Protecting Your Interest In Your Home When/If Natural Disasters Strike

 

Protecting Your Interest In Your Home When/If Natural Disasters Strike

In the Carolinas we've very recently experienced the impact of two natural disasters -- Hurricanes Florence and Michael. Florida and Georgia are also recovering. Torrential rain in Texas is causing lots of flooding there. Earlier this year, volcanic eruptions were destroying homes in Hawaii. And let's not forget about all the fires this past summer. The list of natural disasters impacting many parts of the nation seems never-ending.

 

Natural disasters can and do impact housing markets... they can impact your home even if your own home wasn't damaged. Just before Hurricane Michael hit the southeast, many insurance companies stopped writing coverage until after the hurricane. So if you were in the midst of buying a home or wanting to amend your current coverage you could well have been "out of luck." And keep in mind that whether your home was damaged or not from a natural disaster, you might well be paying more for insurance covearge going forward.

 

Five tips to protect yourself and your home if you are potentially in the path of natural disasters, be they floods, hurricanes, mud slides, fires, tornadoes, earthquakes, volcano eruptions, etc.

 

1. Make sure your home insurance policy coverage keeps pace with your home's appreciation/market value. It makes a lot of sense to have replacement cost coverage.
   
   
2. Make sure you have sufficient coverage for personal property and valuables that might be destroyed in the event of a natural disaster.
   
   
3. Make sure you have flood insurance, earthquake insurance, etc. if you live in an area prone to such disasters. Most home insurance policies do not cover damage, including water damage, from such events.
   
   
4. Make sure to review your home insurance coverages with your insurance broker or agent annually and make adjustments as needed.
   
   
5. Make sure to meet with your real estate professional on a regular basis to review the value of your home as market conditions change.

 

 How The Housing Market Is Impacted By Natural Disasters: Video

 

 

These tips about protecting your interet in your home in the event of a natural disaster are brought to you by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts. We've been opening doors for Charlotte region home buyers and sellers for 20 years and we'd be delighted to help you update your home's value to make sure you are properly insured.

 

WONDERERING WHAT YOUR CHARLOTTE REGION HOME IS WORTH?

 

If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

Natural Disasters image credited to Dominica News Online

 

 

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Nina Hollander

Broker, Realtor, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2018 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.