Owning a home is a big responsibility. The financial responsibilities of mortgage payments and insurance might be the first things to come to mind, but any seasoned homeowner will tell you that’s just the beginning. A burst pipe due to below freezing temperatures in the winter or a fallen tree on your roof from a summer storm can cause unexpected expenses and lots of stress. Fortunately, there are steps homeowners can take to be prepared and make the recovery process smooth.
1. Know your home
Take the time to locate the main shut-off valve for your home’s water supply. It could be located in an underground box near the street, or found in a basement or crawl space. If a water meter valve key is needed to turn it off, make sure you keep that nearby. You don’t want to wait until a pipe bursts to learn how to turn off the water. Having basic tools and supplies on hand, such as a tarp to cover a broken window, could be helpful as well.
2. Keep documentation handy
Make sure your homeowner’s insurance policy is readily accessible, either in hard copy or digitally, and that you know who to call to answer questions in an emergency. Review your policy regularly to ensure your home and property are adequately and consistently protected. Be sure that you understand what is and is not covered, the dates of coverage, expiration dates, deductible amounts and any prevention or safety measures required to maintain coverage.
3. Inventory your home
One of the best and easiest ways to prepare for the potential effects of a storm is to inventory what is in your home, including important paperwork, such as insurance policies and mortgage loan documents. By having detailed digital photo and video records of your home and its contents, you will be able to access them online from anywhere in the event of an emergency. Most importantly, good documentation and record-keeping could be critical for the claims process. If disaster does strike, be sure to document damage thoroughly with photos and videos.
4. Contact the insurance agency
If there is damage to your home, the first thing to do is contact your insurance agent to initiate the claim process. Your insurance company will help schedule an adjuster to inspect the condition of the property and the extent of the damage. They will also estimate the cost of repairs and confirm what is covered by your homeowner’s policy. If there is concern about making your mortgage payment because of weather damage to your property, contact your mortgage company for assistance.
5. Get your insurance check endorsed
When an insurance claim is approved, the insurance company will issue a check to cover the cost of repairs. Unless you own your home outright, the check may be made out to both the borrower and the mortgage company. Contact your mortgage company to discuss your options for endorsing your payment. For claims under a certain dollar amount or claims that do not involve extensive repairs, local mortgage companies like Arvest Bank may automatically endorse insurance checks. Auto-endorsement gives customers access to funds so they can schedule needed repairs as soon as possible.
It is impossible to control the weather or predict what the future will bring, but as a homeowner, you can minimize the disruption. Preparation is priceless when it comes to dealing with life’s unexpected hiccups. Following these tips will help you recover after a storm and get back to normal as quickly as possible.
