By Seth Knudsen, Claims Adjuster
I was reading an article By: MARK POWELL, Reporter, Tehachapi News from the local new source in Tehachapi, CA.
http://www.tehachapinews.com/content/most-old-west-ranch-residents-don%E2%80%99t-have-insurance/30865.
This article discussed the wildfire that destroyed many homes in the Old West Ranch area of Tehachapi and an issue facing many residences in rural areas: that is lack of insurance to cover the fire loss! A shimmer of hope may exist for those so drastically affected by this horrific loss if they have a mortgage on their home.
Banks and mortgage companies want to make sure their homes (the mortgage company’s collateral) will be covered if disaster ever strikes. This is called a Lender Placed Policy and it can be placed if the homeowners insurance policy cancels for any reason and the homeowner cannot find other coverage. If homeowners do have a mortgage they should check with their bank/mortgage company to see if they have an insurance policy on the home or can get it placed to cover the fire. The homeowner would not get any furniture or personal effects lost in the fire paid for by this policy but the home and other structures could be rebuilt.
LEARN MORE AT: http://www.qualityclaims.com/
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