7 key steps if your home suffers a major loss

Here are seven key steps to follow if your home suffers a major loss.

  1. Immediately file a claim with your insurance company. For flooding, contact the National Flood Insurance Program (NFIP). If you don’t have coverage, check DisasterAssistance.gov and FloodSmart.gov for possible assistance.
  2. Document pre-loss and post-loss conditions. Hopefully, you have photos or video of your home pre-disaster. If not, find family or realtor photos showing the property, an inspection report, appraisal, receipts for furniture, appliances, work you’ve done. Take photos or video now, showing all damage.
  3. “Mitigate damages.” Insurance may require you to take steps to prevent further damage. Most states make insurers reimburse you within 30 days.
  4. Check “displacement” coverage. If you can’t inhabit your home, confirm how long your policy covers living expenses.
  5. Hire a public insurance adjuster (PA). If your insurer isn’t reasonable, hire a PA to negotiate for you. PA fees are state regulated.
  6. Avoid transient contractors. Work with local contractors who warrant their work.
  7. Stay safe. Don’t move back until all toxic substances are removed.

When financing a home purchase, or refinancing for a lower rate or improvements, please text, email or call us…. Have a great day!

P.S.: Mortgage rates are still near historical lows; contact us about today’s excellent options.

Tips provided by Home & Wealth.

The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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Jim Passi - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1121 E. Main Street, Suite 121
St. Charles, IL 60174
Mobile: 847-899-1813
Email: jim.passi@alamedamortgage.com

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Jim Passi and his team are a shining example of truly taking care of your customer means

Jim Passi and his team are a shining example of truly taking care of your customer means. The level of personal attention we received through the whole process was amazing. We were in the exploration phase of looking for a home and figuring out costs when we were contacted by Jim, through a personal friend. Unfortunately, I lost my job due to COVID downsizing and we had to put our dream of owning a house on hold. Where a normal person would move on to the next customer, Jim went above and beyond and would check in every couple of weeks to every month to see how we were doing and if there was anything he could do for me and my family. I eventually found a job several months later and the first person I reached out to was Jim. Sure I could have moved on to another mortgage person or company, but the level of customer service that Jim displayed when we couldn’t even get a mortgage due to lack of income made me and my family feel like we were part of the Jim Passi family. Throughout the process of finding our dream home, Jim was in constant contact with us, listening to all of the houses we were searching for and even providing some advice about things to look out for. When we found our home Jim was still there letting us know where we were at in the loan process and what the next steps were so we were always a step ahead of the process. Jim’s team follow his example, by letting us know what was needed and responded quickly. I would definitely recommend the Jim Passi Team to anyone looking to buy a home.
Stefano M