Home Owner Insurance Coverage
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Is Home Owner Insurance Enough in the Toughest of Times?
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Homeowners Insurance
is supposed to protect us in case of disasters. That is what we
have come to expect from our homeowners insurance over the years.
But what if the disaster is the costliest in U.S. History? What
if your insurance agent's home and office were destroyed in the
disaster also?
That is what happened
to many customers and homeowners insurance agents and companies
after Katrina hit the Gulf coast.
Many agents' homes,
offices and insurance Companies' claims centers were in the same
situation as their clients due to the storms.
So what did they do?
They set up "office" in tents and mobile trailers. Then
Hurricane Rita blew away these temporary offices and the agents
and companies set them up again. These temporary shelters acted
as a communications center for all people in the surrounding
areas. Local people would come by to ask questions, meet with
their claims adjustors and just catch up on the news with their
neighbors. Extreme circumstances dictated unconventional
responses: some agents even filed claims for their clients
without even talking to the clients just so they could get the
claim "in the queue."
Allstate allowed
customers to submit claims through any agent in the country and
set up a priority line to assist. They sent email to agents in
the areas surrounding the disaster areas to act as messengers by
"word of mouth" to their fellow agents in the effected
areas. The larger companies such as State Farm & Allstate
that service claims for the national flood Insurance Program even
used satellite imagery to determine damage in some neighborhoods
that were entirely flooded.
Those of us not
effected by these disasters can learn a few lessons about coping
with future disasters from the thousands of policyholders that
are still waiting to get their claims paid.
As soon as possible,
take steps to prevent further damage to your home if possible:
such as covering the roof with a tarp if possible. You can hire a
contractor if you can find one, as that would be safer for most
of us than climbing on our roofs.
Hold off making any
repairs until you see or talk to an adjuster first. Plus, keep
your receipts, as you'll need them to prove expenses that can be
re-imbursed later.
You can generally
expect your homeowners insurance to help pay for additional
living expenses for up to 12-24 months while your home is being
repaired. But, homeowners insurance usually pays only after they
verify you have a legitimate claim. After Katrina, many insurers
made an exception, automatically distributing enough to cover two
weeks' worth of additional living expense to anyone in an area
subject to mandatory evacuation. Some companies even gave small
advances on contents under the personal property part of their
homeowners insurance policies.
If you have to wait
to get your check, it helps to have cash that is easily
accessible in a bank account or money market fund. Stashing cash
at home isn't a great idea because if your home burns down and
you weren't able to get to your cash, most homeowners insurance policies
only cover $100-$200 in cash whether it is stolen or burned up in
a fire. Your goal should be to have an emergency fund available
to take care of your family for 2-4 weeks (minimum)if possible.
In a disaster it might be hard to even find a local bank to get
cash. Debit/credit cards with a statewide or national bank would
perhaps be better.
Your biggest problem
in getting your claim handled may be in either not having the
proper homeowners insurance coverage
or not having enough coverage. Most good homeowners insurance
policies today cover up to 120% of your dwelling coverage limit.
It is important that you review the dwelling limit with your
agent every couple of year's at a minimum.
Homeowners insurance
policies do not cover Flooding, but you should again see your
agent for this coverage.
If your homeowners
insurance falls short, you may qualify for money from the Federal
Emergency Management Agency (FEMA) or a disaster-assistance loan
from the Small Business Administration (SBA). Homeowners can
borrow up to $200,000 for rebuilding and $40,000 to replace
personal property at very low interest rates for up to 30 years.
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