RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

5 Tips for Filing a Flood Insurance Claim

October 20, 2015 2:36 am

If your property has been heavily damaged during severe weather, filing an insurance claim should be first on your list of post-storm to-dos. According to the Insurance Information Institute (I.I.I.), when filing a homeowners or auto insurance claim, the first step is to call your insurance professional as soon as possible to start the claims process. If the storm caused you to relocate, let your company know where you are currently residing and how best to reach you.

Flood damage to either a residence or business is covered by policies provided by FEMA’s National Flood Insurance Program (NFIP), as well as a few private insurance companies. Keep in mind that standard homeowners, renters and business insurance policies do not cover flood damage. The optional comprehensive portion of an auto insurance policy covers flood-related damage.

When filing your flood insurance claim:

1. Locate the insurance company name and your policy number before calling your insurance professional.

2. Provide a list of damaged property to help your adjuster prepare a loss estimate. This includes a written inventory along with receipts, bills and photos, if possible.

3. Check with your adjuster before discarding flood-damaged items. If local authorities require disposal of these items for health or safety reasons, photograph them first for your records.

4. Understand that flood claim payment checks from your insurance company are often made payable to both you and your mortgage lender.

5. Make sure you understand what forms need to be filled out and when.

Homeowners, renters and businesses who sustained flood damage but were not covered by an NFIP policy may be eligible for state and federal assistance.

Source: I.I.I.

Published with permission from RISMedia.


Mortgage Rates in 3-Month Holding Pattern

October 20, 2015 2:36 am

Mortgage rates remain below 4 percent – a trend that’s stayed virtually unchanged for 12 weeks straight, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). Rates as they stand are:

30-year fixed-rate mortgage (FRM) – 3.82 percent (with an average 0.6 point)

15-year FRM – 3.03 percent (with an average 0.6 point)

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) – 2.88 percent (with an average 0.4 point)

1-year Treasury-indexed ARM – 2.54 percent (with an average 0.2 point)

Recent comments by the Federal Reserve suggesting it may not raise short-term interest rates, coupled with weaker-than-expected consumer demand, have pushed Treasury yields lower. This turn of events indicates interest rates may remain lower a while longer.

“As the shock of the September employment report wore off, Treasury rates drifted higher,” explains Sean Becketti, Freddie Mac’s chief economist. “In response, the 30-year mortgage rate climbed six basis points to 3.82 percent, marking 12 consecutive weeks below 4 percent.”

Source: Freddie Mac

Published with permission from RISMedia.