Family members house may be lost to OAK fire..need advice.

[2HOTinPHX]

Family member has a house in Mariposa California near the Oak fire that started yesterday. We don't know much yet but looking at fire maps it does not look good for his home. Its out of control and headed right towards the home. It may already be gone but hoping for a miracle. Fortunately not there at this time as rents a place near job and is there.

Looking for info we can relay from those who have experienced this sort of loss.

What to do short term?

What to do long term?

Dealing with insurance company?

What happens to mortgage on house if there is one?

If house is destroyed in the fire what are the options that need to be considered? Rebuilding verse selling the lot verse other options?

Thanks for any ideas.

 

[Car-Guy]

Never had such an experaince but I would think if he/she has a mortgage, I would suspect fire insurance is a requirement of the loan.

 

[MarieIG]

Family member has a house in Mariposa California near the Oak fire that started yesterday. We don't know much yet but looking at fire maps it does not look good for his home. Its out of control and headed right towards the home. It may already be gone but hoping for a miracle. Fortunately not there at this time as rents a place near job and is there.

Looking for info we can relay from those who have experienced this sort of loss.

What to do short term?

Obtain a copy of the insurance policy, ASAP. You may be able to get this online or from the broker.

What to do long term?

Obviously read the policy. See what is covered, and determine if there are any prerequisites which apply, i.e. must be owner occupied, etc. See if it pays for temporary housing. Obtain copy of mortgage and note.

Dealing with insurance company?

This can be very difficult. They are most likely will have to call constantly. There are individuals who will do this for you - for a price, including lawyers or public adjusters.

What happens to mortgage on house if there is one?

I don't know if California has "special laws" but the mortgage does not go away. If there is a financial hardship, your relative might want to contact the bank, advise the bank what has happened and request a forbearance. Contacting a local attorney may not be a bad idea.

If house is destroyed in the fire what are the options that need to be considered? Rebuilding verse selling the lot verse other options?

You need to look at that policy.

Thanks for any ideas.

x

 

[SecondAttempt]

Obviously read the policy. See what is covered, and determine if there are any prerequisites which apply, i.e. must be owner occupied, etc.

This is a big one. When we moved and had our old house listed for sale a few years ago I learned that regular homeowner's insurance does not cover a home that is vacant even for a ridiculously short time. In our case it was something like 30 days. So even a long vacation could trigger loss of coverage.

I would suggest your relative try to document the last time he was at the home.

Stay on top of any FEMA or state aid that may be available. Even if your relative does not need aid, the declaration of a disaster or emergency often triggers other things.

I wish your relative the best. This must be a stressful time. On the positive side, protecting structures is usually the first priority so even if the fire map looks discouraging, there is hope.

 

[Bamaman]

I have replacement value homeowners' insurance. If my house burned, they would pay to rebuild it--and the value of the contents in the policy. If I chose not to rebuild, they would only pay a "depreciated" value of the home and contents. But I've been paying premiums based on the full value--not the depreciated value. It's a little of a rip off.

If time permits, I'd be getting anything of value out of that house. And I'd be taking hundreds and hundreds of pictures of the house and everything in it.

I'd be quick to hire a public adjuster to handle all negotiations if the house does burn.

 

[MarieIG]

I have replacement value homeowners' insurance. If my house burned, they would pay to rebuild it--and the value of the contents in the policy. If I chose not to rebuild, they would only pay a "depreciated" value of the home and contents. But I've been paying premiums based on the full value--not the depreciated value. It's a little of a rip off.

If time permits, I'd be getting anything of value out of that house. And I'd be taking hundreds and hundreds of pictures of the house and everything in it.

I'd be quick to hire a public adjuster to handle all negotiations if the house does burn.

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