In the wake of a disaster, many home and business owners are shocked to learn that they are underinsured, and that their policies will not cover the entire cost to repair or replace their losses. As the ongoing wildfires in California and other natural disasters become more common across the United States, it is extremely important to make certain that your insurance coverages are updated and reflect the replacement cost of your most important assets, your home or business. ABC’s Channel 7 Eyewitness News “7 on Your Side” recently aired a segment featuring United Public Adjusters & Appraisers’ President, Philip Maltaghati. As a highly experienced, professional public adjuster, Maltaghati stressed the importance of reviewing your property insurance policies now, to make necessary updates to avoid disappointment and additional hardship should disaster strike.
The Consumer Federation of America states that 1 in 13 U.S. homeowners are underinsured. This means that about 6.1 million people are at risk should their property be impacted by a storm, fire, flood, or other misfortune. Ongoing climate changes are said to be partially responsible for the increased severity of storms and other natural forces that affect most regions of the Country. And understandably, the best time to take action is before sustaining property and asset losses. Therefore, Philip Maltaghati advises that stakeholders become proactive by reading their existing policies and scrutinizing your business coverages. “Ask yourself, are you properly insured? If you see that your building coverage says $500,000, but you just did an addition, or you just renovated your kitchen and spent $100,000, then you will realize that ‘$500,000 is not going to replace my house.’”
Armed with a better understanding of their existing coverages, home and business owners are advised to consider obtaining extended replacement cost coverage or better still, guaranteed replacement cost coverage. Also, as most homeowners’ policies do not cover flooding caused by natural disasters, obtaining flood insurance via FEMA or private insurance is recommended.
United Public Adjusters & Appraisers is a well-established public adjuster firm that to date has secured over $500 million in settlements for their clients. The UPA team of experts can assist home and business owners before or throughout their property claims process. They will gladly review existing policies to point out potential areas for reconsideration and updating, and provide the guidance necessary to document, prepare, and submit claims to your carrier. In addition, the United Public Adjusters & Appraisers’ team will oversee the processing of your claim, and negotiate with your carrier as needed. Our goal is to bring about a just settlement that reflects the full amount your policy allows to cover renovation, repairs, and replacement costs.
To learn more, we invite you to contact our team at (866) 781-5820 or (800) 718-5677. Also, if your lives have been impacted by the ongoing L.A. fires, we urge you to contact United Public Adjusters & Appraisers to see you through this crisis. We can assist with locating temporary housing for your family and/or business, as well as additional support. You may call our professionals today for immediate assistance.
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