Well, it’s up water damage Denver friends. Good to have you with us for a few minutes on the this big foot restoration and repair water damage Denver podcast of gold.

Yeah.

You know, I think probably we just assume that people have proper insurance set up and that may or may not be the case. Um, so in today’s water damage Denver podcast of gold, we are going to dive in to those potential unfortunate times when a customer perhaps is under-insured or not insured at all. And we’ll bring in some real life situations and certainly we will have a recommendation for all of our customers. And just for anyone in general on today’s water damage Denver podcast of gold. So if you’ve ever purchased a property, residential or commercial

[inaudible],

it is not only a necessity but essentially a legal obligation for an individual or an entity to carry homeowners insurance or commercial insurance on the commercial property that they hold a note on. To be honest with you, I’ve never spoken with someone with respect to how that changes or if it changes at all. If perhaps you own the property free and clear, you know with automobile insurance when when you own a vehicle so to speak, but still only um, you know when you still have a mortgage on, it doesn’t matter how much equity you have in the home, you have to have insurance on that property. So automobile insurance, you have a loan on the vehicle, you have to have comprehensive insurance

[inaudible]

just to qualify for a loan on that vehicle.

Once you pay that vehicle loan off, you then have the option of switching to just liability which would cover the potential costs associated with an accident related to the other party or parties involved. But it would not cover at that point your vehicle. I honestly have no idea how that changes. I would imagine you still have to carry homeowners insurance. Maybe you don’t. I honestly really don’t know. I’m going to have to reach out to an insurance agent and get an answer on that. So I will report back to you with that information. But I think we would all agree that in general, most individuals have some sort of a loan on their property. Now, depending on where they are in the loan process, maybe they’re a year or two into their loan, maybe they’re 20 years into their loan, but even if they are 20 years into their loan on a, on a traditional mortgage, they still have 10 more years of monthly payments and technically the bank still holds that title. And so they have to pay for sure homeowners insurance for 10 more years, even if they’re 20 years into the loan. That’s crazy when you think about it, how, how long a bank holds the leverage on you and your property

when you mortgage a property. So

I think it’s kind of like I said before, it’s fair to assume

that

regardless of what the legal ramifications are, once you own a property free and clear, most people don’t. They owe some sort, uh, they own some amount on a property and so they’re going to have to carry insurance.

But what if you either

Water Damage Denver | If you Are Uninsured?

don’t and I don’t know how that would happen or if you’re under-insured or perhaps perhaps you rent and you don’t have the proper renter’s insurance or perhaps the individual that you’re renting from doesn’t have proper insurance or is under insured. What happens then? And these are questions that quite honestly we are not, uh, we’re not going to have an incredible amount of information that’s, these are really questions that, um, would be directed to an insurance agent. Now the insurance agents that we know and love that consistently send us water damage Denver referrals for their insured customers, uh, they are always going to point you in the right direction. As a matter of fact, I know for 100% that these agents that we work with regularly and consistently, they check in with their customers. I would say at least on an annual basis to review their policies and make sure they still have the proper of coverage just in case.

A lot can happen in a year, a lot can happen in just a few months and they want to discuss, um, what their customers are currently going through. If anything has changed, maybe they’ve dialed back on some of their assets. Um, obviously if they’ve moved they would probably know that. But if for instance, they’ve made massive home improvements or they’ve done something to their property that’s increased the value of it, um, they would want to at least have the information to increase their policy just in case. So if you, yeah, five years ago you purchased a home, you know, and I think this is a very real thing in the Denver market. If you purchased a home 10 years ago and we did this for around $300,000, there’s a very real possibility that that home is probably worth almost double, especially if you’ve, um,

[inaudible]

continued to update the property, done the things that most homeowners do as far as just good general maintenance, you know, not had any water damage Denver cases that have gone, you know, [inaudible] corrected. And, um, you know, if you’ve maintained your property well and have, have done especially some home improvements, you’re going to have a pretty legitimate amount of equity in the home and you’re going to be probably under insured. If you’ve still got homeowners insurance, you know, based off that original purchase price, you’re going to want to increase that substantially. And that’s not just because you know, for selfish reasons from the insurance agent that they just want you to pay a higher premium. It’s in the very real possibility that you have a water damage Denver situation or God forbid you have a fire damage Denver situation where you come home and your entire house is burned to the ground. If you have $300,000 worth of coverage on a home that’s going to take $600,000 to rebuild your massively under insured and it’s going to be a very, very rough reality too to have to deal with, you know, having half of the money needed to get your home back to normal. So we’re going to go ahead and search on the interwebs here for some water damage, Denver information. And what I want to know is what should you do if you have a water damage Denver

situation, but you are uninsured. Let’s just start with that. So going off of a lending tree site here, I’m just getting some information. It, it gives us some good general pointers here. So it says flood insurance is the best way to protect yourself against losses having to do with floods. And it, it says on this website that the damage is almost never covered by standard homeowners or by the policies that you might have from renter’s insurance. Interesting. So if you don’t have coverage and your home experienced some damage from a flood, it says you do have some options. It says that the government, our government will give you a grant and they offer these through FEMA and also they have a loan program and they say that’s through SBA, which is small business association. That may be options for you to help repair the flooding damage to your home and perhaps other sundry expenses as well.

So they go into, um, something called the FEMA disaster grant and it tells us that these are available to individuals or people, you know, just families whose homes are located in what’s, recognize it as a disaster area by the federal government and which obviously includes flooding. So, um, these sorts of grants provide money to return your property to a condition that’s considered habitable after a huge water damage Denver issue or just a disaster in general. So it says, kind of the cap on these grants are right around 30,000, maybe just a little bit more. Um, but the actual payouts tend to be much lower than that. So that is interesting how that could happen. But they, um, they actually reference, uh, these sorts of things for houses flooded by a hurricane about 10 years ago, hurricane Sandy. And they say that the average grant for houses in that disaster, that water damage was around 8,000 bucks.

So that doesn’t get you much, but it is something I guess. Um, so it says that the grants are meant to be a benefit to expenses that aren’t covered by flood insurance. And they don’t really put a restriction on who can apply a, doesn’t matter about the income level, doesn’t matter if they have flood insurance or not. Um, but if you do have flood insurance, you have to pay back the grant with those funds once you receive it. So it’s kind of a bridge thing it sounds like. Um, so it, it kinda goes on further. And again, this is from a lending tree sites. I want to give proper, um, credit here for some of the tips and tricks that they’re letting us know about. But, um, yeah, just kind of gives a, some, some guidelines about what the FEMA IHP grant covers, um, won’t go into all of this stuff. It’s, it’s readily available on, on their site. Um, but again, it, it does, even though it says it’s not, it isn’t really specific for income. Um, or you know, anything specifically who can or can’t apply there. There are still some restrictions and mostly it has to do with geography.

And then it also follows up with, um, different options with loans that they SBA may offer to help get the home repaired. Um, both with the residents and personal property, it describes eligibility eligibility requirements for that. But then it also kind of circles back around saying, you know, here’s what you should consider. So, so that you understand the options when you have flood insurance. Um,

here’s kind of what you need to, to expect. And again, they detail some of the intricacies of a 30 day waiting period and kind of what to do if you’re expecting a storm. If you think you’re gonna, um, you know, if you’re in that type of area that would have more of a potential for water damage. So these are areas in Denver that we probably don’t necessarily, you know, have too many of, there are a few floodplains, but certainly it’s nothing like, you know, like the East coast or kind of the Southeast pocket of the country that has hurricane season and that sort of thing. So we’ll probably cap off, um, this water damage Denver episode. Um, just because there’s so much more information, we can probably circle back around on a future podcast and talk about, um, what you should do if you are uninsured.

If um, you’re under-insured, you know how you, you can navigate and not make it a life crippling. I’m challenged from a just a simple water damage Denver situation. And to be honest, most of the projects that we’re involved with, it’s something that shouldn’t be a life crippling thing. Um, you know, people that need to pay out of for whatever reason, um, even though it’s not the way you want to spend your money and you know, it’s my, you know, be a bit of a bummer. It’s not catastrophic. It’s not something that’s gonna put you in a huge hole. So we always want to be a, a huge, um, asset and answer to the problem. You know, once something’s happened, we just want to provide the ultimate, uh, experience for people to get them back to normal after a water damage Denver situation. So please reach out to us if you have any questions or God forbid you are uninsured or under insured and you experience a water damage Denver situation, but until you have that challenge, we don’t want to hear from you. So unless you have a question, we will, uh, hope and pray that you, uh, are all safe and not on fire and don’t have mold growing over you. And so until then you stay safe.