DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/831261
72 assets. Inventory any upgrades and investments in appliances, including HVAC systems. If repairs have been made in recent years, it's best to save copies of invoices, before and after photos, and any documentation proving capital improvements have been made. ese items are crucial during the claim filing and settlement process. And I do mean photo document everything, from cars to barbeque grills to the exterior of the home. Also, having predamage photos updated at least once a year is important for getting claims paid quickly and accurately. is is a sunny-skies step, as proper preparedness begins well before the weather changes. RIDE OUT THE STORM Hailstorms are particularly disastrous because they can cause serious physical damage. Stay indoors away from windows, and prepare to go without basic services for at least 48 hours. Electricity is the first utility to go, aside from our beloved internet and Wi-Fi connectivity. Make sure you have fresh batteries, candles, and several cases of bottled water on hand. Keep canned and dry goods stocked as well to carry you for a few days if you lose power because that, in turn, can make you lose the food in your refrigerator. If that happens, also take a photo of everything in your refrigerator because some homeowner's policies include coverage for food spoilage. But you won't be paid for it if you don't claim it! STAY INFORMED Hurricane preparedness is a much more complex topic that I can't cover completely here, but I will begin with this: Prepare for the worst. I grew up in New Orleans and experienced Hurricane Katrina. I was totally not prepared then, but I'll share what I know now. Stay informed before, during, and after the hurricane. Keep your television, radio, phone, or other device with news access turned on. Stay abreast of changes in storm track, intensity, and severity. is will help you and your family make safety-minded decisions. Purchasing a two-way radio is a sound investment if you live in an area prone to widespread catastrophes like hurricanes. Some of these radios have the ability to tune into the National Oceanic and Atmospheric Administration to get updates directly from the National Weather Service. If you've lost power, water, and cellular connectivity, these radios can prove lifesavers not only for getting information in but also for reaching out for help. For those in hurricane hot spots, a good rule of thumb is to have a week's worth of food and water for each person in the home. Local services like police and fire become overwhelmed in hurricane situations, and you could face a long wait before help arrives. Likewise, knowing CPR and having a first aid kit could make the difference in your or someone else surviving or not. PLAN FOR EVACUATION If your local news, weather, and government agencies are telling you to evacuate, it's probably best to heed their warning. When it comes to hurricanes, higher ground means dryer ground. Evaluate potential evacuation routes; plot out potential areas of risk where local lakes, streams, and rivers could rise; and overprepare your food and water rations. Remain aware of your surroundings, especially after you've evacuated your home. Again, documentation is important. Take pictures of your surroundings whenever possible. If you have family or friends who don't live in a coastal area, set up a pre-emptive plan of action to relocate to their residence in the event of a catastrophic hurricane. Outstaying your welcome should not be a problem if you have good homeowners insurance, as the insurer will pay for additional living expenses (ALE), allowing you to stay in temporary housing and/ or hotels if an actual weather event severely damages your property or otherwise prevents you from returning home. ALE doesn't allow for you to live at a high- end resort in Hawaii, of course, but it provides additional funds needed above and beyond what you would normally spend to live comfortably outside of your home. Save your receipts. KNOW YOUR RIGHTS In the unfortunate event that a hailstorm or hurricane hits a property you own or are servicing, make sure you are aware of your rights to recover and your duties as an insured. If you purchase a policy on a home you own, your rights to recover are very similar to the rights of an investor or bank servicer. As the purchaser of "For homeowners, storm preparedness requires more than keeping a few cases of water on hand, though that is certainly a start. But the need for proper preparation definitely doesn't apply only to homeowners. Damages can reach well beyond a storm's physical path to impact all parties involved with a property. What steps can you take as an investor, aggregator, bank, or servicer to protect yourself and your interests this hail and hurricane season?" 72