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

A testimonial comment for Jim

A testimonial comment for Jim Passi, Great with numbers-always remained in complete contact with me-even when I was undecided on buying a new home/condo. Jim checked in on me every week to see how things were going with my new home search. Jim I highly recommend as a loan officer. As of today I am very completely satisfied on my new home- so I like to give a shout out to those that our looking to buy a new home-as to say, Jim’s your guy.

Sincerely

Ken S.

Ken S.