Let’s talk Real Estate within the context of natural disasters. As we know, Hurricane Helene brought devastation to Western North Carolina, East Tennessee as well as other portions of the Southeast. I went to college and worked in Western NC many years ago, and still have friends and acquaintances there. So, seeing videos and pictures of the destruction in areas I know so well, has been tough. Fortunately, all of my friends are relatively ok. They’re struggling with flooded basements and downed trees and have gone without power, but as far as I know, no one was hurt.
Now as I write this column, Hurricane Milton is in the Atlantic after having crossed Florida on Wednesday night and Thursday morning. I have friends in this region as well and so far, it sounds as though they’re ok. Natural disasters are not limited to hurricanes of course. There’s a lightning induced wildfire in Wyoming and other disasters which can destroy one’s home or community can include tornados and earthquakes.
No matter the type of natural disaster, homes are often tremendously impacted. Yes, commercial buildings, vehicles, roads, the power grid, not to mention lives are all affected and sometimes tragically, but it goes without saying that people’s homes often make up a huge portion of storm damage. A homeowner can prepare by boarding up windows and securing items. Evacuating is sometimes the wise thing to do to save lives, but even in those cases, folks return to salvage their property.
So, this brings up the topic of insurance. You may know flood insurance and homeowners insurance aren’t one in the same. When a home is in a potential flood zone, a lender might require flood insurance, but when a hundred-year storm enters an area which otherwise isn’t prone to flooding, flood insurance might never have been required. For that matter, if a homeowner has his or her property paid off, there isn’t even a requirement for homeowners insurance. Homeowners insurance is required by a lender when a buyer finances a home. Otherwise, it’s at the owner’s discretion. However, I’d STRONGLY recommend one have that insurance to protect what may be their most valuable asset. What would you do if you lost everything except the clothes on your back?
Obviously, you can explore insurance options by provider, just as you can when looking for a quality REALTOR®. Insurance providers may have different rates as well as different levels of customer service. As Realtors, we often make recommendations for lenders, inspectors and attorneys but did you know we can recommend insurance brokers or agents as well? I usually recommend 2 or 3 so that my clients are still controlling the decision. In most cases, I recommend LOCAL brokers or agents, since we have relationships with those individuals and so the homeowner can develop one as well. My advice is to ask your REALTOR® for recommendations and do some research, but don’t allow yourself to be uninsured!
Finally, let’s remember the victims of the recent storms. Donate if can, but please do so to reputable organizations.