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When Disaster Strikes! – Insurance Housing Los Angeles

What are Your Options if You Have a Residential Insurance Claim from Fire or Floor which Caused Displacement?

So now unfortunately your home is uninhabitable, and you must move out. It goes without saying this is a major disruption in your life.

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 Here are some helpful steps to consider when you have an insurance claim:

 

Avoid DIY Housing!

Preapproval is a Must: Always get your insurance to pre-approve your housing options that you want. It’s not recommended to sign a lease first without your insurance pre-approval to submit your out-of-pocket rent payments for reimbursement.

Avoid Seeking Reimbursement! Avoid paying rent upfront prior to insurance approval while looking for reimbursement:  In the case of medium- or longer-term leases, this cost frequently reaches tens of thousands of dollars. It can find it intimidating to incur such substantial costs hoping for reimbursement. Always safer to get insurance preauthorization before signing any lease. 

  1. It takes a long time to be reimbursed.
  2. You will waste hours on the phone waiting to get approval.
  3. They often don’t reimburse the full amount.

Consult your Insurance Provider: It’s always a good idea to have a copy of your homeowners or renters’ policy to make sure you can identify what coverage you have for housing relocation and housing allowances.      Most homeowners’ insurance policies do include coverage covered under Additional Living Expenses, or ALE section of your policy. This means it covers the additional expenses coverages when you must temporarily vacate your home. If not sure, always go over the policy with your broker for confirmation.

Alternative Furnished Housing Options: While your home is uninhabitable, insurance companies will cover a wide range of housing options. You could stay in an apartment, hotel room, extended stay, or a house. It’s not uncommon for an insurance company to immediately put you up in a hotel. But you often still have the alternative option of moving into a furnished apartment to your liking if you submit it to your adjuster for their pre-approval. 

Getting Hold of Your Adjuster: It’s not uncommon for adjusters to be extremely busy, so don’t be surprised if they don’t get back to you.  It is advisable to be constantly on top of them for approval. 

Keep Up with your Mortgage or Rent Payments: Remember, to be on the safe side avoid any potential lapse in coverage or confusions, it’s safer to keep up with your mortgage or rent payments. Sometimes, Insurance companies won’t pay for your housing costs if you don’t pay your rent or mortgage payments for the time you can’t live in your home. You want to avoid any possibilities for your carrier to deny part of your claim for any additional expenses over and above your regular payments, as your lodging costs won’t be reimbursed under your ALE provision if your bank suspends mortgage or rent payments.

Call Your Insurance Company’s Home Office: If you are not sure, and you don’t have an agent who can give you adequate advice.  It might not be a bad idea to call the Home Office directly of your insurance carrier and speak with a representative for clarifications about your policy coverages, usually they are helpful, which is sometimes much easier to understand than just reading the policy. 

 

So Now You Know Your Coverages…

What’s the ProcessYour homeowners or renters’ insurance company policy will start the process of finding you temporary accommodations. This can take some time because they contact relocation companies, who in turn start researching suitable options.

Often, insurance carriers offer hotels, extended stay hotels in Los Angeles as an immediate option. But why not secure more space with a furnished apartment instead?

Why Not Save Time and Hassle! So call today to find out about insurance temporary housing options in Los Angeles for you to choose from. You can see the breakdown and insurance apartment in Los Angeles information for to you to present to your insurance carrier for pre-approval. Once you have the information of the Insurance furnished apartment to present to your insurance carrier, it’s quick for you adjust to pre-approve and to get you settled in immediately.

 

Avoid These Pitfalls with Insurance Housing in Los Angeles!

Don’t Eat Up Your Allocated Insurance Dollars!

Great, let’s say insurance has approved the expensive nightly rate you to move into a luxury hotel or a furnished house. But be aware!

Too Many Variables! It’s not uncommon for home damage, water damage, fire damage, clean up, restoration, remediation, renovation, repair work, smoke damage and mold removal & abatement, to take much longer than initially anticipated as it can be like opening a pandoras’ box for the contractor!

The Construction Time Factor Can Be Considerably Be Much Longer: Therefore, the construction can take longer than originally anticipated because there are just so many variables to know how long it will take to get your property back to pre-loss condition.

But why do you ask? Well, many policies have insurance dollar capped amount which means two things:

  1. Run Out Dollars for Housing Allowance: You run out of insurance dollars for housing which means you must pay the rest out of pocket. This can be expensive for you if you are still months away from moving back in and now having to
  2. Compromise: You must move out of a hotel or house and into a much smaller furnished residence to make your insurance dollars for housing last.
  3. Lump Sum Payments. Sometimes in your policy you are entitled a lump-sum payment option instead. To ease the difficulty, several insurance firms offer cash advances to policyholders. This can seem a clever idea because you can negotiate or find the best rental rates and pocket any rent savings. However, because length of time is unknown, it can sometimes be difficult to receive more funds if the repair works takes much longer than anticipated. In this case you would have to ask for more insurance dollars but sometimes the policy has cap amounts. 

 

When to File a Home Insurance Claim with a Lawyer

Even though most types of house insurance claims are probably something you can manage on your own. However, if your insurance company won’t budge or if your claim is complicated and takes a long time to resolve, it could be time to engage a lawyer who specializes in insurance claims.

Complicated Claim: Hiring a lawyer to help with your insurance claim can be beneficial if you have a complicated case whereby an attorney can get you more money than you could on your own.

Save You Time: Even though you will probably end up with the same amount of money in your pocket, you should think about hiring a lawyer if your time would be better spent working, taking care of your family, or making money elsewhere.

Lawyer Fees: Unless your case is worth their time, an attorney is unlikely to take it on, especially if you have a contingency fee agreement in place where the attorney gets paid out of your insurance payout if they win your case in court or reach an out-of-court settlement. Hourly and retainer-based pricing arrangements are two of the more popular types.

Adjuster Won’t Budge:  Hiring a lawyer becomes essential in cases where there is a huge claim amount or when there is a huge difference between the amount you want and the claims adjuster quotes.

Consultations: Before you make a claim with your insurance carrier, you might wish to have an attorney analyze your insurance coverage if your case is complicated or large. You can better grasp the legalese and nuances that could impact your claim by consulting with an attorney.

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Find Out the Solution Today: So, Call today and find out how you can stay in a high-end luxury furnished apartment in a top location with all the conveniences of your home and on-site amenities while having peace of mind that even if the construction takes longer than expected (which is usually the case!) you are completely covered!

An Experienced Agent Can Help You Find an Insurance Approved Furnished Apartment in Los Angeles Quickly & Easily

 

For Landlords Only! Tenant Displacement for Multi-Family Apartments Damage from Flood or Fire

Unfortunately, on rare occasions, landlords who have income property can be subject to risk from a fire or flood too causing tenant displacement. All the same factors that apply above for a home also apply to an apartment building with loss of habitability for your tenants.

  1. Insist all your tenants carry renters’ insurance with a minimum of at least $100K Coverage. Often there is a provision that will cover insurance housing if they are displaced.
  2. If they do not have renters’ insurance, sometimes your policy will cover their displacement and offer relocation housing for displacement in Los Angeles.
  3. The only problem is if your insurance will cover their insurance housing, your premiums in the future are likely to substantially increase.
  4. You are likely to deal with irate tenants if you house them in a cheap hotel or extended stay hotel in Los Angeles. Especially if the Emergency clean up, remediation and restoration, reconstruction takes much longer than anticipated from fire damage or water damage to get your property back to rent ready condition….

 

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