? Contact us, we're happy to help!

Contact us
View locations