VIRGINIA BEACH, Va. — As the number of homes considered to be “destroyed” rises after the April 30 tornado in Virginia Beach, residents whose homes were damaged are working to find out whether they can rebuild the current house or have to tear it down.
Erik Fink, an agent with Fink and Associates Insurance, explains why some determinations may take longer than others.
“A lot of times you can go up to a house and see ‘Hey, it’s done. We gotta’ totally get it down and rebuild it.’ The next type is you always want to make sure the house has good integrity,” said Fink. “You can go by a house and see a tree that’s fallen up against it or through it, and it might have knocked that house of its foundation or it might have knocked one of the structural walls inside to where it’s not going to be safe.”
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The cost to rebuild could have significantly increased, and Michael Barry, Chief Communications Officer with the Insurance Information Institute, says it’s good to check with your insurance company to make sure the coverage amount on your policy has been updated.
Barry also said don’t be surprised if your insurance rates have increased.
“That has trickled down into the cost of construction materials, contractors’ labor rates, and these have all been putting pressure on home insurers and it has been reflected in the cost of homeowners’ insurance,” Barry stated.
As far as time to completely rebuild a home, one contractor in Hampton Roads estimates it could take a year. But Barry said it’s unlikely that Virginia Beach will see much delay in home construction due to the recent tornado.
Barry said, “It usually arises after a momentous case such as Florida’s Hurricane Ian last fall where you had hundreds of thousands of claims come in.”
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Fink advises updating your policy.
“Hurricane season is a great time to look at it. Something like this after any type of natural disaster, it’s a very good time and reminder that insurance is not a set it, forget it item.”
The following is a recommended checklist for homeowners and renters. It comes from the Insurance Information Institute.
· Contact your insurance professional and start the claims filing process.
· Take photos of damage. A photographic record eases the insurance claim process.
· Make temporary repairs to prevent further loss from rain, wind, or looting; these costs are reimbursable under most policies, so save repair-related receipts.
· Compile a detailed list of all damaged or destroyed personal property. Do not throw out damaged property until you meet with an insurance adjuster. If you have a home inventory, it will make the claims-filing process easier.
· Hold off on signing repair contracts. Deal with reputable contractors and get references. Be sure of payment terms and consult your insurance adjuster before signing any contracts.
· Check to see if you’re eligible for additional living expenses (ALE). Standard homeowners and renter's policies pay for the extra charges (e.g., temporary housing, restaurant meals) you incur over and above your customary living expenses if your home is uninhabitable because of an insured loss. Save all related receipts and, if you have vacated your home, make sure your insurer knows how to contact you.
