How Public Adjusters Can Help Homeowners during COVID-19 Crisis

Homeowners during COVID-19 CrisisFor decades, public adjusters have provided support and guidance to homeowners during times of crisis. They are there to offer information and ensure that homeowners' rights are protected during one of the most difficult times in their lives.

What does this mean during the COVID-19 pandemic?

The entire country is dealing with the crisis and it is far different than what public adjusters are used to. But it is a crisis, nonetheless. And for many, COVID-19 has brought loss to their lives.

Publish Adjusters are Helping Homeowners Put the Pieces Back Together – As They Have Always Done

There is no denying that COVID-19 has created severe consequences for many. This is not only the case for traditional business owners, it is also true for those who are residential property owners.

In the last few months since the shutdown efforts began, millions of Americans have lost their jobs, either permanently or temporarily. Many are unsure what the future holds and what will happen concerning the housing market.

In many states, and at the federal level, lawmakers have proposed measures to prevent evictions and foreclosures. Many have received mortgage assistance for themselves or to provide support during a time when many tenants are unable to pay their rent. When property owners do not receive rent, paying their mortgage might be impossible.

Despite the efforts to help, the ever-changing landscape of rules and ordinances has created confusion and, in many cases, failed to even provide relief for the worries people have concerning their missed rent and mortgage payments.

If you own a rental property, a public adjuster can help you determine exactly what you are dealing with. They can review your insurance policy to determine what coverage is available for any potential losses that could prevent you from collecting rent payments from tenants. Some policyholders have coverage for damage to your property, loss of rental income, and liability insurance. It might also be helpful to review your homeowner’s coverage to make sure that you are adequately covered, and prepared for whatever lies ahead for all of us one we are out of the wood regarding the virus.

Homeowners during COVID-19 CrisisIt is also important to consider whether you might be eligible for any emergency business funds or relief under the federal support package. Your options might includemortgage assistance, Small Business Administration (SBA) loans, paycheck protection loans, or other programs implemented to deal with the hardships created by COVID-19.

Life Goes On

And of course, despite the COVID-19 pandemic, the usual emergencies continue to occur. They will likely increase with the arrival of hurricane season on June 1st. Even with people staying at home and avoiding excessive social interaction, life goes on and there will be reasons to contact a public adjuster. It is important that homeowners know they are safe and protected when doing so, and that the same protections provided when there is no pandemic are in place while we are dealing with COVID-19.

To learn more or to speak to someone about your situation where a public adjuster could be a helpful resource, contact Jerry Bird at 214-373-6600.


Cosmetic and functional damage

Great article by Merlin Law on negotiating with insurance company adjusters to ensure "cosmetic" damage is covered in the event your policy has "cosmetic exclusion" language.

 

http://www.propertyinsurancecoveragelaw.com/2016/10/articles/insurance/cosmetic-and-functional-damage-an-academic-discussion-by-neil-hall/index.html

 

Billions in damage expected, Data from CoreLogic

Florida Number of Homes at Risk 1,262,307
RCV $246,361,033,055
South Carolina Number of Homes at Risk 338,640
RCV $77,658,933,162
North Carolina Number of Homes at Risk 244,712
RCV $48,993,759,049
Georgia Number of Homes at Risk 148,718
RCV $32,052,255,097

If you are effected by Hurricane Matthew – make sure you notify your insurance carrier immediately.

http://www.propertyinsurancecoveragelaw.com/2016/10/articles/insurance-claim/giving-your-insurance-company-notice-of-your-loss/index.html

 

What Your Business Should Do After Severe Weather Strikes

Great article from The Hartford....

http://sba.thehartford.com/managing-risk/what-your-business-should-do-after-severe-weather-strikes?cmp=EMC-SC-SBA-50714909