Important Insurance Claims Information

Important Insurance Claims Information

If you have incurred damage to your home and will be receiving an insurance claim check, Arvest Bank wants you to know we are here to help.

Arvest’s damage claim procedures are outlined below. Please note: The information below does not apply if a home is a total loss. In the case of a total loss, please contact your local Arvest Bank.

Many times, Arvest Bank is able to endorse insurance claim checks from your insurance company at your local Arvest Bank. If you have a claim check to be endorsed, call your local Arvest ahead of time to ensure an authorized insurance claim signor will be available for you upon arrival. For us to be able to endorse the check immediately, the following criteria must be met:

  • Total insurance claim is $40,000 or less
  • Loan is active
  • Loan is current and has a good payment history (no payments 60 or more days late in the past six months)
  • Completed insurance adjuster's claim is provided
  • Hazard claim affidavit (also available at your local branch) is signed by the borrower(s), which in most instances is the homeowner.

If the claim check does not meet the guidelines above and Arvest cannot immediately endorse your insurance claim check, the check will need to be forwarded to Arvest Bank. This can be done at your local branch, or you can mail the check (with your endorsement) to:

For Arvest mortgage loans:

Arvest Bank - Mortgage Division
ATTN: Hazard Claims
202 S Goad Springs Rd.
Lowell, AR 72745
Download mortgage hazard claim affidavit

For all other types of Arvest Bank real estate secured loans:

Arvest Bank
ATTN: Hazard Claims
PO Box 1697
Lowell, AR 72745
Download other real estate secured loan hazard claim affidavit

Please review the guidelines below for processing insurance claims and for disbursing insurance funds. Once Arvest Bank receives the insurance claim documentation and check, the funds will be placed in an interest-bearing loss draft account. Arvest will disburse check(s) made payable to both the borrower and applicable contractor once the following items are received:

  • Hazard Claim Affidavit signed by borrower(s)
  • Copy of insurance adjustor’s claim
  • IRS W-9 form signed by the contractor
  • Contractor’s bill for work completed and/or any other documentation providing proof of repairs
  • A completed contractor’s affidavit may be required if the total payments issued to a general contractor are equal or greater than $40,000.

A licensed and insured contractor must be used to make all repairs to the property. In addition, the property must be restored to at least its original value. If restoration costs exceed hazard claim funds, the borrower is responsible for payment of the difference.

All items above must be received before a disbursement from the loss draft account can be made. Checks will be made payable and mailed to the contractor via FedEx overnight shipping three to five business days after the receipt of all documentation. Initial upfront disbursements may be provided in certain instances. Contact our office for details.

The following conditions will also need to be met if the total claim exceeds or equals 80% of the insured coverage amount:

  • Up to four completed property inspections may be required and ordered by Arvest. (Inspections performed by Arvest Bank are for internal use only and are not designed or intended to satisfy the borrower regarding the quality of the repairs.)
  • Please allow at least five business days for an inspection to be ordered and completed.
  • An appraisal is required before construction begins. Appraisal costs are the responsibility of the borrower(s).

Please call your local branch with any questions regarding our insurance claim procedures or payment assistance options that may be available to you.