In recent news, residents in Houston and Florida are still awaiting their emergency relief funds from FEMA. Hurricane victims in both metropolitan cities and surrounding areas are struggling to put their lives back together after the devastation that Harvey and Irma left in their wake. While FEMA struggles to tend to each affected homeowner, the back-to-back disasters have left little resources for them to each request, let alone in a timely manner. This news, coupled with the need to obtain financial resources to get back on your feet, requires the right Earthquake Insurance policy. If California residents were to experience an earthquake, LA Earthquake Insurance can get you back on your feet much quicker than waiting on FEMA.
One of the most significant problems FEMA has had in Texas and Florida is the backlog in getting damaged properties inspected. Contract inspectors paid by the agency must first inspect and verify the damage in order for residents to be approved for thousands of dollars in aid. FEMA does not have enough inspectors to reduce the backlog, and the average wait for an inspection is 45 days in Texas and about a month in Florida, agency officials said, said New York Times.
A lack of staff to answer calls and inspect homes is proving to be a huge challenge for FEMA. Historically, homes were slated to be inspected and approved within 10 days of contacting the agency. However, three hurricanes worldwide and wildfires are proving to exhaust FEMA.
What’s more, not all damage claims will be approved. In fact, of the 2.9 million applications for individual assistance the agency has received after Hurricanes Harvey, Irma and Maria, FEMA has denied 23 percent of them — 678,160 — with the majority of those denials in Florida, where 432,000 applications out of 1.8 million have been rejected after Irma. Why? Some of the damage reported was not severe enough for FEMA to cover, officials say.
While affected residents seek out shelters and hotels for temporary residence, those who have insurance are quick to file the necessary claims. Recovery is likely going to cost more than FEMA can provide, whenever those funds do get approved.
Due to recent disasters, the need for insurance is apparent. With the right coverage limits and policies, homeowners and business owners can rest assured that is the worst-case scenario occurred, they would be able to get back on their feet.
Contact us today to evaluate your current policy or get one started for you. We understand the importance of your livelihood, and strive to protect it and give you peace of mind.
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.