What to Do with a Loss That's Not Covered

When you’re an insurance agent or adjustor, you’re in the business of helping people in some of their toughest challenges. But there are going to be situations where you are not able to help your customers. It’s so hard to have to tell someone that their policy won’t cover a loss. So, what can you do? STOP Restoration wants to offer up a few resources you could inform your policy holder about when their coverage just doesn’t cover it. A lot of these ideas you are most likely familiar with. However, we want to create a conversation that supports the important work you are doing to support residential and commercial property owners.

Your customers are not completely without recourse when faced with an uninsured loss. Here are home or business restoration options that may be available to them.

1. FEMA Disaster Grants

The FEMA Individuals and Households Program (IHP) provides financial disaster recovery services to eligible individuals. The program provides swift grants to allow people living in federally recognized disaster areas to return their properties to a habitable state after a disaster.

It is important to note that IHP grants have a set of eligibility requirements that could disqualify a lot of homeowners from qualifying. Furthermore, these grants are largely designed to cater to expenses left out by flood insurance, and they only provide enough money to make the home safe to live in again, not return it to its pre-disaster condition.

2. Partner with a Reputable Restoration Company

Returning a property to its pre-disaster status after an unforeseen catastrophe is a pricey endeavor. For this reason, you will want to recommend the services of a professional and reputable restoration company. Make sure to recommend a contractor that has met the credentials required to perform a particular service.

A certified restoration professional has a demonstrated history of experience and expertise. What’s more, they have the know-how to handle multiple issues at once. No homeowner should have to contract the services of different companies just to solve all the issues brought upon by flooding, fire, smoke, water damage, mold and other issues.

Obviously, we believe STOP Restoration is the best partner you could choose to recommend for both covered and uncovered restoration work at residential and commercial properties. More on that later.

3. Is Customer Financing Available?

Some restoration companies offer customer financing options to help property owners get the work they need done now and pay out the full cost over time. For example, several STOP Restoration franchise owners partner with Ally Financing as a resource for their customers. Benefits include:

  • Simple, quick pre-qualification with no credit impact
  • View instant customized financing offers
  • Select a monthly payment that works for your wallet
  • Finalize your loan with no down payment
  • Experience white-glove servicing support throughout the life of your account
  • Receive the restoration service for your property immediately, while paying Ally Lending back over time

4. Home and Business Repair Loans from the Small Business Administration (SBA)

SBA disaster loans are open to business owners and homeowners in need of financial assistance to recover from disasters. They have low-interest rates and long repayment periods but are limited to borrowers in federally declared disaster areas.

However, unlike FEMA disaster grants, they may cover a variety of disasters, including tornadoes, floods, and fires. An individual could allocate the funds towards damage to real estate, private property, equipment, or general economic injury.

There’ll Be Days Like This

As a property owner, there will likely be a time when you must, unfortunately, face an uncovered or partially uncovered loss. When you’re operating inside the world of insurance, it doesn’t make uncovered losses any easier to deal with. There will be tough situations. Your customer’s policy doesn't usually cover the mold, or due to high deductibles, whatever damage is there may be estimated under the policy’s deductible amount. Or a business owner may not have coverage for interiors affected by flood water but may have the coverage for burst pipes. The entire process of restoration can be lengthy and financially draining. There are a lot of challenges involved in the process of restoration and mitigation.

You want to help your policyholder fix their problem. Sometimes, having the right restoration company to recommend can give them peace of mind, speedy repairs and remake a haven out of their damaged home.

Partner with STOP Restoration for Restoration Services

Damage to your home or business from flooding, fires, smoke, mold or other catastrophes can upend the lives of families and employees. Water damage and fire damage are unpredictable and can cause extensive damage to a property within minutes. That’s why we offer emergency restoration services with 24-hour availability in multiple locations. There's no better company to bring on board, whether you're dealing with water damage, structural repairs, or mold remediation.

We’re who you call when you need to get the job done right the first time.