By Jason Peters
The official first day of winter is around the corner, bringing the possibility of property damage from snow, ice and extreme cold. Burst pipes or leaky roofs in the dead of winter can cause even more stress for homeowners if they are unsure what to do, where to go, and who to contact first. Fortunately, there are steps that homeowners can take to make the recovery process go faster and smoother.
1. Contact the insurance agency. If you’ve had damage, the first thing you’ll need to do is contact your insurance agent to initiate the claim process. They 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 you have any concerns about making your mortgage payment because of weather damage to your property, contact your mortgage company for assistance.
2. Get your insurance check endorsed. When your claim is approved, the insurance company will issue a check to repair or replace the damage. 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 are not at the back of a long line of other homeowners who are already on a contractor’s list, and they can schedule the repairs they need in a timely manner.
3. Review your insurance policy regularly. Make sure your homeowner’s insurance policy is accessible and that you know who to call to answer questions in an emergency. Be sure your home and property are adequately and consistently protected. Review your policy regularly to 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.
4. Keep records and documentation. 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. Keep detailed digital photo and video records of your home and its content, along with copies of insurance policies and mortgage loan documents. Having these critical items stored digitally in the cloud will help you access them online from almost anywhere. Most importantly, good documentation and record keeping can save time in the claims process. Don’t forget to document any prevention and safety measures you have taken to protect your property from weather damage, such as insulating water pipes, and when disaster strikes, document damage thoroughly with photos and videos.
It is impossible to predict the weather, but you can minimize the disruption. Just remember that knowledge is power, and preparation is priceless. Following these tips will help ease your recovery after a storm and let you get back to normal as quickly as possible.
Jason Peters, NMLS # 402102, is a senior vice president and mortgage loan manager for Arvest Bank – Greater Kansas City and can be reached at japeters@arvest.com.
With more than $27 billion in assets, Arvest is a full-service bank that delivers financial solutions to individuals and businesses of all sizes. Since entering the Kansas City market in 2009, Arvest has grown to a top 20 bank and the sixth largest mortgage lender in the metro. The bank has 20 locations in the metro area, including eight branches in Johnson County. Arvest is an Equal Housing Lender and Member FDIC.
