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SoCal Fires

Here’s the first one:

Greetings,
My condolences to all who have lost in this disaster.
I wish you the best during this tragic time.
Love to all.
Regina


Sent from Regina's iPad

1-Find immediate temporary housing, hotel etc while still at a shelter (FEMA will pay up to a certain $amt per night)

2-Search for temporary rental home/apt.

3-File insurance claim

4-Ask insurance for a full copy of your homeowner policy (not the 6 page declaration pages, the entire original and renewal package) - mailed, its large.

5-Cancel all utilities of home, some providers may say there are cancelation fees etc. so make sure they waive all those as it is a disaster, also make sure to ask them to waive fees when you need to reestablish service when you rebuild.

6-Sign up with Red Cross even if you don't want services from them (you may get donation monies months from now).

7-File with FEMA online even if you don't need housing assistance because you'll need proof of filing for other reasons.

Sign up for any government assistance programs - Small Business Administration (SBA) loans disaster relief funds at discounted rates. Usually maximum of $240,000 at 1.75 % to 4%

8-Have someone set up a Go Fund Me page for you especially if you have special circumstances.

9-Go to donation centers for all needs - many may ask for your FEMA number to verify you are truly a fire disaster victim .

10- start your detailed list of personal property items you lost. Be specific. Some policies will pay out 75% of your personal property coverage without an itemized list. There are online helpful lists. Go room by room, drawer by drawer.

11- ask for fire discounts anywhere

12-go to local emergency community meetings to get info on process, environmental issues.

13-insurance coverages
: dwelling base and expanded coverages (expanded could be 25%, 35%, 50% or 80% of your base coverage- verify this)
: outside Structures is usually 10% of your dwelling plus the expanded coverage
: landscape is usually 5% of base dwelling coverage
: debris removal (various language, may be 5% of base, may be included in dwelling)
: Loss of Use coverage.

Check your policy, some offer ALE (additional living expenses- pays for rent/lease, extra mileage if you live further away from your job, rental furniture. Other option is FRV Fair Rental Value- this pays you what your old home 's rental value would be. Rents may spike in your area due to housing shortages so review both of these options before you make a choice.

14-Be wary of Public Insurance Adjuster, they will offer to get you all your insurance policy funds but they charge a hefty fee-your choice if you need the help.

15-sign up for Government debris removal if offered (free), otherwise you have insurance limits and then out of pocket.

16-You may need structural engineer to review your foundation before taken out to see if it is structurally sound so you can save/reuse.

17- be nice to your insurance adjuster, they hold the strings.

18- When allowed back into your area or to your lot to 'sift through your belongings' wear an appropriate mask (N-95?), gloves, heavy soled boots

If you know you are going to rebuild, go to city or county for a copy of your original home plans
Or hire an architect early on because they will get busy. All professional support will become inundated so get started early (soils engineers, structural engineers, geologists, surveyors, etc).

Be aware of demand surges on all of these services.

Be patient, keep hope because it will get easier

Look for photos in phones, computer files, online photo book orders (Shutterfly, etc), uploaded photos for store printing (Walgreens, Longs, etc.)
Use these as proof for insurance
 
Here’s part two. My sister is the Chief Financial Officer of one of the school districts that lost schools and houses in the Tubbs Fire. She has kept her district in the black and is in the top 10 school districts in California in doing so.

Part two:

Actually, just thought of the mortgage part. This is a big one!


For those who lost their homes they will have options on what to do with their mortgage.

Any Insurance proceeds will make the payout (base limits at first and then draws on Expanded coverages when you rebuild) to you and your mortgage company/bank.

You can pay off your mortgage with the proceeds and owe no more on your home OR if you have a low interest rate, keep your mortgage, continue to make payments on the mortgage. Your mortgage company will set those funds aside in an interest earning Escrow account and pay it out to you as you rebuild (essentially, re-loaning you the money). If you do not rebuild, you will have to pay off your mortgage as your home was collateral for that loan. Hopefully your bank will work directly with your builder for draws during construction. My bank offered to act as our ‘construction management/inspection’ firm but only as it relates to making sure construction is on track so they know the funds/draws they are releasing is for an actual % of job completion. They are waiving all fees for this service. Always ask for fee waivers!


Also, most likely in a large disaster, the County/City will reassess your property taxes and reduce your assessed value to the land and structures still remaining on the property thus lowering your property taxes until you rebuild. Our County will allow us to keep our previous assessed value when the rebuild is complete and not increase it to the inflated rate due to high cost of building.


You have 3 options on what to do with your insurance proceeds:

1) Re-build on same lot. This allows you to maximize all insurance ‘pots’ (debris removal, dwelling, other structures, landscape, personal property (your stuff in the home) and all expanded coverages)

2) Sell your lot and Re-build on another lot. This allows you to utilize the same ‘pots’ above

3) Sell your lot and Purchase a home elsewhere. This only allows you to use Dwelling and Expanded Dwelling coverages. You do not receive the Other structures or landscape ‘pots’) You could still use your debris removal funds to clear your lot before you sell it.

a. This gets tricky, your insurance co will want to make sure you are buying like for like (quality, size, etc.). They will deduct the assessed value of the land that the new home sits on and not give you money for that. They did not insure your land, only everything else AND you still have your land that you will most likely be selling. SO, take the price of your new home, subtract the land value and if you are insured to that level that’s the $ you will receive. Again, not Other Structures, no landscape $.

In all options you will still get your Personal Property Funds and that should come to you first and that will be made only to you, not your mortgage company/bank. They have to make a payment to you early but may just give you a small portion of personal property funds until the rest is figured out or received a detailed inventory list from you – whatever they require (I received only $5,000 of this initially).


If you have Expanded coverages it is only on your Dwelling (actual home) and your Other Structures (out buildings, driveway, sidewalks, fountains, gazebos, retaining walls, garden walls, garden boxes, pools, ponds, etc.). Read and understand your policy to see what these levels are. It took me about 5 times going through my policy to catch all of the intricacies of coverage.


Both a State and Federal Disaster has now been declared for your area, this may increase some of your Expanded coverages (i.e. my policy stated in a FEMA declared disaster my expanded coverage increased to 80% of my base), look towards the end of your policy for this information.



Regina
 
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