Rebuilding a home after a major loss can be emotional, complicated and protracted. Many homeowners might not know where to start, looking to insurance professionals for some guidance during that difficult time.
At Property Casualty 360, Patricia Harmon suggests that insurance companies foster strong relationships with local vendors and reconstruction contractors. This is especially important to prepare for a major disaster, because most contractors don't have "enough equipment sitting idle waiting for a Katrina or a Sandy or any major catastrophe," says Ken Rothmel, director of strategic accounts for Sunbelt Rentals, Inc., a national equipment rental company.
Following a catastrophe, finding resources like labor and materials can be chaotic. That's why it's important to direct clients to reputable and properly vetted contractors and vendors.
"After a CAT, any challenges are magnified and getting basic supplies like gasoline and plywood are harder because of the demand," writes Harmon. "Everyone in a large area that's been impacted is trying to access the same services and provisions, and collaboration by all first responders is critical to meeting the needs of residents and insureds."
The first step to ensuring that the rebuilding process goes as smoothly as possible is making certain that the replacement value of a home indicated in the insurance policy is accurate and up-to-date. An outdated policy may not reflect the latest updates and description of a property, possibly resulting in settlements that are both disappointing and impact policyholders to a greater degree.
At e2Value, our suite of solutions for insurance professionals provide consistency and accuracy for policies across their entire book of business. Contact us today to learn more about the benefit of adopting a streamlined workflow for property valuations that provides ease and convenience to busy offices.