Here are seven key steps to follow if your home suffers a major loss.
- 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.
- 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.
- “Mitigate damages.” Insurance may require you to take steps to prevent further damage. Most states make insurers reimburse you within 30 days.
- Check “displacement” coverage. If you can’t inhabit your home, confirm how long your policy covers living expenses.
- Hire a public insurance adjuster (PA). If your insurer isn’t reasonable, hire a PA to negotiate for you. PA fees are state regulated.
- Avoid transient contractors. Work with local contractors who warrant their work.
- 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.