Spring brings with it the potential for severe weather, and with that, the possibility of property damage. Navigating the aftermath of a storm can be stressful for homeowners unsure of how to proceed.
A 2024 study sponsored by the Society of Insurance Research, conducted following Hurricanes Helene and Milton, illuminated the key challenges facing homeowners during post-hurricane recovery. The survey highlighted three primary concerns:
- Uncertainty about insurance coverage
- The perceived difficulty of managing recovery without institutional support
- Finding a reliable contractor willing to work with the insurance company
Fortunately, there are proactive steps homeowners can take to streamline the recovery process.
First and foremost, ensure the safety of your family and loved ones. Then, contact your insurance agent to initiate the claim process. They will schedule an adjuster to assess the damage and estimate repair costs, while confirming coverage under your policy. If the storm’s impact raises concerns about mortgage payments, reach out to your mortgage company for assistance.
Once your claim is approved, the insurance company will issue a check for repairs or replacement. If you have a mortgage, the check may be made out to both you and your mortgage company. This is because the mortgage company has a financial interest in the covered property.
Beyond the financial cost, storm damage also necessitates time for repairs. Severe weather events can affect numerous homes and businesses, creating high demand for contractors. This makes the timely disbursement of insurance funds critical.
When you receive your insurance check, contact your mortgage company to discuss options for endorsing the payment. Local mortgage companies, like Arvest, may automatically endorse checks for claims under a specific dollar amount or those not requiring extensive repairs. Auto-endorsement allows homeowners immediate access to funds, facilitating prompt scheduling of necessary repairs.
Ensure your homeowner’s insurance policy is readily accessible and that you know who to contact in an emergency. Routine review of your policy is crucial to understand coverage details, including dates, deductibles, and required prevention or safety measures.
One of the best preparation strategies is to inventory your home’s contents, including essential paperwork. Maintain detailed digital photos and videos of your property and its contents, along with copies of insurance policies and mortgage documents. Cloud storage provides convenient online access from anywhere. Good documentation can significantly expedite the claims process. Also, document any preventative measures, such as insulated water pipes. When disaster strikes, thoroughly document damage with photos and videos.
While predicting the weather is impossible, minimizing its disruptions is achievable. Knowledge is power, and preparation is invaluable. Understand the roles of your insurance agent, your mortgage company, and maintain an easily accessible, up-to-date inventory of documents and possessions. These tips can help ease your recovery and get you back to normal as swiftly as possible.
Mitch Wilkins is a mortgage lender supervisor, VP for Arvest Bank – Springfield Region. He can be reached at [email protected].
