Dealing with Insurance When Flood and Fire Happens


Filed under: Market Comentary


Nobody wants to consider the risk of a flood or fire in their home, but it can definitely happen. With all of the fires that have occurred in California, it is important to consider the financial implications if this natural disaster impacted your home. You need to be aware of your options in the event of a fire or a flood, so that you can make the right moves as soon as possible to impact the long-term results.

Today I talked to Scott Peterson with Home Perfect about protection for your home. Bad things can happen unexpectedly, so we discussed some of the ways that homeowners can stay protected.

What To Do When an Emergency Happens

The first call is usually to the insurance company, to start the process of filing a claim. But, you need to be careful about how you handle the situation. Remember, the insurance company has their own interests to protect.

Before you pick up the phone to contact the insurance company, it is best to call a restoration company. Talking with a restoration expert will help you understand the extent of the damage, providing more information to help with the conversation that you will have with the insurance company.

For example, you might call a restoration company and find that the problem can be easily resolved for only $1000, or just above your deductible. In this situation, sometimes it makes sense to skip the insurance filing and pay for the services out-of-pocket so that you can avoid an increase in your monthly premiums.

You Choose the Contractors

It is up to you (not the insurance company) to hire or fire a contractor, so you can choose the restoration company that you want to hire. Just make sure that you do your research to find reputable restorations services in the area.

California laws are in place to protect homeowners so that you have the freedom to choose the contractor. So, there is no reason why you would have to work with a preferred provider from the insurance company. Insurance companies will encourage you to use a preferred vendor because it means that they will get a discount on the work. But, you can use any company that you want, as long as the prices are reasonable.

Act Fast to Minimize Damage

In the case of a flood, there are many times when you can dry the area to avoid more damage. Act fast by calling a restoration company right away so that you can prevent the need to rip out walls, flooring, or cabinets.

If you need more information about protecting your home in case of an emergency, contact Scott or myself for assistance. We are here to help with anything that you need!


Franklin Loan Center | NMLS 237653
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 4131316
http://www.nmlsconsumeraccess.org/entitydetails.aspx/COMPANY/237653
For questions or concerns please email info@franklinlc.com