The recent hurricanes and fires that have broken out all over the United States have many homeowners, business owners and associations concerned. In the event the worst-case scenario occurs, would you be covered? Insurance is the primary way that displaced home and business owners are able to recover. Without any coverage, losses will likely not be recouped, or have to be paid out of pocket. In this article, we’ll explore the benefits of LA Apartment Insurance and LA HOA Insurance in a time of tragedy.
If you’re displaced due to a fire, flood or immense damage, your insurance benefits might include a daily living stipend while your home is being repaired, in addition to rent on a new place to live as well as a check to begin replacing household items that were lost, says CBS News.
What’s more, if you were forced to evacuate per government orders, your policy likely extends coverage to cover hotel stays.
Renters insurance is intended to protect your personal belongings in your dwelling. If an earthquake caused your personal items to be damaged, your policy will replace them. However, it’s important to note that depending on your coverage, your insurance might only pay for a portion of the cost of the items. Ask your insurance agent about your policy and if it contained Actual Cash Value (ACV) or replacement cost coverage.
Renters insurance also covers temporary living arrangements. In fact, renters with insurance would likely be covered for the loss of their personal property as well as for living expenses while their homes are uninhabitable.
When a catastrophe hits, the last thing you want to do is find out you don’t have adequate insurance coverage. Speak with your trusted insurance professional to review your policies, update your assets, document your belongings prior to a storm or earthquake hitting.
As a reminder, The Great Shakeout took place on October 19th, 2017. This annual event takes place each October to remind families and businesses to stay safe and plan for earthquakes. You can read more about proactive disaster preparation year-round here.
About Scott Litman Insurance Agency
At Scott Litman Insurance Agency, we are dedicated to protecting HOAs like yours. We have a unique understanding of the industry and the common risk exposures that you face in your daily operations. In fact, we find that 90% of the policies we review are missing coverages that violate the Covenants, Conditions, and Restrictions (CC&R), exposing the board, HOA and management to lawsuits – which is why our comprehensive policies are tailored to meet your specific needs at competitive prices. For more information about our products, contact our experts today at (818) 879-5980 ext. 201, or fill out our online form.