Recovering after Hurricanes Helene and Milton is still a difficult and drawn-out process on St. Pete Beach.
While efforts to repair and rebuild are leaving many property owners at the hands of insurance firms and claims adjusters, sandy roadways and front lawns covered in debris have not yet been washed away.
One of these is Reza Razavi. He has a number of waterfront properties. Hurricane Milton caused minor damage to each. According to him, the hurricane caused nearly a foot of water to end up inside one multi-unit rental in Pass-A-Grill that had a view of the Gulf.
“We had to remove the flooring, the baseboards and drywall,” he told us during a recent visit to the building. “We need funds to be able to complete our work,” he stated.
As you might guess, Razavi was relieved when he submitted a flood insurance claim and received a $20,000 payout from his insurance provider to start the required repairs.
“They said, oh, we’re going to give you an advance check so you can get things going. I was a little surprised to be honest with you in a very good way,” he stated.
Even though it was only a partial payment, Razavi saw the insurance company’s cheque as a huge step forward for him and his renters, who had to vacate their property until repairs were completed.
“I never thought I would sit across from you and say, wow, fantastic, God bless insurance companies, but it helps,” he stated.
At least until he tried to cash the cheque at TD Bank and discovered that the bank, which owns the mortgage on the property, would not endorse it.
“They informed me that they won’t endorse the check because they have requirements,” he stated.
Notarized documents outlining the necessity for the funds and their intended use are among these requirements.
However, Razavi claimed that the bank isn’t changing even after he presented documentation of his damages. Rather, he is being requested to submit additional documents, such as a claim adjuster’s report that has been pending for at least a month.
Razavi is not by himself. Additionally, his insurance company sent his neighbor a $2500 advance payout.
However, TD Bank will also not endorse that check.
Regarding Razavi’s and his neighbor’s checks, TD Bank has not commented. The delay in allowing certain Florida customers to pay their hurricane insurance checks, however, is acknowledged by a spokeswoman.
A TD Bank representative said in a statement:
“Thank you for bringing this to our attention. We know that many Florida residents experienced heartbreaking loss with Hurricanes Helene and Milton and have begun the slow recovery process. TD is here to help, including depositing and endorsing many insurance checks for our customers. To avoid delays, we suggest customers contact their local store before coming in to deposit or endorse an insurance check, so they can ensure they have all required documentation to help assist in the process.”
When an insurance company pays out a whole claim with a large check, mortgage or lien holders may want proof of work, but smaller, partial payments usually don’t require a thorough investigation, according to Karyn Roeling of Seibert Insurance.
Read Also: Hurricane Relief Fund: $233 Million in Indemnity Payments Open for Claims, Check Your Eligibility
“I don’t think it’s right. You would hope that the bank knows that a catastrophe has occurred in the area. You would think that somebody at the bank could make an exception to say, yes, our normal protocol is this but we’re not going to follow normal protocol because this is an unprecedented two events back-to-back,” she stated.
In order to complete repairs while the bank retains his recovery funds, Razavi recently opened an additional line of credit and filed a lawsuit with the state.
