Preparing for Hurricane Season
Louisiana REALTORS • June 3, 2021
Louisiana REALTORS® has partnered with the FEMA outreach and DOTD education teams to provide REALTORS® with helpful information regarding flood insurance, disaster preparation and recovery through our monthly
Flood Risk & Recovery Series. In June, FEMA and DOTD were joined by representatives from GOHSEP, the Louisiana Department of Insurance, Louisiana Watershed Initiative, Fannie Mae and the Professional Insurance Agents of Louisiana to discuss what to do before, during and after a hurricane to be fully prepared. Please see below for a few highlights, resources and FAQs that were addressed in the session. This is great information to share with your clients as the hurricane season approaches.
Before A Storm:
Insurance Tips/Tricks:
- If you have a home insurance policy, make sure you find and understand what you are covered for. If you have a paper file, save a backup on a flash drive so that it will be accessible no matter what. Look at the declarations page of your policy for:
- Exclusions, specifically wind/hail - if you have this, you'll want to call your insurance agent to adjust
- Deductibles, specifically the hurricane or named storm, wind/hail and flood deductibles to see what you will have to pay out of pocket for and if they need to be adjusted
- Actual cash value vs. replacement cost - it's often recommended to go with "replacement cost," as it allows for you to be covered for the full replacement cost of your items as opposed to their depreciated values
- There is a
difference between standard insurance and flood insurance. FEMA will only offer assistance for presidentially-declared disasters, but flood insurance can be paid out any time a flood occurs. It's usually also a much larger payout from your flood insurance policy than from FEMA assistance.
- If you do not have flood insurance, get it, especially if you are in a high-risk area. It takes 30 days for flood insurance to take effect, so don't wait.
- If cost is what's holding you back from getting insurance, get what you can afford. Some coverage is better than none.
- If you are a renter, get content only flood insurance - your property's owner probably has the building insured, but contents only insurance will help you cover the cost of replacing any damage to your possessions that was caused by flooding.
Preparing Your Property:
- Mitigate as best you can. If your home is below the base of elevation or if you have previously filed for assistance, you may be eligible to apply for a grant to help prevent damage.
- Repair, remove and secure anything in your yard that could potentially become airborne.
During A Storm:
- Stay calm and be safe.
- Stick to your pre-determined plan.
- Protect yourself and then help others.
After A Storm:
- Assess your property and contact your insurance agent right away if you have any damage.
- Be sure to take photos of everything - do not throw anything away.
- Once documented, secure what you can on your property.
- Once you have filed your claim, document all points-of-contact and conversations you have with representatives, appraisers, etc.
- If preparing to apply for any sort of grant or financial aid, be sure you have:
- A copy of your declarations page from your policy
- A copy of all of your policies in chronology of coverage
- Statement of Loss from insurance carrier
- Check stub from final insurance payout
- Proof of property ownership (title, owner of record, etc.)
- Supplemental occupancy proof (utilities, driver's license, etc.)
- Note that you can only receive financial assistance from one agency - your status will be checked before any sum is granted.
Resources:
- GetAGameplan.org - Updated after every disaster, this resource from GOHSEP provides a wealth of helpful information like preparedness guides, evacuation routes and more.
- Disaster Response Network - Fannie Mae offers this excellent resource to connect homeowners and renters who have experienced a disaster with HUD-trained counselors to give advice on things like FEMA aid, insurance claims, SBA claims, etc. for up to 18 months. Call (877) 833-1746 for assistance.
- KnowYourOptions.com - This Fannie Mae hub explains everything you need to know about the insurance claims process in easy-to-understand terms.
- NAIC Home Inventory App - This resource from the National Association of Insurance Commissioners will help you take and record an inventory of your belongings so that you can submit an accurate insurance claim.
FAQs:
Want Your Teen to Own a Home Someday? Start Talking Money Now Teens may not be thinking about mortgage rates or down payments just yet, but the money habits they’re building now can follow them for years. And 88% of teens surveyed by Fannie Mae and Junior Achievement said they want to own a home someday. This week’s Consumer Guide: Talk to Your Teens About Money and Homeownership makes those conversations a little easier, covering everything from credit scores and budgeting to debt, renting versus owning and saving for that eventual down payment. So yes, you may have to interrupt the doomscrolling. But helping teens get smarter about money today could put them in a much better position to get the keys to a home of their own down the road. Download all of NAR’s Consumer Guides in English or Spanish at facts.realtor. For ease of reference, below is a list of the most recent guides: NEW: Teen Financial Literacy Fraud Red Flags Helping Family Members Become Homeowners Prepare Your Home for Hurricane Season Condominium Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. The next Consumer Guide, scheduled for publication on Oct. 21, will cover winter cold and storm preparedness.
Homeownership Is on Louisiana's November Ballot
After months of gathering recipes from across our Louisiana REALTORS® family, the cookbook is ready! This 200+ page collection is filled with Louisiana flavor, REALTOR® heart and recipes contributed by our members. We launched sales of the cookbook at the Fall Governance Meetings. You can now purchase your copy for $30 directly from the printer and shipped to you! Additionally, we will have copies available at the RRF booth at NXT . After NXT, we will carry a limited stock at the LR office for you to purchase through the LR Merch Shop and pick-up from the office or at an LR event, as stock is available. Even better, $15 from every cookbook sold will be donated to the REALTORS® Relief Foundation (RRF) to help provide housing-related assistance to REALTORS® and their families following disasters. Pick up a copy for yourself, grab one as a gift and enjoy a taste of Louisiana while supporting a great cause!
