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

1300 East Woodfield Road, Suite 302
Schaumburg, IL 60173
Mobile: 847-899-1813
Email: jpassi@citywidehomeloans.com

Thanks so much for your time and effort

 Thanks so much for your time and effort for helping me and my family buy and sell a house. Your kind words and knowledge really was refreshing and you made the process so much more easier. Jim has great communication and we were always able to reach you to ask any question. Thanks so much we love our new home.
Myishima E.